Case Study: NextLot
Virtual and Timed Auction Case Study 2020
NextLot Overview
Established in 2007, NextLot has run over 27,000 auctions and has sold over $28 billion in assets for auctioneers. This leader in privately branded online auctions has a number of offerings that auctioneers can use to sell assets. Two of its solutions have become indispensable to auctioneers during the coronavirus pandemic: virtual online auctions and timed auctions.
The Challenge
Need for an Online Bidding Presence
How to maintain an auctioneer's auction business and help sellers run successful auctions while keeping bidders and employees safe during the coronavirus crisis.
Social distancing guidelines and stay-at-home orders in response to the coronavirus pandemic has forced auctioneers to find new ways to conduct auctions. On-site auctions were no longer possible to hold due to public health risks.
If auctions were postponed indefinitely, it would have caused great financial distress for auctioneers and sellers.
Keeping on-site bidders who are used to bidding with an auction company bidding with that auction firm and not exposed to competitors’ auctions on a public portal.
The Solution
A robust, privately branded online auction platform has helped auctioneers continue to conduct auctions by running virtual live and timed auctions.
Virtual live and timed auctions have enabled auctioneers to be socially responsible and practice social distancing but still be open for business and able to run auctions.
Virtual webcasts to an online only audience with a real, live auctioneer enables the auctioneer to call the sale, capturing the excitement of a live auction. Virtual webcasts generated $13,290,052 in sales between March 21, 2020, and March, 31, 2020 alone
Timed auctions give bidders extra time to bid, resulting in $11,725,993 in sales during the same time period.
Without these options, $25,016,045 in sales would never have happened and these auctioneers would've had to postpone these auctions, resulting in lost revenue and lost profits.
