Types of Auctions
TRADITIONAL LIVE AUCTIONS
For a Live Auction, buyers are brought together in a central location for a public outcry auction. The Auctioneer will call the sale and bid spotters will be there to assist buyers. This type of auction provides excitement, encourages competition, and focuses attention on a "date certain" sale. The sense of "now or never" is created which tends to maximize the sale proceeds to the seller.
TRADITIONAL LIVE AUCTION WITH SIMULCAST BIDDING
A Live Simulcast Auction is a combination of a Live and Internet Auction. You can bid live and onsite at the auction or you can bid live from your computer or mobile device. An online clerk will relay your bids to the Auctioneer, and you will bid against floor bidders who are at the auction auction and other online bidders.
ONLINE ONLY AUCTION
An Online Only Auction is an auction that is held online only and there is no live, in person bidding available. Bidding can be anywhere you have access to the internet. The online only auction will feature a start date/time and a end date/time. This can range from a few days to a couple of weeks.
Why Auctions Work
- Auction provides many advantages to sellers and buyers over alternative asset disposal methods. Among these opportunities are:
- Provides excitement, encourages competition, and focuses attention on a "date certain" sale.
- Provides open, fair, and non-discriminatory bidding environment, greatly enhancing opportunities for all purchasers.
- Eliminates high carrying costs.
- Reduces marketing time.
- Creates urgency and energy, a climate that tends to maximize the sale proceeds to the seller.
- Promises minimal defaults because substantial bid deposits are required.
- Provides immediate confirmation of sale.
- Minimizes negotiations between the buyer and the seller.
- Provides a market-based verification of value.
- Provides individual sellers in multiple owner auctions with the benefits of auction marketing at an affordable cost.
- Terms of the sale are already understood and accepted before a bid is placed or accepted.
- Allows individual parcels of land to be offered divided and as a whole in the same day, by-passing long and uncertain retail sales efforts.