When you're first getting started participating in online auctions, knowing the bidding options and types available to you is important. There are different types of bidding options, and each bidding strategy has advantages and disadvantages. Knowing what to expect with each type of bidding strategy will help you to make informed decisions when it comes time for you to buy and sell items in an online auction.
Options Available for Buyers
The bidding process is one of the most important aspects of participating in an online auction. As a buyer, it's how you can make sure you're walking home with items you're interested in. As a seller, it's how you make sure you're able to move the pieces of equipment you're selling and bring money back in the door. Knowing the different types of bidding options and strategies available for buyers will help you to outwit some of your other bidding partners, and get a great price tag on a product you're interested in.
One of the first types of bidding strategies is an incremental bid. This is the most well-known form of bidding. With an incremental bid, you can choose to add in an additional bid every time the offer moves up. This is a great option if you're someone who wants to feel like they're involved in a bidding war or you want more control over your money. Every time the bid moves up, you can go on to your phone or computer to place an additional bid. A lot of people who participate in an incremental bid tend to wait till the very last second to put in a high offer to make sure they're the winner of the product.
Another option available to you as a buyer is a max bid feature. This feature allows you to put in the max dollar amount that you're looking to spend on a bid and give the bidding power to your computer. The computer will make all of the bits for you, until your max bid amount has been surpassed. If your max bid amount hasn't been surpassed, the computer will continue bidding for you until you win the item.
Bidding Options and Types for Sellers
The bidding options and types available to sellers is really dependent on the amount of inventory you're looking to sell. If you don't have a lot of items you're looking to sell, you can bring the equipment to our auction site. However, if you have a larger business that you're looking to sell or liquidate, we can come to you to help you inventory and catalog all of the pieces of equipment you're looking to sell.
Remote Auctions for Larger Businesses
Another great option for those who are looking to liquidate their business, but have a lot of equipment to work with are remote auctions. Remote auctions are great for those who aren't capable of doing all the necessary back and forth travel to get their inventory to the auction warehouse. Instead, the auction site and pick up location will be the address of your business.
Knowing All of the Bidding Options and Types Available on Auction Masters
There are all types of bidding options available for both buyers and sellers when you first get started in the online auction space. Knowing the advantages and disadvantages of each bidding type, for both buyers and sellers, will allow you to make the most informed decision you can before you begin participating in a bid.
"I have been very pleased with the professionalism, organization, and quick response time that Auction Masters has provided for my organization. We have partnered with AM for the past 12 months on 20+ different auctions and they have been on target with minimal errors or hiccups. When issues have happened they have been quick to recover and flexible in creating a recovery strategy for both my organization and the buyers. I appreciate the partnership we have created with Frank, Jason, and the warehouse team in executing the sales of our equipment and furniture."
-Jaime, Facility Director
— Jaime, Facility Director
When it’s time to liquidate your business, you can either go it alone, or you can leave the hard work to our professionals. We have the experience, dedication and resources to ensure your auction goes off without a hitch, and you get cash for your items quickly. Our team has established relationships with professionals across a wide range of industries, building a qualified customer base for your liquidation. What’s more, we utilize effective digital and traditional marketing tactics to raise awareness of your auction and maximize revenue.