| "Michiana's Online Auction Company" |
| Paul Rowland Auctions |
| Frequently Asked Questions |
Q: Are online auctions better than live auctions?
A: No. First lets define "better". Better could mean many things. For
people who like auctions as a form of entertainment, or to see old friends,
or to get out of the house, live auctions would probably be "better". For
people who are too busy to attend live auctions, but don't want to miss out
on the good deals auctions provide, or would like to bid on auction items
all over the country, online would probably be better.
The real answer is, whatever is best for the seller is "better".
Under law, an auctioneer (or auction company) is always the agent of the
seller, unlike for instance realtors or attorneys. That is not to say
auctioneers don't realize the obvious importance of they're loyal buyers,
without them there is no auction, but the role of an auctioneer is to
maximize the dollar amount received by his/her client (seller).
So, with that in mind, the question becomes "will an online auction net the
seller more money than a live auction?" I think the answer there comes
down to a couple of important factors in the "successful auction" equation.
The factors are: 1) amount of qualified bidders attending the auction. 2) The
excitement or "urgency to bid" created.
Online auctions certainly have the edge on being able to attract more
qualified bidders, as people can bid from all over the country (world) right
from their home or work. Although online auctions can get quite exciting
towards the end, it is hard for them to compete with live auctions in this
category. Which is why at this point, some things still sell better and fetch
higher prices on live auction.
There are exceptions, but for the most part things like real estate, livestock,
collector automobiles, coins, antiques, and collectible items seem to do
great on live auction.
Things like tools, construction equipment, vehicles, industrial machines,
and restaurant equipment seem to do very well online. In fact, there are
many people who make their living buying these types of items on live
auctions, and re-selling them on online auctions.
Part of the reason for this is that all of the things listed in the first group
are unique, often one of a kind, where all of the things mentioned in the
second group are not.
Other than condition, which hopefully can be determined by the pictures
and description in the catalog, year and model, and the hours or miles on
the meter, most items in the latter group are unoriginal. A Bobcat S185
loader, or a walk-in cooler, doesn't need to be seen in person to be
appraised.
A: No. First lets define "better". Better could mean many things. For
people who like auctions as a form of entertainment, or to see old friends,
or to get out of the house, live auctions would probably be "better". For
people who are too busy to attend live auctions, but don't want to miss out
on the good deals auctions provide, or would like to bid on auction items
all over the country, online would probably be better.
The real answer is, whatever is best for the seller is "better".
Under law, an auctioneer (or auction company) is always the agent of the
seller, unlike for instance realtors or attorneys. That is not to say
auctioneers don't realize the obvious importance of they're loyal buyers,
without them there is no auction, but the role of an auctioneer is to
maximize the dollar amount received by his/her client (seller).
So, with that in mind, the question becomes "will an online auction net the
seller more money than a live auction?" I think the answer there comes
down to a couple of important factors in the "successful auction" equation.
The factors are: 1) amount of qualified bidders attending the auction. 2) The
excitement or "urgency to bid" created.
Online auctions certainly have the edge on being able to attract more
qualified bidders, as people can bid from all over the country (world) right
from their home or work. Although online auctions can get quite exciting
towards the end, it is hard for them to compete with live auctions in this
category. Which is why at this point, some things still sell better and fetch
higher prices on live auction.
There are exceptions, but for the most part things like real estate, livestock,
collector automobiles, coins, antiques, and collectible items seem to do
great on live auction.
Things like tools, construction equipment, vehicles, industrial machines,
and restaurant equipment seem to do very well online. In fact, there are
many people who make their living buying these types of items on live
auctions, and re-selling them on online auctions.
Part of the reason for this is that all of the things listed in the first group
are unique, often one of a kind, where all of the things mentioned in the
second group are not.
Other than condition, which hopefully can be determined by the pictures
and description in the catalog, year and model, and the hours or miles on
the meter, most items in the latter group are unoriginal. A Bobcat S185
loader, or a walk-in cooler, doesn't need to be seen in person to be
appraised.
Q: Can anyone sell items on your online auctions?
A: Absolutely! As long as the consignor is the legal owner of the item.
We enthusiastically welcome participation as sellers by lenders, dealers,
trustees, as well as the general public.
A: Absolutely! As long as the consignor is the legal owner of the item.
We enthusiastically welcome participation as sellers by lenders, dealers,
trustees, as well as the general public.
Q: Do I have to bid online on your "Bid From Home" Online Auctions?
A: No. You can come into our offices anytime an auction is running, and
we will tell you what the current high bid on any item on the auction is,
and gladly take your bid and input it for you. No credit card is required to
bid this way.
I recommend the last day of an auction if it works into your schedule, as
the auction nears its close the bids are more likely to be somewhat
indicative of final hammer prices. We welcome you anytime it works into
your schedule however, and bids can easily be placed anytime during the
auction.
