The age-old tale of putting a for sale sign on equipment and parking it near the road in hopes of attracting the right buyer continues to cease, especially with the evolving landscape of the online auction marketplace. Over the years, online auction companies have come to fruition and are providing endless benefits to companies and individuals needing to sell surplus equipment. Gone are the days of tire-kickers that never fully enter the buying cycle, leaving sellers to sit and wait for the right buyer. View the ten advantages of selling in online auctions below:
Equipment Sells Faster Online
With the uptick of online auctions, selling equipment from start to finish has become faster. Buyers have no wait time as the online community can bid at their fingertips daily. There is no more wondering if a buyer will call or stop by and pay for the equipment they wanted to buy off the side of the road; there is a clear start and end time for the sale. Equipment is placed online and sold when the auction closes. In contrast, in more traditional auction formats, there would be a period of advertising the auction and a set date – usually one day only. Online auctions span over multiple days, allowing for more exposure.
Large Buyer Community Across Multiple Geographies with Online Auctions
Hosting a local or live auction keeps sellers at the mercy of the local audience. Individuals rarely travel from outside the area to attend the event. The buyer community for online auctions spans a broad geography and, in some cases, internationally. Promotions of equipment on the internet are endless, and anyone can view items online worldwide.
Bids Live Longer Online
Another benefit to online auctions includes placing bids and browsing equipment from a home or office without needing to go outdoors and fight the weather. The bidding lives longer than the traditional auction format and can be open for weeks before the auction closes.
No Storage or Transportation Fees
Some auction companies, like Purple Wave, have no equipment storage fees or transportation costs. Storage takes place where the asset sits, so there is no reason for the seller to pay a company or yard to store it. Selling where it sits also removes the transportation fee, leaving the seller to save money on shipping their item to an auction yard before the event.
Fair Market Value Obtained with Online Auction Platforms
Sellers can obtain a fair price for online auction equipment. The bidders and buyers ultimately determine the market value of the item they bid on, so the outcome is always fair. Purple Wave follows the no-reserve auction platform and eliminates the risks of the fixed-price sale, including holding costs and fixed pricing. With this model, an existing buying community understands the no-reserve model and the equipment up for auction.
Listing Transparency
Online auctions have very descriptive listings that allow the bidder to inspect the asset before bidding and encourage them to look at the equipment in person. The listings on Purple Wave even include the seller’s contact information so the bidder can follow up with questions they need more clarity on. The listing is so detailed it allows for a more transparent market. In a traditional auction format, with the bidding starting and ending the same day, the bidder could be left unsure of what condition an item is in and get stuck with a lemon if they win the bid. Purple Wave helps mitigate a level of risk for the seller by protecting against fraudulent payments, aiding with issue resolution, and monitoring bidders closely for bidder qualification on purchases over $10,000.
Special Services for Buyers & Sellers
Some auction companies provide additional special services for buyers and sellers, allowing for an even smoother selling and buying process. At Purple Wave, an appraisal services team provides heavy equipment valuations to sellers wishing to have one of four appraisal options completed on their equipment. For buyers, Purple Wave offers shipping services to aid in the transport of purchased equipment through reputable shipping companies our shipping department has vetted. These options add ease to the buyer and seller experience and provide relief in the decision-making process.
Targeted Marketing
Most online auctions provide marketing tools to determine the best marketing for the item and identify which buyers the asset needs to be in front of. Various marketing mediums used during this process include print, radio advertising, emails, direct mail pieces, display ads, and much more. Sellers can be confident that their items get the needed exposure during the auction.
Equipment Liquidity
There are no real tax benefits for sellers, but there are benefits to liquidating your equipment. Businesses can sell assets online to generate liquidity when needed. Selling with Purple Wave gives you certainty; whether for business needs or generating liquidity quickly, our auctions give confidence that other methods may not. We help businesses get the liquidity and resources when they’re needed most.
Access to Auction Companies at Trade Shows
When a trade show is well-known and mainstream, online auction companies will be exhibiting or sponsoring the show. Traveling to these events means gaining knowledge about online auction companies in the industry and provides direct access to speak with representatives in the exhibit hall. Each exhibitor will have detailed information about their services and what to expect when utilizing them. Some companies may even host a customer appreciation event during or before the show to recognize their valued customers by providing a meal or fun activity for those already using their services. When viewing trade shows, there is typically a list of exhibitors posted on the website to know who for sure has a booth at the event.