Sometimes no matter how much planning and promotion goes into an auction, it doesn’t get the results you were hoping. Some lots have a lot of interest at the beginning, a lot of people watching and saving those items but on the day it just doesn’t reach the reserve or gets passed in to be sold another day.
A recent feature in our Administration system shows you the number of views each lot has had in your online auction. The same report shows you the number of bids and bidders. Its early days but soon you will have enough data to predict the popularity of items that come up for auction and so advise your vendor on the reserve to set.
When extending an auction you have a choice of two methods: extend each lot if there is a bid or extend all lots if there is a bid on any lot in the auction.
This second option may be frustrating for bidders but in a recent online farm machinery auction it certainly produced results. At the closing time of 2pm the total value of bids stood at $1.95m by the close 2 hours later the value had increased to: $2.6m – a great result for the vendor.