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The auction business...
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Nathan (SD)
Posted 8/19/2017 01:19 (#6196483 - in reply to #6195978)
Subject: RE: The auction business...


Day Co. SD

I follow lots of auctions. I wonder how online auctions stay in business. Most bids are way under market, to the point that it is a waste of time for the seller and the auctioneer.

As far as auctioneers personally, I know you can't make everyone happy, but the ones I trust { couldn't think of a better word} are the ones that are consistent.

Auction companies in my area have gotten very lazy about auction preparation. Poor descriptions in the advertisements and a general cluelessness of what is valuable and what isn't. They leave auction site prep to the clients who are totally clueless about how to make stuff sell. The people having the auction only have one sale, the buyers that go to sales are what keeps you in business.

If you have a sale that is gonna take 6 hrs, don't start it at 1pm. If it is going to rain, bring a rain coat. If there is some body serving lunch, bring some trash cans. If something is advertised as a unit, sell it as a unit. If there is a important announcement at the start of the sale be sure to repeat it every hour or so, not everyone shows up at the starting time. If there is a pile of crap that won't get a bid, don't throw something valuable on the pile just to make it go. If it has a engine and it runs, fire it up.

One of the latest auction flubs, involved a construction auction where the owner never threw away a broken power tool. Every power tool he ever bought in 40 yrs was still there. 2/3 of them didn't work and they tried to sell them for a few paltry dollars. So for the remainder of the day the whole crowd assumed everything else on the auction probably didn't work either. It cost that seller $20,000 easily by not throwing those broken power tools out.

If you are a new guy looking for exposure, hook up with a sale barn. Once a week, all year long, a few more people will learn what you are about.


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