Online Bidding Encourages More Activity Leading to More Bids and Higher Prices
Schrader Real Estate & Auction Company (Schrader), located in Columbia City, Indiana, specializes in real estate and agriculture equipment auctions nationwide. Established in 1944, Schrader has seen success in the auction industry for over 60 years. With over 200 sales per year, Schrader has built a reputation as a flexible company that listens to and approaches all of its bidders with care.
CHALLENGE: Need for an Online Bidding Presence
- Schrader’s history of success without online bidding made the company hesitant to offer the service to its buyers. Schrader thought if its current strategy was working, then no changes were necessary.
- They decided to make a switch after realizing the Internet had become a vital channel for attracting a wide spectrum of bidders, which for many auctioneers led to more bids.
- Clients were starting to request that Schrader offered online bidding at events in hopes of reaching more buyers.
RESULTS: Increased Audience Leads to an Increase in Bids
- In just its fifth sale using NextLot’s system, Schrader sold an impressive 41% online.
- The number of Schrader’s registered online bidders has increased over 80% since partnering with NextLot.
- Schrader has seen a vast increase in total bids while using NextLot’s privately branded platform.
SCHRADER’S FEEDBACK ABOUT NEXTLOT:
“NextLot has helped us quickly gain more bids, which resulted in improved auction results. Our company’s mindset has started to change, and our team is really starting to recognize the importance of online bidding and appreciate the benefits of NextLot’s platform.”
- Schrader Real Estate & Auction Co., Inc.