Should I consider buying gym equipment at auction?

Where to buy gym equipment

Rather than buying new machines at premium prices, buying used gym equipment at auctions can be a savvy investment, and here are a couple of reasons why.

Liquidation auctions offer knock-down prices

Gyms and fitness businesses have relatively high insolvency rates, and those failure rates are at their highest in the first couple of years. When they fail, the assets of those gyms, including all the fitness equipment, are sold at auction to raise as much money as possible to repay suppliers, lenders and other parties they owe money to.

Liquidation auctions are often quick sales, and that can lead to low prices. It’s not unusual for training gear costing £5,000 or more from new to sell for £1,000 a year or so later at a gym equipment auction.

Major chains are always looking to upgrade

We also sell used gym equipment from major gym and hotel chains. With space at a premium, they often invest in new machines to offer their members a cutting-edge experience, and then sell the outgoing equipment at auction.

As it comes from leading gyms, the equipment has usually been professionally maintained and kept in a controlled and well-managed environment, ensuring its excellent condition.

What are the pros and cons of buying fitness equipment at auction?

Pros

Cost savings - Auction prices are significantly lower than retail prices. That enables you to acquire professional gym equipment that would otherwise be out of reach for many buyers.
Plenty of choice - We often sell all the assets of gym businesses, including everything from commercial-grade treadmills, elliptical trainers and air bikes to weight benches, seated curl machines, kettlebells and more. That allows you to try different types of equipment without making a substantial investment.
The equipment is well-maintained - Our used gym equipment often comes from professional gyms where regular maintenance is the norm. That extends its lifespan and keeps it in the best possible condition.
It’s better for the environment - Buying used gym equipment also reduces manufacturing waste and increases the sustainability of your home gym or fitness business.

Cons

There’s no guarantee of success - One of the downsides of buying used gym equipment at auction is that you may be outbid. There’s always the risk that someone else may be willing to pay more.
There may be no warranty - Manufacturer warranties on gym equipment sold at auction are sometimes still valid, but when you buy at auction, you buy ‘as is’. That means you should always do your due diligence and be aware of the item’s condition.
Equipment can be mismatched - When you buy multiple pieces of gym equipment at auction, they may not all be from the same brand. That’s not a big issue for most people, but it can create an unmatched look in your fitness space.

How do gym auctions work?

Buying fitness equipment at auction can feel daunting. However, the process is quick, transparent and straightforward. That’s particularly the case with online auctions. Here’s how to navigate the process:

The first step is to research the auction house to ensure it’s well-established and regularly handles gym equipment sales. You should also check what fees apply to buyers.
Next, browse the upcoming sales to see if there are any lots you’re interested in.
If you find something you like and want to bid, you’ll need to register with the auction house by providing proof of address and a scanned copy of your ID.
You should always do your due diligence before bidding. The auctioneer will create a detailed sales listing, but you can also ask questions and arrange an appointment to inspect the equipment.
When the auction begins, it can last anything from 48 hours to 30 days, and you may have to bid multiple times to secure the item.
If you’re the winning bidder, you’ll usually have 24 hours from the end of the auction to pay for the equipment in full.
The auction may provide a delivery service, but if not, you can collect the item yourself or arrange a courier. Make sure you factor those costs in when deciding how much to bid.

Tips for buying fitness equipment at an online auction
If you want to buy used gym equipment at auction, here are a few tips to give you the best possible chance of success.

Most bids are placed in the final minutes of the sale, so give the auction your full attention when it’s close to ending.
Be aware that if someone makes a bid in the final minutes of the sale, the auction will usually be extended to give other bidders the chance to respond.
Make sure you have a reliable internet connection and a backup device in case something goes wrong.
Set a budget before the auction and stick to it to prevent overspending.
Before bidding, read the terms and conditions carefully so you are aware of any other fees that may apply, such as VAT, buyer’s premiums and delivery charges.
Check for any remaining warranties on the equipment and understand the auction’s return policy.

Do you want to buy gym equipment at auction?

If you want to transform your fitness business or home gym with high-quality equipment at low prices, try our online gym equipment auctions. At Eddisons Asset Auctions, we sell equipment from liquidated businesses and leading gym chains. We also have assets for sale across a range of other sectors.