What Type of Auction is Best – Live or Timed Online?
When the time comes to consider selling your line of equipment at auction, there are many factors that go into deciding whether a live or timed online auction will be right for you. Although Steffes Group has been conducting live, in-person auctions for over 60 years, timed online auctions have grown in popularity in our thriving digital world. In March 2020, with crowd sizes restricted due to the Covid-19 pandemic, Steffes Group was forced to convert all live auctions to their timed online platform. Let’s take a look at how sellers are deciding what type of auction to do to sell their machinery, land, and other assets.
Why do sellers choose live auctions?
Live auctions drive people to bid more.
Live auctions by their very nature are exhilarating and create both a sense of excitement and a rush of adrenaline that often drives people to bid more. Live auctions bring all buyers together at one time, which can produce a competitive environment and increased bidding.
Interactions with the auction audience is important.
Steffes Group’s professional live auction team helps ensure the auction day runs smoothly from start to finish and it gives sellers and auctioneers the ability to see and interact with most of their bidding audience face-to-face. With a live auction, the auctioneer that has good product knowledge can point out the value to the bidders, generating more money for the seller.
Auctions are a celebration.
“Many times, a live auction is as much of an event for the children and grandchildren to gather and celebrate with the retiring family, as it is a liquidation of assets” says Curt Gillespie, Steffes Sales Representative. Live auctions are often a social event for family, friends, and neighbors to gather and help tell the auction story. Doing a live, in-person auction allows the family and auction team to make the day one to remember.
Why do sellers choose timed online auctions?
Timed online auctions are flexible and convenient.
Timed online auctions are incredibly convenient for out-of-area buyers since they do not have to leave their homes to travel to the auction location. They provide additional flexibility for many other aspects including lining up equipment, auction closing time and allowing buyers to bid on multiple auctions in the same day. Also, bidding takes place 24 hours a day, 7 days a week and is not affected by potential inclement weather.
Sellers do not need to worry about the size or layout of their yard.
Often, sellers may feel that their yard is not feasible to host a live auction crowd. The need to arrange the items being sold, parking, restrooms, a food vendor, and hundreds of people on site is eliminated when choosing the timed online auction method.
Timed online auctions offer extended bidding.
Timed online auctions provide additional time for buyers to make purchasing decisions, as they are typically open for multiple consecutive days and offer extended bidding. If a bid is placed on a lot within a few minutes of the lot closing, that lot will go into extended bidding. When this happens, bidding on the lot if extended four more minutes (time may vary by auction) and will continue until bidding ceases. This grants the potential buyer more time to consider bidding, generating more money for the seller.
Although we firmly believe there is no wrong answer when deciding between a live or online auction, we stand behind our belief that each auction we do is worth celebrating. For more information, or if you would like to discuss whether a live or timed online auction would be right for you, visit https://SteffesGroup.com/Home/Contact to find a sales representative near you.