The wide, wide world of the Internet has opened up many doors for individuals and businesses, in terms of how they conduct their personal and public lives. In terms of business, it’s a make or break kind of situation–those who have learned to adapt and thrive within the wide audience of the Internet have seen their businesses and products grow exponentially, while those who have had a more difficult time changing with their environment have sunk. One such area that’s seen new growth and gains is that of the auction. New auction technology like simulcast software and programs like OVE have introduced new audiences to auctions.
Auctions From 500 B.C. to Today
Auctions have actually existed for centuries, although luckily the legal ones today don’t involve selling human beings, as the old auctions did. The first recorded auction made an appearance around 500 B.C. Today, they’re an industry that produces billions of dollars, with online auctions, held through programs like OVE, contributing to an increasingly hefty portion of that number. Auctions are still so popular today because of the discounted price many buyers purchase rare or expensive items for, the general atmosphere, and the reduced cost barriers. For sellers, they don’t need to pay warehouses to store their items and pay very few other overhead costs.
Why Online Auctions?
Online auctions deliver a huge range of items to be sold–more than at a physical auction, as the items don’t have to all be in one place at the time of the auction. There’s also a variety to the items being sold at an online auction–ranging from sources like government surpluses, law enforcement confiscations, bankruptcies, estate sales, and more.
Additionally, having online auctions drives the price down even more. Large items like cars or furniture can be found for a fraction of the price you might get them at retail. The online element of the auction also means you can browse the goods more efficiently, as they’re typically divided into categories you can scroll through with your mouse.
What Are Simulcasts?
Simulcast software is becoming increasingly popular in auctions, used in auto auction software as well as other places. Simulcasts essentially provide an Internet broadcast of a live auction taking place in real time. In many cases, simulcasts are seen as the best of both worlds: picking the best elements of physical auctions and online auctions and combining them.
For online savvy users, simulcasts are an excellent way to partake in an auction. One advantage is that auction information and products available for purchase are often advertised about a week before the date of the actual auction. Bidders can take stock of what’s up for grabs, gather information, and enter proxy bids. For sellers, this type of auction is seen as a way to up the number of bidders, thereby increasing the price of the item for sale. Once the physical auction begins, online and live bidders will compete against each other in real time.
If you’re looking for a new vehicle or other expensive item and don’t have time to go to a physical auction, consider partaking in an online auto auction. You might be able to score big, all while staying at home!
