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NW Iowa | lets say they auction off 350 items at an average of $15,000 apiece. They'd take $1350 of that, times 350 equals $472,500 per auction. Their website shows one of these auctions a week for the past year. So $472,500 times 52 auctions equals $24,570,000 gross annual income (online auctions only).
Maybe they have 250 field reps making $40,000/yr. Office staff is probably more than I think it should be, so another 10 people in the office making $30,000. Total labor would be $10,300,000. Overhead costs of.......$500,000?
Net profit $13,770,000.
I think the commission per piece is a bit high, although having said that it seems to be the going rate for auctioneering. So I'm not necessarily complaining........also wishing I'd thought of the online auction idea! | |
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Big Iron online auctions
