A “Timed Auction” is exactly like a private live on site auction, although the main difference is that all the bidding activity takes place via the internet over a set period, which is generally five days, and the timed auctions has a specific start and end time. Promotion and marketing for the auction in both time and investment are exactly the same as a live onsite auction.

 

Much like a live auction, there would be an inspection or preview date prior to the actual auction date. The major difference is that once the auction starts bidders have the opportunity to “Buy It Now” if this feature is selected by the seller.

 

Additionally, if a bid is placed during the last minute before the auction stop time, the time on that individual item is automatically extended for an additional 2 minutes to allow time for other bids to be placed, which assists in creating a sense of urgency. It is the closing time extension that truly resembles the feel of being in a live auction; with the frequent bidding and sense of auction fever compelling bidders to not risk losing the item they hold an interest in for the duration of the auction. Reserves can be set for any item and a unique visual gauge provides an indication to the bidder how close their current bid is to the reserve price.

 

Sellers can save additional money by supervising the entire event themselves. Utilizing procedural requirements which will include taking photographs, assigning inventory lot numbers, providing detailed descriptions and managing their own inspection dates, shipping or removal of the items sold.

 

The self-supervised timed auction event benefits from all the marketing and sales resources of a traditional auction, while simultaneously reducing costs to the client. The main benefit is that the seller maintains control of the production, sale and removal schedule. At the conclusion of the auction, invoices are emailed to the winning bidders and they typically remit their payments online. The removal time is normally one day and for larger items, the removal time will be extended to 2 days.

 

If the client prefers, we can send a company representative to handle the set-up, photography, descriptions and take care of the removal process. The Timed Auction system is also a benefit for areas where auctions are not permitted or where there is not enough space to effectively conduct a live auction.