NextLot, Inc. has become known as one of the front-runners in developing cutting edge software for use in Online Auctions. One of NextLot’s most recent creations, Virtual Ringman, is just another example of NextLot staying true to one of its core values: “Help improve the auction industry.” This new feature not only helps auctioneers receive more bids and higher prices but also helps stimulate more bidder interest in items.
On average, 25%-30% of all bids placed on items in a timed auction are placed on the last day because bidders are anxiously waiting to see if they can keep their bid on top as the lot is closing. NextLot saw this opportunity and developed Virtual Ringman, an algorithm that causes bidding increments to adjust dynamically as bidders are bidding on a lot during that final day. This helps to stimulate bidder interest by enticing outbid bidders to bid again, at a lower bid increment than before, in order to bring the excitement and action of a live auction to a timed auction.
A strong drive behind the creation of this algorithm was NextLot’s desire to help our clients’ lower costs of selling items through the Timed Online solution versus the rigors of hosting a Live Auction. With the ability to adjust increments in the Timed Online auctions without live in person Ringmen, the Dynamic Bid software works as a sort of “Online Ringman” on the bidder’s behalf. Hosting an auction without having to pay Ringmen to take bids from people all day helps lower the overall costs of running an auction, while also helping auctioneers to receive more bids and higher prices.