Compass Auctions, located in Chattanooga, Tenn., has had a long history with heavy equipment auctions as “special events” for the company and its clients.
The company changed its direction in 2022 and has committed to making heavy equipment part of its monthly auction and will offer a selection of “yellow iron” — including Caterpillar, Komatsu, Kobelco and New Holland — in an extensive catalog including industrial and construction surplus, vehicles and more.
For the month of February, Compass featured Cat equipment being sold on reserve. Compass achieved a sale price of 14 to 48 percent higher than the reserve. The highest bid was on a 2018 Caterpillar excavator 336FL, which sold for $285,000.
Compass currently is offering 25 to 30 pieces of equipment in any given month.
“Realistically, our auctions help people to move surplus quicker,” Chris Wood, general sales manager, said. “People and companies who are out there searching for heavy equipment usually have to wait for what they need with current supply chain issues. We have connections that want to move equipment now. We try to offer a popular selection, and our bidders have the ability to buy sooner than they would at a lot of other places.
“Our team is committed to customer satisfaction. In the case where there were conditional sales opportunities, Compass brokered agreements to complete the sale and achieved an 89 percent success rate.”
Compass is searching for new consignment partners desiring to work with an auction company that is squarely focused on client satisfaction and is an innovator in its approach to auction marketing and sales, the company said. The heavy equipment auction items can be found in the Monthly Day 1 auctions held on the last Wednesday of the month.
“We are open to special sale opportunities as well,” said Wood, “and we also have the ability to hold auction sales in place. Meaning you don’t have to transport the equipment or other items to our facility to be included in an auction. We find this is a huge time and cost saving to our partners.”
For more information, call 800/729-6466 or email [email protected] CEG