Auctioneers are seeing impressive results with Nexlot’s timed online auction software and, therefore, are running more timed auctions than ever before. The company is proud to announce that the number of timed online auctions run through its platform has increased by 122% in the past year. This increase is attributed to NextLot’s responsive platform that gives auctioneers the flexibility to save time and money, while enabling people to bid anywhere, anytime with any device.
With NextLot’s timed system, the platform will automatically adjust bidding increments at the end of the auction to stimulate bidder interest. Without limiting your auction to preset increments, it makes it easier for auctioneers to achieve their target prices. The system also features bidding extension, which eliminates bid sniping and refreshes in real-time, leading to higher prices. These two features, along with the easy to use platform, help auctioneers bring in more bids towards the end of the auction, a time when on average 77% of bids are placed.
With impressive results like these, you can see why the number of timed online auctions has significantly increased over the past year. Hansen and Young, the fastest growing auction company in Wisconsin, runs over 300 timed auctions a year with NextLot and consistently experiences a high volume of bidding activity. By creating another avenue to sell inventory, NextLot has given auctioneers more opportunities to maximize their profit.