If you are planning on auctioning cars to make money, you may want to consider Simulcast auctions such as General Service Administrations Auctions, or GSA auctions, as well as SmartAuction. Simulcast auctions, such as GSA auctions, allow online bidding at the same time that the physical auction takes place. This can offer many benefits to those who are auctioning off their cars. To learn more about the benefits of Simulcast auctions, such as GSA auctions and SmartAuction, read on.
Expand Buyer Pool
While you may have many people in attendance at a physical auction who are ready and willing to bid on your cars, there are also many people who would love to do so but simply do not have the time. Simulcast allows buyers to bid and buy in real-time as if they were in attendance. Those who do not have the time to attend your auction can still compete against the bidders who are in actual attendance. The convenience of this option will increase the attendance of an auction, which, of course, can lead to many benefits.
Higher Price and Increased Revenues
Attendance, whether physical or virtual, is essential in the success of your auction. Since auction prices rely on how many people bid on an item, the higher the customer base, the higher an item’s price will increase. Imagine an auction with just 20 people in attendance. If only 10 people are serious about bidding on any items, and only 3 are serious on bidding on one particular item, the price of the item is likely to stay low. However, if using simulcast auctions allows you to even double that audience, you are almost guaranteed to sell that item for a higher price. An online auction that runs simultaneous to your physical auction will lead to more competition, and therefore more revenue.
Increase the Hype
Unlike regular auctions, Simulcast auctions allow information about the auction to be posted online about a week prior to the actual auction. Potential bidders can preview the items being auctioned and even make proxy bids online. While physical auctions may allow some sort of advertising prior to the auction, you will likely not be able to advertise actual items that will be auctioned off.
Since Simulcast auctions reach a larger audience than just a physical auction would, it allows for more promotion of the vendor brand. An increase in the amount of people who are regularly exposed to the vendor brand will likely lead to even more buyer loyalty.
While Simulcast auctions offer many benefits, choosing an online auto auction software can be difficult. It’s best to do your research for what would suit your target customer base, your brand and your budget the best.
Have you ever bid in a Simulcast auction? What was your experience? Would you do it again? Let us know in the comments!