{"id":4163,"date":"2016-06-09T14:45:58","date_gmt":"2016-06-09T14:45:58","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=4163"},"modified":"2016-06-09T14:45:58","modified_gmt":"2016-06-09T14:45:58","slug":"millions-in-heavy-equipment-moves-off-ring-power-lot","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/millions-in-heavy-equipment-moves-off-ring-power-lot\/","title":{"rendered":"Success, $12 million plus in heavy equipment just sold at the Iron Planet led Ring Power CAT auction Wednesday in Florida"},"content":{"rendered":"<p>Even though there was a huge video screen with live information and it was live streaming on the internet, Wednesday\u2019s heavy equipment auction at <a href=\"http:\/\/www.ringpower.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Ring Power<\/a> in the World Golf Village area in Florida was something of an old-fashioned affair.<\/p>\n<p><iframe loading=\"lazy\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/BN90xge3Plo?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>Business leaders from the construction industry gathered under a tent to bid on equipment, while an auctioneer spit out rapid-fire encouragement to push bids just a little higher.<\/p>\n<p>\u201cYou\u2019ll like it when you get it home,\u201d he said during what counted for a lull at the auction.<\/p>\n<p>The live auction is waning in popularity as far as in-person attendance but not in participation, said Jeff Jeter with <a href=\"http:\/\/www.ironplanet.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">IronPlanet<\/a>, the firm that ran Wednesday\u2019s auction and does many others around North America.<\/p>\n<p>Jeter said it\u2019s not necessary for a lot of buyers to attend auctions because of technology. People can research equipment online and participate in the bidding via computers or smartphones.<\/p>\n<div style=\"width: 610px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" src=\"http:\/\/sar-cdn.com\/sites\/default\/files\/imagecache\/superphoto\/15412673.jpg\" alt=\"\" width=\"600\" height=\"389\" \/><p class=\"wp-caption-text\">Buyers gathered at Ring Power&#8217;s corporate headquarters in St. Augustine to bid on a backhoe being displayed on a large screen during an aution on Wednesday, June 8, 2016<\/p><\/div>\n<p>According to <a href=\"http:\/\/staugustine.com\/news\/local-news\/2016-06-08\/millions-dollars-heavy-equipment-moves-ring-power-lot#.V1l-8PkrJhF\" target=\"_blank\" rel=\"noopener noreferrer\">The St. Augustine Record<\/a> that means even if there are just 50 or 60 people in the auction tent at one time, there might be another couple of hundred following along online. It\u2019s more convenient for the buyer and usually increases the price for the seller.<\/p>\n<p>\u201cOur job is to get as much traffic as possible,\u201d Jeter said.<\/p>\n<p>IronPlanet started as an online-only auction service before merging with Cat Auctions in April 2015. Now the company produces 20-25 big on-site auctions per year in addition to regular online ones.<\/p>\n<blockquote><p>\u201cWe have an auction (online) every week, often two sales a week,\u201d Jeter said. \u201cMost of the equipment that we sell is done like that.<\/p>\n<p>\u201cWe still believe that\u2019s a highly efficient way to go do what we\u2019re doing here. There is, however, a segment of the market that this still appeals to.\u201d<\/p><\/blockquote>\n<p>Frank Fowler, director of used equipment sales for Ring Power, said there are still some benefits to having buyers on site. He said it helps create or strengthen relationships with customers.<\/p>\n<p>At Wednesday\u2019s auction, the projection was a total sales number of between $12 million and $13 million. About half of that inventory was directly from Ring Power, which rents equipment.<\/p>\n<blockquote><p>\u201cIt\u2019s an opportunity to showcase some of our equipment, some of our new models and stuff for our customers that are coming out and participating,\u201d Fowler said. \u201cThe more people you have on site, the more enthusiasm you have, it seems like. We\u2019re very pleased with the amount of people we have today.\u201d<\/p><\/blockquote>\n<p>Among those who decided to participate on site was J. Eric Brown, CEO and president of <a href=\"http:\/\/www.gcg3.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Global Contracting Group<\/a> in Wildwood. Brown\u2019s company is just completing work nearby in the new Markland development off International Golf Parkway.<\/p>\n<p>Brown said he uses the IronPlanet website in addition to attending auctions.<\/p>\n<p>\u201cYou can do a lot of legwork researching the machines before you come to the auction,\u201d he said. \u201cSo you can really narrow down what you\u2019re interested in.\u201d<\/p>\n<p>The action at the auction is a pretty good indicator of what\u2019s happening in the construction business overall. Businesses are back at work after the recession, but nobody really knows what the future holds.<\/p>\n<p>\u201cI think that things have been so bad for so long that people have just overcome their fears and just go ahead and move forward with development,\u201d Brown said. \u201cI see a lot of activity. Before, people were just sitting back, scared. But it\u2019s done gone too far for that. Now it\u2019s time to do something.\u201d<\/p>\n<p>Things have been strong in the development business in St. Johns County over the last several years, and Brown said he\u2019s bidding for several new jobs in the area.<\/p>\n<p>Overall, Jeter said he\u2019s seen different regions with varying degrees of activity. The international market has been weak, especially in South America, which has a lot of potential buyers.<\/p>\n<p>But he\u2019s seen places like Florida, Atlanta, Las Vegas and others staying busy, while others reliant on oil and gas exploration and coal mining are currently not doing as well.<\/p>\n<p>\u201cThere are more people back at work,\u201d Jeter said. \u201cWhat we try to do, from the buyer perspective, is not have to depend on that local market. This equipment travels.\u201d<\/p>\n<p>By <a href=\"http:\/\/staugustine.com\/authors\/stuart-korfhage\">STUART KORFHAGE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Even though there was a huge video screen with live information and it was live streaming on the internet, Wednesday\u2019s heavy equipment auction at Ring Power in the World Golf Village area in Florida was something of an old-fashioned affair. Business leaders from the construction industry gathered under a tent to bid on equipment, while [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[2,5,13,8],"tags":[134,759,1272],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Success, $12 million plus in heavy equipment just sold at the Iron Planet led Ring Power CAT auction Wednesday in Florida - MachineMarket Blog<\/title>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cranemarket.com\/blog\/millions-in-heavy-equipment-moves-off-ring-power-lot\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Success, $12 million plus in heavy equipment just sold at the Iron Planet led Ring Power CAT auction Wednesday in Florida - MachineMarket Blog\" \/>\n<meta property=\"og:description\" content=\"Even though there was a huge video screen with live information and it was live streaming on the internet, Wednesday\u2019s heavy equipment auction at Ring Power in the World Golf Village area in Florida was something of an old-fashioned affair. 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