Frequently Asked Questions about Online Auctions
What are the benefits of online auctions?
- Transparency - Potential buyers see what the current bid is and raise that bid by a set increment up to the completion of the auction.
- A soft ending time is set. Any bidders who bids in the final minutes of the auction understand the bidding extends by a set time to allow other bidders opportunity to defend their bids.
- Soft ending times prevent sniping or last second outbidding of an asset.
- Email notifications are sent to any bidder who places a bid that is exceeded by another.
- Bidders have the opportunity to increase their bid at any time up to the close of the auction.
- Bidders are allowed to place undisclosed max bids on any asset. The software will place them as the high bidder at the next increment and defend their bid in set increments up to their max.
- Bidders can participate globally from any location and in any time zone.
- Bids can be made from tablets, mobile phones and personal computers.
- Sellers can set the terms of sale, bidding increments and closing time.
- Sellers receive detailed reports on inquiries, marketing results and bidder registrations.
- Sellers can remove themselves from negotiation.
- Sellers can be assured of offering assets for sale in a fair, transparent, competitive marketplace.
- Competitive bidding results in prices being negotiated up, not down, to achieve the best price.
Our auctioneers have auction experience in the USA along with Mexico, Australia, England, Ireland, Germany and Spain. Online bidding plays a key role in the success of auctions.
For more information contact us at 1-800-442-7906.