4 Benefits of Simulcast Auctions

Dealer auto auction

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.

Buyer Loyalty

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!

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.