In early 2020, many auctioneers transitioned to online auctions due to the limitations on large gatherings during the COVID-19 pandemic. Both live and online auctions have their advantages. Here’s a quick look at the benefits of choosing to go online for your sale.
- More Buyers: Because of conflicts, distance and individual item marketing, there is a much larger audience willing to participate in an online auction. Those buyers come in many varieties including large and small companies, individual buyers who only want one item, younger buyers, stay at home buyers, etc.
- Larger Reach: Online auctions reach buyers from around the world. They provide the reach to find the right buyer for each and every item.
- Convenience: Buyers can bid whenever and wherever they want and can bid on multiple items in multiple auctions on the same day.
- Exposure: Buyers can search and find items of interest because every item is cataloged in detailed fashion. Google does the work for you.
- Instant Engagement from Marketing: Bidders can go from an email advertising your sale to bidding in 10 seconds while the auction items are still fresh on their mind.
- Longer Bidding Window: Online bidding can stay open for as long as you want. Longer bidding means more chances for bidders to find what they want and engage. This also allows for buyers to do their homework and make informed decisions.
- No Moving Costs: Items are catalogued, photographed, sold and picked up from the same location. That’s more money in your pocket that would have been spent on moving costs.
- Accuracy of Descriptions: You the seller, can review online item descriptions to ensure accuracy.
- More Throughput: You are in control. You decide how many items to close in any amount of time. You can close 10 items per minute or two per minute.
- Turnkey Solution: Our auction team will handle every aspect of your online auction sale including set-up, cataloguing, photography, onsite inspection supervision, accounting and supervised moveout of your machinery & equipment.
Contact Westbrook Asset Management for your auction, liquidation, and appraisal needs.
