It has been our contention that properly merchandised and advertised on-line auctions consistently yield higher bids than traditional on-site, live auctions. After 3 years of on-line auction experience, we stand by this proposition. From a practical standpoint on-line auctions offer numerous advantages for both bidders and auctioneers. These advantages include a longer bidding window, automated monitoring, notifications and bidding features and a broader range of participants. Of course there can be no substitutes or cutting corners when it comes to proper merchandising, cataloging, advertising, marketing, funds collection and check-out/removal.
On-line auctions have become the norm in many industries and we see this trend continuing. Bidders enjoy the flexibility of the on-line auction format while auctioneers can reach beyond local and regional buyers to a global audience.