The auction industry is absolutely booming right now! With so many auction types available in today’s market, the number of bidders are only increasing. The three main auction types today are traditional live in-person auctions, online auction, and simulcast auctions! All of these auction types are beneficial no matter the industry in which you are selling!
Of the three auction types mentioned above, traditional and online auctions are the most popular, although simulcast auctions are growing rapidly in popularity. But which auction type is the best?
As an innovative auction management company, we have the answers! With InnovA, you can take your auction game to the next level! Below, we discuss the differences between traditional in-person and online live bidding auctions, and explain which one is the best for your company!
Traditional in-person live auctions have been around for many years. These auction types are most prominent in the heavy machinery, auto and real estate industries. Traditional auctions give bidders a chance to see what they are bidding on in-person, as well as talk and ask questions to the seller themselves. Below are some of the benefits of a traditional in-person auction:
- Bidders are able to ask questions and see the auction items first hand
- Give bidders an exciting and fun experience
- Bidders are able to take won bids home that day
Online auctions on the other hand are growing in popularity over recent years. As technology continues to innovate, so do online auctions. Nowadays, there are many ways in which auction companies can strategize their online auction process. Below are some of the benefits of offering online auctions:
- Increase in number of bidders
- Customer can bid anywhere and everywhere there is internet
- Cheaper to operate than traditional auctions
- Overall more convenient for both auction companies and bidders
So which auction should you hold?
When it comes to choosing which auction type to offer for your upcoming auction, there is not a right or wrong answer. And honestly, it’s best to offer both auction types! Live auctions will give your bidders a great experience and an opportunity to ask questions before placing a bid. And online auctions allow for people to place bids without even leaving their home or office! Both auction types offer different benefits that when combined, will increase the number of bids and ultimately the amount of money you make on your next auction!
What about simulcast auctions?
Simulcast, or online live bidding auctions, is the most up and coming type of auctions! These auctions allow those bidding online to feel the same “traditional auction” feel! With a good auction management platform, online live bidding auctions will bring even more money into your pockets!
No matter what auction type you choose, it’s important that you invest in an auction management software to ensure your auctions are always going as planned. At InnovA, our back office software helps save you time and money! We also offer auction consulting services to help take your company to the next level and stand out from your competition! If you are interested in learning more about our auction management services, please visit our website today!