According to Rick Albin, president and CEO of Cat Auction Services, the level of transparency in the auctions will give both buyers and sellers more information about the equipment and more options after the transaction.

“We’ve created a customer-focused approach that leverages our heavy equipment expertise, world-class product support capabilities and industry experience,” Albin said. “This allows us to create a win-win situation for both buyer and seller, because they have more information to make better decisions. By reducing the risk that’s inherent in many auctions, we’ll create more value. And, because we’re Cat dealers also offering both new and used equipment to the industry, we have a greater stake in taking care of our customers.”

Albin told that the auction setup will meet the needs of the government market.

"The Caterpillar dealers involved in the auction have worked with governments, and are familiar with what governments need in equipment,” Albin said.

Albin added that a variety of government departments and functions – including highway, transportation, public works and parks and recreation – will find useful gear at the auctions.

The first Cat Auction Services auction will take place Nov. 12 in Des Moines, Iowa, with future bid events taking place every two or three months. Used construction equipment, including heavy and highway, as well as other kinds of machinery, will be on the block at this first auction, according to Albin.

"Cat Auction Services will feature an inventory of Caterpillar equipment, but we also plan to be the leading source for all makes and types of equipment,” Albin explained. “We want to give our customers more options to dispose of their surplus equipment. Our auctions won’t replace traditional used equipment services from Cat dealers – they simply enhance dealer offerings and give our customers more flexibility.”

Real-time online bidding

Cat Auction Services allows buyers to purchase equipment online or in person. Real-time online bidding powered by Proxibid provides a global audience for the auctions, creating even more selling opportunities, according to Albin.

According to Cat Auction Services, the online format offers several advantages over traditional auction services:

  • Equipment pre-inspected to Cat Used standards.
  • A range of warranty protection available on qualified Caterpillar equipment.
  • Parts discounts on all Caterpillar equipment.
  • Comprehensive Cat dealer parts and service support after the sale.
  • On-site financing to prequalified customers through Cat Financial Services.
  • Opportunities to use Like-Kind Exchange for tax efficiency.

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