Virtual and Timed Auction Case Study 2020
COMPANY OVERVIEW:
Established in 2007, NextLot has run over 24,000 auctions and has sold over $22 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.
CHALLENGE: 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.
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.
FEEDBACK ABOUT NEXTLOT:
“After consulting with NextLot, we decided to run our first virtual simulcast auction on March 27, 2020. We initially were hesitant about running our first virtual one on such a large auction, but NextLot assured us that it would work flawlessly. We were able to convince our seller to proceed with a virtual auction and are really glad we did. With no bidders physically in attendance, over 300 bidders logged into our event online as well as 507 online viewers. The seller was extremely happy with the results of the virtual auction, and we definitely would run additional virtual auctions in the future.”
- Tyler Rosehill with Rosehill Auction Service in Olds, Alberta, Canada
For more information, please contact NextLot at (919) 361-1111.