Six Benefits of Online Auctions Using Simulcast
Originating from a wide variety of sources including but not limited to landlord liquidations, estate sales and law enforcement confiscations, many items are put up for auction instead of being sold in a traditional retail environment. The beauty of auctions is the appeal to masses of people hoping to get a good bargain. The excitement of bidding on and winning an item in an auction is more entertaining than buying items at a set price. Now, more and more auctions are being held online instead of in person using simulcasting–or simultaneous broadcasting. Here are several benefits of online auctions as opposed to physical auctions.
#1. Increased Convenience
Online auctions–or smartauctions–offer the main advantage of allowing consumers to bid on items from the comfort of their own home, not disrupting their own schedule. Services like those provided by Insurance Auto Auctions promote convenience for both buyers and sellers by connecting people looking to sell cars with people looking to bid on them, even over distances. Online auctions often offer additional convenience services. For example, Insurance Auto Auctions incorporates links for help with transporting items purchased in an online auction.
#2. Reach a Wider Audience
Simulcasts and online auctions in general allow for a wider audience of bidders to participate in auctions and thereby increase customer loyalty. For unique or specialty items, the possibility that the item will find an interested bidder are magnified many times by listing the item in an online auction.
#3. Time to Preview
Auto auction software often posts auction items in advance of the auction, allowing time for bidders to generate excitement and prepare to place bids. Word of mouth can spread over this time period, allowing for a greater “turnout” of bidders at the time of the auction.
#4. Anonymous Bidding
Simulcast allows online bidders to participate in live auctions, and bid against people who are attending the physical auction anonymously. This helps protect the privacy of consumers and secures bidders against the risks of having their personal information shared to outside parties.
#5. Real Time Capabilities
Online auctions such as those offered from Insurance Auto Auctions occur in real time so the bidding feels as exciting as a live auction hall. This also helps make auctions larger–merging physical auction audiences with at home audiences to result in greater competition and access to interested bidders.
#6. Reduced Cost Barriers
Car auction software helps make auctions affordable to sellers by having low overhead costs and no warehousing fees like traditional retail has. The savings to the seller is passed on to buyers; everyone can get a good deal with less money out of pocket.
The world of auctions is already a multi-billion dollar industry and continues to grow. Online auctions already represent a significant portion of auctions, and that segment is only increasing. The convenience factors of using online auction technology translates to benefits for buyers and sellers alike. Possibilities of using online auction software are already being taken advantage of in the world of used auto sales, and many other types of items can be found listed in online auctions.