Pandemic Stricken Business Rallies with Successful Auction Results
Challenge: A Need to Continue Business Operations During Covid-19 Environment
Mack Auction Co. had signed contracts to host farm retirement auctions for several area farmers in 2020. With COVID-19 regulations preventing large gatherings, they were forced to pivot from in-person to an alternate format.
A general lack of experience with online bidding worried sellers as most buyers in the area only had experience bidding and buying at live, in-person auctions.
Solution: Run Online Timed Auctions
The decision was made to host the previously scheduled retirement sales as “Timed Online Auctions” using NextLot’s privately branded auction solution. This virtual format worried the sellers; however, with help from a hands-on team at NextLot, the auction house was able to calm the sellers’ nerves and begin advertising the online-only timed auctions.
Result: Modern, Easy to Use Privately Branded Solution Sees Amazing Results
With sellers watching the timed auctions with anticipation, the prices realized were far and above their expectations.
Thousands of new users registered to bid online in the spring and summer auctions alone.
· Timed online auctions gave bidders the opportunity to bid online over several days, rather than the one to two-minute bidding standard in a live auction.
The results were so exemplary that new sellers began reaching out to Mack Auction Co. to sell excess inventory through the platform at Surplus Inventory Auctions during the COVID-19 pandemic. Even a seller with a scheduled 2021 auction date requested that his items be sold by timed online auction versus live auction because the prices and results brought by other timed auctions had been stronger in comparison to the prices achieved through live auction.
The client had this to say about NextLot’s software and customer service:
“Coming into this year, we had only hosted 1 Timed Online Auction ever and it only had 1 lot in it. With this year’s auctions, NextLot helped us sell over 1,400 lots at Timed Auction in the spring and summer. From the order of lots, lot staggering and bid extension periods, our NextLot representative made sure each auction was set up with care. Whenever a change was needed, I didn’t hesitate to shoot him a text and things were updated immediately, no matter the time of day.”- Brian Mack- Co-owner Mack Auction Co.