Online Auction Spaces – Are They Really Worth The Hype?
An auction is a public event where goods or properties are sold to the highest bidder. Powell Auction & Realty, LLC is both a traditional and online auction company specialized in selling automobiles, firearms, coins, real estate, and antiques. We offer a variety of Knoxville auctions services with high integrity and professionalism. Our company always finds the best way to conduct and generate more revenue for assets and that can be the traditional or live bidding or online auctioning.
The most common type of auction that has been around for years is traditional auctions or in-person auctions, but slowly things are beginning to change due to the emergence of online auction platforms thanks to the growth of the digital world. Whether to use the online or in-person auction, it’s essential to know that both options have their advantages and disadvantages.
Traditional auctions
A traditional auction involves the calling out of bids by the auctioneer while buyers raise their stakes to the highest bid possible. It is more of a social event that brings bidders and auctioneers together.
Pros
- Buyers can examine items up close and ask questions about them
- Bidders and sellers can communicate in detail before the auction begins, therefore, allowing a buyer to make the right decision
- They offer a fun and exciting experience because bidders are included in the hype of the moment
- Buyers get to walk away with items in hand
Cons
- Requires physical presence of the bidder and seller
- It requires the physical presence of both parties; therefore, time-consuming
Online Auctions
An e-auction is the one whereby a seller lists items with full details on auctioning websites and buyers can click on them to read and decide whether to bid or not. Once the decision to buy has been made, the buyer pays for the item (s) by using their credit card information.
Pros
- They are virtual which is convenient for bidders since they don’t have to leave their homes
- Buyers get a chance to find more incredible and inexpensive items online
- No one else can notice an item auctioned if the auctioneer is absent
- Beneficial to sellers since they don’t pay for a location to hold the auction event
- Sellers can invite anyone to attend the online auction
- You can offer your products world-wide instead of just locally
- Online auctions offer all the features of live sales except the time spent waiting on the item you want to sell.
Cons
- No seller and bidder interaction
Hopefully, this information will be useful in furthering your knowledge of the advantages and disadvantages of both auctioning methods and their differences. If you’re a bidder having a hard time deciding which auctioning platform to use for a better experience Powell Auction & Realty, LLC is the solution for you. We’ll help you understand the benefits and cons of both, so you can do what’s more convenient for you.
Call our auctioning experts at 865-938-3403
Or visit our Knoxville Office: 6729 Pleasant Ridge Road – Knoxville, TN 37921
OR
Our Union County Office: 4306 Maynardville Highway – Maynardville, TN 37807
OR
Visit our website: https://powellauction.com/
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