Live Online Auctions vs. Timed Online Auctions

The world of online auctions can be highly beneficial when exploring options for buying heavy equipment. These types of sales often result in significant savings compared to the prices of machines at a dealership.

Understanding how an auction works is an essential part of the buying process. To start, there are two primary types of online auctions — live and timed.

What Is a Timed Online Auction?

timed online auction essentially conducts itself automatically. It lasts a specific amount of time, regardless of the bidding frequency. A computer program usually manages the entire process.

In a timed auction, the competition among bidders ends when the allotted time expires. The bidding for each lot opens at a predetermined level set by the seller. Many timed online auctions stay open over an extended period of hours or days.

During this period of open bidding, a bidder can see the current high bid on each lot, which makes timed auctions different than the blind variety. In most cases, the bidder can bid any amount that’s higher than the previous bid. When the time expires, the person with the highest bid wins the auction.

Some online auctions may have added features, such as the following:

• Minimum starting bids: Some items might require a minimum bid amount.
• Reserve pricing: An item or lot will not sell unless it reaches a predetermined price, regardless of bidding. The seller determines the reserve before the auction starts.
• Extended bidding: If a person bids on a lot near the end of an auction, the bidding window may be extended for an additional period. The length of extended bidding can vary depending on the number of bids.
• Bid notifications: Some online auctions feature bid notifications. These can come in emails sent to bidders when they make a high bid or when someone else outbids them.

What Is a Live Online Auction?

An auctioneer conducts and monitors a live online auction. The auction proceeds item by item or lot by lot with no specified time frame. This format sometimes allows for an audience to be present both in person and remotely.

Some live auctions allow a prospective buyer to place an early bid before the auction begins. In addition to the auctioneer stating the current high and recommended bids, the amounts typically appear on the computer screen for those following online.

Some advantages exclusive to live online auctions include:

• A higher sense of urgency among bidders.
• The ability to sell before an auction begins with pre-bids.
• Flexible start and finish times for each item, set by the auctioneer.
• The capability to sell an item much faster than a timed auction.

Online Equipment Auctions and Strategies

At Bid Equip LLC, we conduct timed online auctions, giving you the flexibility to bid at your convenience. We provide a range of services designed to make buying and selling heavy equipment fast and simple. Our business is open to customers nationwide, and we will go above and beyond to deliver superior service and excellent value.

We have monthly online equipment auctions where we move millions of dollars in machinery each year. Our inventory is continually growing and covers a wide range of the most durable machines available, including construction equipment, forklifts, aerial lifts and much more. Whether your budget is large or small, we probably have a machine to suit your needs.

In most cases, our customers can secure the equipment they need at far below the costs of other dealers.

Following a timed online auction strategy can sometimes help you win the equipment you want, especially when you have a specific price in mind. Several techniques for a positive experience with timed online auctions are:

• Knowing your maximum bid beforehand.
• Not exceeding the amount you want to spend.
• Not getting emotionally attached to an item.
• Waiting until the end when the final price is clearer.

Learn More About Bid Equip LLC Today

At Bid Equip LLC, our experienced and knowledgeable staff is happy to help you find the equipment you’re looking for while staying within budget. Be sure to ask about the other services we offer as well, such as secure warehousing, consignment and financing options. Connect with our auction experts today for more information.

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