A: No. You can come into our offices anytime an auction is running, and
we will tell you what the current high bid on any item on the auction is,
and gladly take your bid and input it for you. No credit card is required to
bid this way.
I recommend the last day of an auction if it works into your schedule, as
the auction nears its close the bids are more likely to be somewhat
indicative of final hammer prices. We welcome you anytime it works into
your schedule however, and bids can easily be placed anytime during the
auction.
Q: Do I need to have a credit card to register to bid online for your
auctions?
A: Yes. Anyone can come into the auction center and bid here without a
credit card, but to bid online you will need to use a credit card to register.
The card must be valid, but won't automatically be charged for your
purchases. You are free to pay with whatever method you prefer (we give
a 1% discount for cash) on the 2 pickup days following the auction, which
are a Saturday and Monday. At 5pm the Monday following the close of an
auction (auctions close on Friday) all unpaid invoices are charged to the
credit card used to register, unless other arrangements have been made.
auctions?
A: Yes. Anyone can come into the auction center and bid here without a
credit card, but to bid online you will need to use a credit card to register.
The card must be valid, but won't automatically be charged for your
purchases. You are free to pay with whatever method you prefer (we give
a 1% discount for cash) on the 2 pickup days following the auction, which
are a Saturday and Monday. At 5pm the Monday following the close of an
auction (auctions close on Friday) all unpaid invoices are charged to the
credit card used to register, unless other arrangements have been made.
Q: Is my credit card info safe?
A: Yes. Proxibid, our online facillitator, also handles all our bidder
registration for online auctions. Your information couldn't be safer.
Proxibid's toll free number is: 877-505-7770
A: Yes. Proxibid, our online facillitator, also handles all our bidder
registration for online auctions. Your information couldn't be safer.
Proxibid's toll free number is: 877-505-7770
Q: I notice most of your online auctions run for 4 - 7 days many other
auction companies have 1 day online auctions, others run them 30 days or
more. This seems strange to me, please explain.
A: I am afraid what is "best" here is a matter of opinion, rather than fact.
Online auctions are still relatively young (at least compared to the auction
profession itself) and I am not aware of any factual data that pertains to
this, although I assure you if you find some you won't find anyone more
interested in it than I!
It really comes back to that "amount of registered bidders vs.
excitement/urgency to bid" thing that I mentioned in an earlier answer.
The longer the online auction is stretched out (real estate is often sold this
way online) the more exposure it will get, just as a result of elapsed time.
Online auctions live and die by catalog views and web traffic. The longer a
catalog is online the more people will stumble on it.
The flip side is, this scenario creates virtually no "urgency to bid". I believe
personally that auctions like these lose potential bidders from sheer
boredom. They intend to come back and see how things are doing in a
couple of weeks, when there are (hopefully) some bids, but they forget and
never do come back.
The other end of the spectrum, the one day online only (timed) auctions are
much easier to create excitement for. They can be quite fast paced and
exciting, and can be promoted as more of an "event", which helps the
"urgency" aspect considerably. However, with a one day (or shorter)
auction like this it is crucial that the auction is aggressively marketed, or
tied to a very high traffic auction web site.
For a one time online auction, or for a small company without the huge web
hits of a large auction company, a one day auction would be rather risky in
my opinion. The risk being not being able to maximize the dollars received
by the seller, due to inadequate bidder exposure.
auction companies have 1 day online auctions, others run them 30 days or
more. This seems strange to me, please explain.
A: I am afraid what is "best" here is a matter of opinion, rather than fact.
Online auctions are still relatively young (at least compared to the auction
profession itself) and I am not aware of any factual data that pertains to
this, although I assure you if you find some you won't find anyone more
interested in it than I!
It really comes back to that "amount of registered bidders vs.
excitement/urgency to bid" thing that I mentioned in an earlier answer.
The longer the online auction is stretched out (real estate is often sold this
way online) the more exposure it will get, just as a result of elapsed time.
Online auctions live and die by catalog views and web traffic. The longer a
catalog is online the more people will stumble on it.
The flip side is, this scenario creates virtually no "urgency to bid". I believe
personally that auctions like these lose potential bidders from sheer
boredom. They intend to come back and see how things are doing in a
couple of weeks, when there are (hopefully) some bids, but they forget and
never do come back.
The other end of the spectrum, the one day online only (timed) auctions are
much easier to create excitement for. They can be quite fast paced and
exciting, and can be promoted as more of an "event", which helps the
"urgency" aspect considerably. However, with a one day (or shorter)
auction like this it is crucial that the auction is aggressively marketed, or
tied to a very high traffic auction web site.
For a one time online auction, or for a small company without the huge web
hits of a large auction company, a one day auction would be rather risky in
my opinion. The risk being not being able to maximize the dollars received
by the seller, due to inadequate bidder exposure.
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