Companies looking to resell their used farm equipment and construction equipment have found a lucrative return on investment through international and online auctions. A public auction in California last week drew bids from 31 countries, the auction company said.
Farm equipment auctions are likely hot in the current market as farmers are looking increasingly at used equipment to save amid a tough agricultural economy.
For last week's auction in Los Angeles, the auction company reported more than 2,700 people from 31 countries registered to bid on more than $23 million of trucks and heavy equipment.
About 1,800 people registered to bid in person at the auction site; the other 900 registered to bid online in real time.
Out-of-state bidders spent almost $13 million - 54 percent of the total gross auction proceeds - with equipment going to buyers from as far away as Australia, Japan and Saudi Arabia.
Internet bidders purchased more than $8 million of equipment and trucks, or 36 percent of the total, the company said.
The auction sold almost 2,900 items from close to 400 consignors over three days from May 20-22.