Over the last few years, we have had the opportunity to conduct some great online only business liquidation auctions.
As a result, there have been sellers and buyers who have asked “what is an advantage of an online only auction?”
The advantage of the online only auctions for business liquidations is the convenience that it offers the buyers, while increasing the amount of participation for the seller. Most of the buyers for business assets are usually other business owners. We all know how busy a small business owner can be.
In the past, with a traditional live auction, the buyer would have to schedule hours or even the entire day to participate in a live auction event. This means that they would have to make sure their employees were staying on track in their absence, or in some cases have someone come in to work on a day that they would normally have off. Sometimes this is not an option, and can decrease participation for some auctions.
With the convenience of online bidding, these same buyers can now preview the auction during a block of time that usually spans the day or evening to accommodate demanding schedules. After they preview the auction, they can then look at the catalog online and bid anytime according to their schedule. They can bid at one in the morning, or one in the afternoon. This allows the buyers to choose the time that works best for them.
After the auction is over, buyers can pick their items up during two different blocks of time that allow for flexibility in their schedule.
Online only auctions are not new, but they are definitely becoming more and more popular as we are all pressured for time. They give buyers more time to spend with their families or work on their business, and sellers more options when deciding how to best sell their assets or equipment.
Thanks for reading and have a great day. Remember, Life is Good!
Robert Mayo
Robert Mayo
