BUSINESS

AUCTION

auction crowd

Gina Ferazzi / Los Angeles Times

Construction equipment is driven in front of prospective buyers. Auctions have become a popular way to move used equipment, said Jeff Jeter, a vice president at IronPlanet, an online heavy equipment auction company. You can always make a market for something depending on the price, and were bringing in enough buyers to give the marketplace liquidity, Jeter said. An auction offers fair market value in a global market environment.

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auction bidder

Gina Ferazzi / Los Angeles Times

Hayley Heidler of Riverside bids on a skid loader. She put in the winning bid and will use the loader to help make her first-ever pumpkin patch on 15 acres at Vantana Ranch. About 20% of buyers dont use the equipment they purchase, but plan instead to resell the rigs for a higher return, said Richard Aldersley, a regional manager for Ritchie Bros. The auctioneer gets a commission of about 14% on most sales. More than half of the equipment sold will leave Southern California for healthier construction markets, he said.

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