The Internet has become increasingly important to small and large businesses alike as more companies move their operations online. For the auction industry, this has meant a shift from the traditional live auction to online bidding sites.
With its many advantages, online auctions are becoming more and more popular.
“Auctions are a great way to liquidate excess inventory in an efficient way that proves beneficial for both the seller and the customer,” says Bill Cockrum, Owner of BCL Auction. “The sellers get to unload inventory quickly, and the buyers get a great deal on the items they’re after.”
Across the country, local governments are taking advantage of online auctions to get rid of excess items that have accumulated over the years.
The New Jersey County of Monmouth recently held an online surplus auction, allowing buyers to bid on various items and equipment that are no longer used by the county. Its big ticket item, a Jet Ranger Helicopter from the Monmouth County Mosquito Extermination Commission, sold for a whopping $421,000, according to the Atlantic Highlands Herald.
Nearby, city officials in the Big Apple are also putting surplus items on their online auction site to give people a chance to buy things they find useful or interesting. According to The New York Post, the auction is held by the Department of Citywide Administrative Services on behalf of city agencies that would like to get rid of items they no longer have a need for.
Local governments have had great success by moving auctions online because it opens up the bidding process to people and businesses at both a national and international level. The Detroit Free Press reported that in a recent flurry of online auctions for downtown buildings, international buyers actually made a few purchases.
Critics of online auctions warn that you need to be cautious when bidding online because you don’t get to see the item in person before buying it. This leaves the door open for potential scams and unauthentic items being listed for sale.
It is up to buyers and sellers to weigh the options of online auctions, but one thing is for sure: online auctions have the potential to bring in more bids from a variety of buyers from all corners of the world.