If this is your first time participating in a online auction, we would like to guide you through the auction process to help you make an informed decision when attempting to obtain inventory from our website. With over 8,000 active buyers, those in need of online sale auctions can rest assured that with Bid First Auctions, their assets will get the attention they deserve. When you allow Bid First Auctions to manage your returns and liquidation auctions, you can be sure that you will receive the maximum possible profit from the sale of your assets.
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Asset Recovery
The most common methods of asset recovery are liquidation sales and auction sales. An interesting aspect of liquidation sales is that they often turn into auction sales. A clearance sale is similar to a store closing when a store sells leftover inventory.
Online auctions move very quickly from start to finish. After larger, more expensive items are sold through orderly liquidation, smaller pieces of equipment and other items are often auctioned online. Sometimes high-value items, such as electronics, are auctioned separately. On many of these sites, shoppers can bid on items that have been returned, overstocked or, in some cases, confiscated from criminals.
Sites such as eBay, among other online marketplaces, have a growing tendency to grow their business by buying items at auctions. In a typical auction exchange, the buyer buys returned and/or damaged items from the auction in bulk. Auction trading includes legitimate auction purchases and e-Commerce store returns.
Surplus and Liquidation
Auction sales are also often used when a company has a surplus of equipment or machinery that it wants to sell. When it comes to liquidation auctions, companies sell their assets to raise money for their creditors. However, when exchanging goods, returns are not allowed; most people view liquidation auctions as a business opportunity.
Understanding the differences between these two types of sales can help companies make the right decision whether to sell inventory, machinery or equipment. A liquidation auction is when a company sells an asset; the asset can be office returns, unsold inventory, or any valuables owned by the company. For example, the term liquidation often refers to a government surplus or auction. Liquidation includes inventory, such as assets sold by the company, as well as furniture and office supplies; essentially, anything of value to the company will be sold in a liquidation auction.
Returns Auctions
Most US based manufacturers use returns auctions to organize and sell their returnable inventory. In the US aftermarket, most manufacturers currently use one of two main channels for resale stock, retail, and auctions. At Bid First Auctions, retailers can sell their returned stock to resellers recouping some of their lost profits that are bound up in that returned inventory and also giving opportunities for great prices to resellers. All auctions, both on and off the Bid First Auctions site, can feature global online pre-bidding and live simulcasting of auctions through our top web auction partners.
Returns Auctions Process
Once an auction platform like Bid First Auctions receives returns stock from a retailer, there are several ways that retailer can list their auctions. Some auctions have a “buy now” option that allows the seller to sell their inventory without buyers having to bid. This “Buy Now” option disappears once bidding activity outshines the Buy Now Price for that auction.
Sellers can also set reserve prices for their auctions. If you are the highest bidder and your highest bid is higher than the auction reserve, then that auction item is available to be won at auction. This means that even if you bid the highest at the end of the auction, you won’t win the item if the reserve price hasn’t been reached. If the seller does not set a reserve price after entering a minimum bid, the auction will sell to the highest bidder no matter what.
Returns Auctions Competition
If no other bidder intervenes at the end of the auction, the highest bidder will win the auction for the hammer price for the auction. The hammer price is the final bid. If you do not have the final bid, and you want to win this auction, you need to decide if there is room in your budget to increase your bid. Be sure to read the description in the auction listing and upload the manifest to decide what your maximum bid will be for the item you are interested in. If no other bidder intervenes in the listing at the time the auction closes, you will win at the hammer price, and will be liable for all additional fees like buyer’s premium and applicable taxes.
Shipping
Because inventory is shipped directly from the sellers, shipping charges cannot be offered to buyers during the auction. Sellers will send weights and dimensions to the buyer so the buyer will be able to arrange their own shipping. When the seller has too many items in its warehouse, it bundles all returned items into huge pallets and sells them to a clearing business. Customers can purchase returned items on Bid First Auctions through a clearing company, saving time and money.
Conclusions
Today, pallets loaded with products returned to the store go to Bid First Auctions and are offered to buyers through online auctions. Our new warehouse has opened in Texas that houses resell items returned from consumers to major retailers through an online auction. This site also sells on eBay, and Liquidation.com, two of the world’s leading settlement platforms, to sell large numbers of returned goods and surplus goods from their warehouses.
At Bid First Auctions we provide our customers who need to liquidate specialized equipment, large or small stocks or unique stocks on the same worldwide platform. For buyers, Bid First Auctions provides a platform for auction houses and galleries to sell their items. When you buy from an auction house or gallery, you are buying from a unique company, not Bid First Auctions itself.
However, in terms of cost recovery, auctions outperform mass liquidation. Auctions offer buyers great deals on a variety of items, ranging from household items to oversized items, electronics and rare antiques. At Bid First Auctions, you can also access the sale of liquidated items.
In the end, no matter if you are buying or selling, returns auctions at Bid First Auctions are an incredible value!