These days, everyone is familiar with online auctions thanks to sites like eBay. However, even the big auction houses, like Christie’s and Sotheby’s, have entered the arena of online auctions. Whether you’re looking to buy a work of art or sell off your business, there are many benefits of participating in online auctions, whether you’re looking to buy something or you have something of value to sell.

If you are interested in buying something for your business, search your local area for business liquidations or online auctions.  Once you’ve found an online auction featuring items that you have interest in, the online bidding process is simple.  You will begin by registering with the online auction company.  This is typically done only once, as you will be able to use your assigned bidder number for future auctions with that auction company.  It’s important that the auction company allows a time for a public physical inspection of the assets.  If you do not live near the auction location or do not have the time to attend the scheduled auction inspection, then you should carefully read all posted auction terms involving payment requirements, the item removal process and schedule and most importantly, the item descriptions, to ensure you’re know exactly what you are placing a bid on.  It’s important to check the online descriptions of your items for information relating to the condition, size and age of the item, if it is known. However, if the auction takes place somewhere close to you, always take advantage of viewing the items in person so that you can bid with confidence.  Remember, entering a bid online is a binding contract, so reputable online auction companies will spend great resources to provide the most accurate information available to them.

Sometimes an online auction will also include “live” webcast bidding and audio, which gives online buyers the opportunity to watch and listen to the auctioneer as items are being auctioned off.  With both online auctions and online webcast auctions, registered online participants place bids by simply entering the minimum and maximum dollar amounts for each item they’re interested in.  If you have been outbid on item, the auction software should be sophisticated enough to notify you, allowing you the opportunity to continue competing for the item by placing a higher bid.  Once the auction ends, If you are the successful bidder, you will be notified by email as soon as the last lot has closed.  Typically, payment is expected immediately by the credit or debit card you registered with. Congratulations on your purchase!

If you are looking to sell your assets, the online auction company that you choose should offer a comprehensive list of services to make this process very easy for you, as well.  It is also beneficial to choose an experienced auctioneer that is also a Certified Appraiser.  This credential is important so that you will be advised of the market value of your assets and/or heavy equipment that you are selling.

If you’re business has closed, you’re probably receiving advice from a business attorney; in cases involving bankruptcy, there may be more legal counsel involved. It is important to choose an auction liquidation company that is experienced in working with and communicating on your behalf with legal counsel, landlords, bankruptcy judges, bankers and other parties of interest.  A seasoned auctioneer will assist in mediating on your behalf and streamlining the process for you.

In summary, there are many benefits to hiring a business auction service!  Simply put, online auctions have become the preferred method of buying and selling assets, whether it’s excess inventory, vehicles, estates or entire businesses. By removing time constraints and travel restrictions, and offering global shipping and local delivery, anyone around the world can bid and win at an online auction 24/7. So what are you waiting for?  Get online now!  The deals are out there!