Get FinancingSell On Your Own Terms With Standalone Timed Auctions
Every Wednesday is auction day on AuctionTime.com and has been since the platform launched in 2010. It has become part of the routine for buyers and sellers. But what if you have a large sale? What if your target buyer isn’t available during the traditional auction hours? Standalone timed auctions on AuctionTime give sellers even more flexibility when planning a sale.
How Standalone Timed Auctions Work
Standalone timed auctions are event-based. The auctioneer sets the time, the order of assets, and the spacing between items to build the auction the way they want. These auctions also stand out, with potentially fewer auctions happening at the same time, depending on the day and time.
Choose Your Day
Auction day doesn’t have to be a Wednesday. With a standalone auction, you can choose another day either because it is more convenient or because you want your sale to stand out from the crowd. Maybe you’re handling a farm retirement sale with several high-dollar pieces of equipment. Selling on a Tuesday or a Friday can bring more buyers to your auction because there are fewer auctions happening at the same time, allowing those items to shine.
Choose Your Time
Sometimes your target buyer isn’t available during the traditional daytime auction hours. Standalone auctions allow you to cater to the customer you want to attract. One AuctionTime seller who was listing golf carts opted for a non-traditional evening start time of 5 p.m. The seller knew that the bidders for this sale were consumers, not contractors or dealers, who would likely be busy at their jobs during the day. By starting the auction later, the seller was able to catch buyers after they came home from work, leading to a much more successful sale.
Control Your Pacing
A standalone auction gives sellers more control over the timing during a sale. In AuctionTime’s weekly Wednesday auctions, items are sold in an order based on the category. That can lead to a slower pace than a seller might like. If you have a 100-piece sale or if it is a two-day sale, it really draws out the timing, and you may wait quite a while between items. A standalone auction keeps that tighter. You also choose the order in which items are auctioned.
Any Size, Any Items
Your standalone auction can be as big or as small as you need it to be. There are no minimums for the number of assets, and it can include anything from large equipment and trucks to small items like parts, attachments, and tools.
Standalone Timed Auction Success Stories
Estate Sale Success
One recent standalone timed auction was an estate sale for a mechanic in Nebraska. After 65 years as a farm mechanic, he had amassed a wide assortment of equipment and tools. Known throughout the area for his skill in repairing all types of machinery, he was the go-to for many farmers when they needed M-M tractors fixed or discs sharpened. He also rented out trenchers and Bobcat skid steers. The Tuesday auction included trencher/backhoes from Vermeer and Ditch Witch, a Bobcat excavator, skid steers, Dodge pickup trucks, trailers, a forklift, tractors, and many attachments, tools, and shop equipment.
The auction included 350 lots that attracted 400 bidders from as far away as Poland, though the majority of bidders were much more local, with Nebraska and neighboring states representing the largest concentration. Throughout the auction, the bidders placed a total of 10,309 bids as they vied for items big and small. As the auction came to a close, final tally for the sale was $485,768.
An Eclectic Auction Catalog Finds A Successful Niche
Another recent sale featured an array of production equipment, including many small parts and accessories. The 238 items auctioned off consisted of shop shelves, cabinets, pumps, electrical supplies, trailers, building hardware, shipping containers, painting supplies, scissor lifts, tools, jacks, a rough-terrain crane, attachments, welders, generators, a forklift, and other odds and ends. The auctioneer was able to organize the sale in a way that made it very easy for bidder to engage with items of interest. A total of 130 bidders placed 4,281 bids throughout the sale, which brought in $124,135, showing that even smaller items can find great success on AuctionTime.
Get Started
Think a standalone auction might be right for your next sale? To learn more about standalone timed auctions or to schedule one, contact your Sandhills rep today.
A version of this article first appeared in Sandhills Magazine. You can find current and back issues in the Sandhills Magazine Archive.