How Can The Timed Bidding Feature Make Online Auctions More Profitable?

Online commercial auctions have been a regular feature in the auctioneering business. However, after the advent of the pandemic, it has become more mainstream. While it offers a wider reach to potential bidders and customers, the only downside is the increase in duration. Compared to in-person auctions that last an hour or so, online auctions can drag on for multiple hours or even days. Thus, to tackle this challenge, the Timed Bidding feature was introduced for online auctions.

Timed Bidding in commercial auctions.

What is the Timed Bidding feature?

Essentially, for Timed Bidding to work online, all the user has to do is mention the maximum amount of money they are willing to spend for a particular lot. Once this limit has been decided, then the system will place minimum bids until the limit is reached, after which, the user will be notified once again so that they can either raise their limit or opt-out of the bidding. For example, if the bid limit has been set to $ 100 by the user, and the starting price for a particular lot is $ 60, then system can keep increasing the bid automatically by $ 5 dollars until the user either wins the lot or the set limit is reached. 

How is Timed Bidding beneficial for an auction?

First and foremost, an online auction will have more reach, and Timed Bidding will further increase the accessibility as it makes the process more hassle-free for the bidders.

As they don’t have to monitor the auction in person, the ease of operation will attract more potential bidders to attend the event. Furthermore, an increase in competition will lead to more bids, thereby raising the hammer price, and fetching an optimal profit for the seller. 

Hence, it is evident that opting for a Timed Bidding System during an online auction is not only essential but can also be extremely beneficial.

Infinity Asset Solutions is a leader in the field of organizing industrial equipment auctions. With over eight decades of collective experience, our professional services include conducting comprehensive equipment appraisals and audits as well as assisting with business liquidation procedures. Contact us today if you need help with facilitating an auction.