Real spectacles, major car auctions disrupted due to the coronavirus epidemic. The decision to support them only online cannot adapt to everyone. But this formula sometimes brings unexpected success.
In press releases around the world at the time of the coronavirus, it was repeatedly heard that lots of programs would be disrupted and auctions canceled. In the USA, for example, there were such comments on this issue: "We decided that it would be more reasonable and responsible to cancel the physical auction, an event during which we expected more than 1,000 spectators."
Digital technologies in the field
Whether you are a treasure hunter or a lover of beautiful objects, you have surely dreamed of purchasing an exceptional model of car at louisville ky car auctions online. In addition to the commercial side, there is a whole story around the traditional auction. However, digital technologies and task automation have changed the auction industry, which has led to a new way of conducting auctions. This is a "live sale" or online auction. What's it? And how does it work in practice?
Online auctions: what is it
An online auction is a tool that allows buyers to follow the progress of the sale without having to travel. It's just a continuous broadcast of the auction taking place on the trading floor. The principle is simple, you just need a device with an Internet connection: a smartphone, tablet, or computer. It will alert you in real-time and you will be able to place bets in the same way as the bidders present in the room or watching the bidding process over the Internet.
The evolution of "live sales" has led to the emergence of several platforms dedicated exclusively to electronic auctions. These sites offer various cars and its models, which will then be auctioned, and will be followed by Internet users from all over the world who want to participate in the sale.
What are the ways to purchase goods at an online auction?
To make a purchase on online auctions, you have a choice between two main ways:
Live auction broadcast method
You will follow the development of the auction held at the same time in the auction hall. No matter where you are, using a simple computer or mobile device, you will constantly receive notifications about various auctions, and if you want, you can log in to the game yourself. Better yet, you live the auction as if you were there and listening to auctioneer's comments (video, sound) during the auction.
The advertising space method
Dozens of companies host websites on the Internet that mediate auctions. In other words, the platform is responsible for bringing together the various stakeholders and then communicating to them. Ultimately, the platform will not play any role in the conclusion of contracts.
How the industry has changed since covid
However, there is no question of completely drawing a line under offline auctions with cars. Hundreds of events are being planned around the world after COVID-19 even though it still exists in our society and will not go anywhere, the pandemic no longer carries such a danger as before. However, it is also foolish to deny the huge impact that has been exerted on the entire auction industry and in particular on auctions with cars, because in the last two years, the largest number of bidders in the history of the largest online auction sites has been registered.
And the most interesting thing is that these people stayed there after the quarantine and the pandemic. From this, we can conclude that they liked it, which means that the industry will experience many more changes in the coming years because online auctions were able to capture the attention of even such fastidious fans as fans of cars auctions.
Various stages of online auction
The principle of participating in virtual auctions on different platforms is usually the same:
- First of all, you need to register and create an account on the online auction site;
- Next, you will need to perform a credit check;
- Register for the sale and place bids in stages, according to the increasing amount;
- Leave a purchase order to automatically raise the bid according to the ceiling you set;
- Manage email alerts;
- Return to the platform a few minutes before the end of the auction time;
All you have to do is choose a payment method and pay the amount due if you win the auction.
Conclusion
The COVID-19 pandemic forced traditional car auctions to go online, creating a significant shift in the industry. Major events were disrupted, and auctions moved to virtual platforms. This allowed buyers to participate in real-time auctions from anywhere using their internet-connected devices. As a result, dedicated online auction platforms emerged, offering various cars and attracting participants globally.
