Guide to Auctioning Lab Equipment

Finding the correct service and process to auction off your lab equipment is imperative to ensure you get the best value for your lab assets. A good auction service will offer a hassle-free way for labs and manufacturers to get rid of their surplus lab equipment and maximize their ROI. We’ve taken the time to write a detailed summary explaining the different types of lab auctions when you should auction your lab equipment and the overall benefits of using a lab auction service.

Types of Lab Auctions

Online VS In-person Auctions

With lab equipment, there are generally two ways to perform a lab auction: online or in-person. Online auctions are usually the first choice for labs and manufacturers to sell their lab equipment, and for a good reason. Online auctions reach larger audiences, which increases the amount of money received by pooling in multiple competitive bidders throughout the globe. In-person auctions occur at a single specified location. It can be difficult to maximize return with in-person auctions because they are time-consuming, expensive, and not as effective when reaching a lot of people. As a rule of thumb, it’s better to place your auction online to reach a larger audience and maximize the amount you’ll receive.

Auctioning Lab Equipment VS Selling Items to Peer Labs

Most labs and researchers wonder whether auctioning lab equipment or selling items to peer labs is more beneficial. Auctioning lab equipment tends to be the best way for labs and research facilities to get more money. With auctioning lab equipment your ROI is 20-40% higher than selling to peer labs because you’re able to auction to hundreds of different competitive bidders. In these auctions, every item is protected with a reserved price, which means every item has a fair market starting price. This is to make sure items aren’t sold for an extremely low amount. Auctioning lab equipment also has a quicker turnaround time as a large number of competitive bidders want to buy lab auction pieces as quickly as possible. Selling items to peer labs, however, limits you to only your network and possibly having to do everything by yourself. This way of selling used lab equipment also opens a bunch of risks in litigation including buyers not paying on time and lab equipment or property getting damaged while packing, shipping, and handling. In the case of damaged property and lab equipment, the buyer will most likely put blame on the seller for giving them damaged equipment, even if they damaged it themselves. To avoid this and to make the process hassle-free, it’s always better to auction items individually when selling lab equipment.

When Should You Auction Your Lab Equipment?

There are a few reasons when a laboratory or research facility should auction off its lab equipment. This includes if your lab is downsizing, closing, or even upgrading lab equipment. If your lab is downsizing because of either budget cuts or completed research objectives, auctioning off your lab equipment will help regain capital on your balance sheets. If your lab is closing, you may be in a situation where you need to quickly liquidate your lab assets. Turnover time for lab auctions is quick because there is an endless number of suppliers and start-ups looking to purchase a large amount of lab equipment. If your laboratory is upgrading because it received more funding, your current research objectives are completed, or you want to increase lab research efficiency, auctioning all your equipment can be a great way to clear up some space. Whatever the reason may be, auctioning is a great way to maximize ROI and has multiple benefits especially with a reputable and trustworthy service such as The Lab World Group.

Benefits of Using a Lab Auction
Service

Like The Lab World Group, lab auction services provide incredible value when auctioning your lab equipment. We provide the best hassle-free auctioning service so that you can focus on your organizational objectives. Below are specific reasons to use The Lab World Group as your next lab auction service.

At The Lab World Group We…

Inspect and examine equipment onsite.
Carefully and safely handle the shipping and delivery.
Evaluate the value of the lab assets.
Promote and market the auction.
Handle and distribute payment.

In Conclusion…

At the end of every auction with The Lab World Group, the seller, auctioneer, and buyer are all winning. If you are looking for a way to get the best value out of your assets, you can trust The Lab World Group to help you. Our technical, evaluation and marketing experts can liquidate and sell your laboratory equipment at a fast turnaround time and help get more money in your pocket.