Common Misconceptions About Auctions, Part 1

Like with any industry, auctions are often mischaracterized by misunderstandings and misconceptions. In this two-part blog series, we will be addressing some of the top misconceptions about auctions. Read on to learn more about the reality of the modern auction world—especially the online auctions we offer at Bid-2-Buy.

“All these online marketplaces replace the need for auctions.”

The incredible advances of technology have provided people with a variety of different options for selling their assets. And, in light of that, we have to acknowledge that auctions may not be right for everyone. For example, if you only have one or two items to sell, and if those items are fairly straightforward, it may make more sense for you to manage that sale on your own.

However, if you have a sizable quantity of assets, valuable assets of a specialized nature, or assets that pose shipping challenges, our services will benefit you by maximizing your profits, reducing your effort, and saving you time. Selling assets is a lot of work. And our services are designed to free you from the burdens of effort, stress, and hassles.

Likewise, our auctions’ competitive bidding environment ensures that your assets achieve a fair-market value. Independent selling often leads to lost value—you settle for an offer, when better offers might be out there. But our database of motivated bidders, coupled with our high-performance marketing campaigns, ensures that your assets benefit from the process of competitive bidding, helping your assets achieve their best-possible sale price.

“Auctions are only good for certain kinds of assets.”

Some folks assume that auctions are only effective for certain types of assets—fine art, vehicles, etc. Our track record of successful auctions proves otherwise. Over the past two decades, we’ve auctioned everything from real estate to collectibles. And we’ve had especially great success selling heavy equipment, construction equipment, and agricultural equipment.

“Auctions take away my control as a seller.”

People often think of auctions as being “absolute”—that once you sign on the dotted line and agree to sell via auction, you relinquish all control to the auction company, and, worst of all, that you’re stuck accepting whatever sale prices the auction produces.

At Bid-2-Buy we take a different approach. Our client-centered process equips sellers with their desired amount of control and involvement. Above all else, we are dedicated to partnering with our clients. Your need is our purpose. We want to understand your unique needs, preferences, and goals, and we will work with you to design a customized solution that is tailored to meet your needs. Two of the key tools we use are reserve prices and multi-phase auctions. If you have an especially valuable asset, and there’s a minimum sale price you’re willing to accept, we can set a reserve price to ensure that asset only sells at that desired value. On another front, if you have a uniquely large volume of assets, or have a mix of assets that would benefit from being spaced out, we can divide your auction into multiple phases (i.e., separate auctions) to promote maximum returns.

“Auctions are a desperate move for people who have no other options”

While auctions are a proven resource for those who have time-sensitive needs, over the years, we have worked with numerous clients who proactively made the calculated choice to sell their assets on auction. As we noted above, our auction services are designed to maximize your profits, reduce your effort, and save you time. Our client-centered approach is focused on first understanding your needs, preferences, and goals, then, designing and delivering a solution that fits with your unique situation. Whatever your needs may be, our team will deliver a solution that puts your mind at ease and puts cash in your pocket.

That’s all for Part 1 of common misconceptions about auctions. Stay tuned for part 2, where we’ll explore further misunderstandings about auctions.

If what you’ve read here has piqued your interest, please get in touch with us today to let us know about your auction needs, and let’s build value together!