With new auction technology available for auctioneers and the larger public, even a custom as old as auctions is getting a new modern spin. Auctions have been around for thousands and thousands of years–the first recorded ones appearing sometime around 500 B.C. Today, the auction industry produces billions of dollars in revenue and an increasing segment of those sales come from online auctions. Auctions have remained a popular option for selling items, since the cost barriers are greatly reduced. No warehousing is needed for storing items that will be sold and there are generally few overhead costs.
What’s the Draw for Online Auctions?
One of the best things about online auctions is that there generally tends to be a much larger selection of items available for sale than at a physical auction. At an online auto auction, for example, the models represented might be far greater than at a physical auction. Another fun part of a wider online auction ist hat you never know what might turn up, since they can come from a variety of sources: government surpluses, bankruptcies, estate sales, landlord liquidations, etc.
Another perk of online auctions is the low sticker price. You can find big items here for a fraction of the cost at retail. Tapping into GSA auctions, for example, might be a great way to find a used car that’s still in great condition and realistically meets your budget. Since it’s online, items are also all organized by section so you can search for exactly what you want easily. Online auctions can also be done from home, so you don’t need to spend the money and time on travel.
If you’re worried about the legitimacy of online auctions, it might ease your mind to know that explicit guidelines are put in place for both buyer and seller, which helps avoid scams. This is another place auction technology can come in handy–to help keeps sales safe and legitimate.
Simulcasts: Another Online Element
One aspect of auction technology that’s becoming more and more popular is that of simulcasts, which is really taking the best from both physical and online auctions and putting them together. A simulcast is an online stream of an actual physical auction occurring in real time. Simulcasts may rely on another type of technology, like car auction software such as SmartAuction to assist with this process.
Simulcasts are a great way to participate in an auction, since information about the auction and the items being sold can usually be advertised or posted a week before the actual auction starts. This allows online bidders to view potential purchases beforehand and put in proxy bids. It works for sellers as well, since a simulcast will increase the bidding pool for their items, driving the price up for them. Both online and physical buyers will be bidding against each other in real time once the auction starts.
If you enjoy participating in auctions, but don’t have the time or flexibility to go to physical auctions, participating in online auctions may be an excellent choice for you, especially if you’re looking at purchasing a larger item, such as furniture or a vehicle. You can still participate in the exciting process of bidding and buying, only this time, from the comfort of your own home and with a few clicks of the mouse!