10 Key Benefits of Online Auctions
1. Audience Size
There is a much larger audience willing to participate in an online auction than there is in a traditional live auction. Bidders change from auction to auction. It is possible that someone wanted to go to an onsite auction but was unable to because of a conflict, maybe it was too far away, or maybe they didn’t see anything that interested them based on the marketing. When you conduct an online auction, your audience is exponentially larger.
2. More diverse buyers
Online auctions reach a completely new type of buyer, including single item buyers, younger buyers, and buyers who work 9-5 jobs and are unable to attend a live auction.
3. More Convenient
Online bidders can bid when they want, from where they want, and on as much as they want. Bidders can be engaged in other activities and at various locations while the auction is being conducted. They can bid from the comfort of there own home, at their office, or while on the go with our mobile app.
4. Increased Exposure
Because every item is cataloged, pictured, and has an in-depth description, bidders can search or find specific items that are relevant to their interests. Google, Facebook, Yahoo and other search engines are just a couple tools that we use to spend advertising dollars as efficiently as possible to make sure the items are being shown to the correct audience. The window of opportunity granted to bidders is open larger and stays open for a longer period of time than live auctions.
5. Increased Decision-Making Period
While this differs from the traditional auction method (i.e. getting bidders excited in the heat of the moment) this allows buyers to make more informed decisions. Online auctions give bidders the best opportunity to conduct their due diligence and research items. Being able to call the seller, auctioneer, or other expert and ask questions about items ensures that the bidders can buy with confidence. The more time bidders are given to make informed, rational decisions, the more successful your auction will be. Representing items as accurately as possible is crucial for this to happen. Misrepresenting items can be detrimental to the success of your auction and the satisfaction of your buyers.
6. Seamless transition from marketing to bidding
Bidders are able to instantly switch from looking at a piece of advertising to bidding in just a few seconds instead of adding the auction date to the calendar, only to be forgotten about or have a conflict arise. Bidders are far more likely to engage in your auction when they can instantly follow up on advertising and bid rather than have to wait for a specific place and time.
7. Items do not Need to be Moved or Consolidated
Online Auctions can completely eliminate the need and cost to move your items. The items are cataloged, sold, and picked up all from the same location. Eliminating this hassle creates a level of ease for sellers not experienced before. Whether time, difficulty, or cost is the major limiting factor in moving items, we are able to remove those obstacles.
8. Selling at Multiple Locations for Multiple Sellers
With online auctions, we can combine assets form several sellers and sell them all at once. Maybe you are a seller who only has a couple of items, not enough for your own auction. We are able to sell items from other sellers in the same auction. This attracts more buyers, increases advertising effectiveness, is more convenient for bidders; they no longer must attend several small auctions to bid on the items they want. Bidders can view and buy items from various sellers all on the same auction.
9. More Detailed Descriptions
During a live auction, the auctioneer only has a few seconds to outline key features of an item. In an online auction, we can provide further details and the seller is able to verify the accuracy of the description. Removing the margin of error increases trust between buyers and sellers. This increased trust creates a community of buyers and sellers with the auctioneer acting as the intermediary. This community leads to better experiences for all parties involved.
10. Less and More Controlled On-Site Activity
Between set up, open houses, and load out, there is certainly still going to be some on-site activity. Setting the open house and load out schedule can greatly reduce the stress and complications of having a yard full of vehicles and people on your location. Having a set time to retrieve items is also more convenient for buyers as well. They know they will be able to drive to the location, pay, pick up their items and leave. Weather can also be limiting factor for on-site auctions. This is not the case with live auctions. If there is a snowstorm on the day of the online auction, no need to worry. If there is a snowstorm on the scheduled pick-up day, buyers can be contacted, and the date can be easily switched.
Benefits of Having an AMM Certified Auctioneer
- AMM certified auctioneers are trained with marketing know-how that will keep your auctions relevant.
- They know how to target the right audience for each asset.
- Trained with media and data knowledge, they know how to get the best buyer's attention for your auctions.
Learn more about AMM Certifications here!
Read more about Jacob Fragodt, our certified AMM auctioneer here!
Benefits of Having a CAI Certified Auctioneer
- These auctioneers are trained in both business and leadership skill, learning the ins and outs of business planning.
- With continuing education, these professionals have a vast knowledge of different types of auctions, as well as best practices for auctions, including knowledge of laws and regulations.
- They provide value and insight into your auctions, with less than 850 auctioneers holding this designation.
Learn more about CAI Certifications here!