What are Simulcasts and Why Are They Important?

Openlane

Are you thinking about selling or buying a car in auction? Are you looking to purchase larger goods at auction? Are you unable to travel to live auctions? If yes to any of these questions, you should consider online auctions, like SmartAuction, which specializes in car auction software, Openlane, which is another vendor for selling automobiles, or GSA auctions, which is a government-sponsored auction. GSA auctions include automobile lots as well as other larger appliances, ranging from communication equipment, hand tools, or lab equipment. Additionally, with new technology, like simulcasts, there now exist a multitude of ways for you to successfully sell or bid at auction, without having to be physically present at the auction itself.

What are the Benefits of Using Auctions in the First Place?

As a seller, cost barriers tend to be lower for auctions than typical retail; no goods need to be stored for long amounts of time and overhead costs tend to be lower. Additionally, auctions provide great exposure; with the large crowds that are usually present at auctions, you’re sure to find a buyer for your goods. If you’re a buyer, there’s almost a guarantee you’ll find a bargain at auction. Auctions usually have a large variety of items up for sale and there’s sure to be something that fits your price range. Auctions also give bidders an equal opportunity to compete for the items they want–no surprises! Online vendors like SmartAuction can often provide a larger variety of material to choose from.

What is a Simulcast?

A simulcast is used by online auctioneers like SmartAuction and GSA Auctions, which broadcasts a live auction online in real time, combining the advantages of both a live auction and an online auction. All the lots for that auction are posted online (usually about a week before the auction takes place), with a brief description and picture of the item. Potential bidders can view the items before the auction even happens, usually a week before. During the live auction, bidders can bid and buy just as if they were at the live auction, competing against a pool of online buyers and buyers who are in attendance at the live auction.

What are the Benefits of Using a Simulcast?

If you’re a seller, simulcasts help promote your vendor brand to a wider audience, and can expand base buyers. Since it’s available to more people, the chances of sales increasing also goes up. In addition to revenue increasing, it provides an economical method of auctioning off your items, since you don’t need a warehouse space. If you’re a buyer, you don’t need to be physically present at the live auction and can bid from the comfort of your own home or office. Your bidding is also anonymous, so if you get anxiety about bidding in front of others, this allows you to bid within the privacy of your own home. You’re also potentially able to view items a week or so before they go up for auction, in order to make a selection even before bidding.

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