Traditionally, auctions have been a way individuals and companies can buy used equipment at an affordable price. As technology has innovated, so has the auction industry. Nowadays, auction companies are offering online auctions on top of their in-person events, and it’s changing the equipment auction landscape forever.
Lyon and Son Auction is a national leader in the equipment auction industry. We offer a number of in-person and online auctions across the entire country. From New York to California, our mission is to help people purchase quality equipment at an affordable price. This post, will discuss how online equipment auctions have and will continue to change the industrial world.
Access to a larger audience
One of the most impactful ways online auctions are changing the heavy equipment market is that it opens up a large variety of both buyers and sellers. Meaning, if your company is looking to sell used equipment at an auction, listing your equipment on an online auction will allow you to reach a larger and more diverse audience. The same goes for buyers, as there is more variety of sellers and equipment available!
Online auctions allow both buyers and sellers to reach individuals that they wouldn’t usually reach. For example, if you are selling a piece of equipment from North Carolina on an online auction, a buyer from Nevada could bid and purchase it, right from their home.
In-person auctions are tough to control. As an auction company, you can’t control how many bids you get, or how many people show up. However, with an online auction, you can gain more control over some of those things.
In timed auctions, the timing of the sale will always depend on the availability of the auctioneer. Timed auctions require a date, time and place. Online auctions, on the other hand, give you much more flexibility on choosing a date and time, and place is completely out of the question! This allows sellers to maximize the number of bids, and ultimately increase revenue!
Saves time and money
Online auctions save both sellers and buyers time and money. With an online auction, buyers can bid right from their homes. Buyers don’t necessarily have to take work off, or travel to another city or state to make a bid. At the same time, sellers don’t have to pay for an auctioneer nor take time out of their busy schedules to attend an in-person event. The innovation of technology allows us to do almost everything cheaper and faster, and online auctions are an example of this.
Lots of repeat sellers and buyers
Lastly, online auctions have been seen to drive both buyers and sellers back. If a seller ends up landing a crazy deal, the chances of them selling at another online auction is high. The same goes for bidders. If a buyer gets a great deal on a piece of equipment from an online auction, chances are they will try getting that same deal again!
Online equipment auctions have forever changed the way used heavy equipment is bought and sold. As technology continues to make our lives easier, it’s safe to say that online auctions will continue to greatly impact the heavy machinery industry.
At Lyon Auction, we offer many online equipment auctions throughout the year. To check out our upcoming auctions, check out our auction calendar today!