EquipNet wants to make sure our auctions are successful for buyers and for sellers. That’s why we created Smart Auctions and Popcorn Bidding. Although not completely new in the market, our system is unique to help all of our custome
rs, on both sides of the auction process.
Like a traffic light has red for stop, yellow for slow down (or speed up, depending on your perspective), and green for go, our auctions do as well. When customers put their equipment on sale in our auctions, they are asked for a base price they want to get for each piece of equipment. When bidding begins, the red light on the equipment means that no one
has placed a bid on the auction item yet. A yellow light appears if someone has bid on the item but it has not reached the base price that the seller set for it. Finally, the green light shows that a bid has been placed for the base price or a great amount. This gives the buyer an idea about the competition for the item. It also shows the seller all the offers, high and low, for each item listed. It is then at the seller’s discretion about whether to sell the equipment for lower than the predetermined base price. Keeping everyone happy with the auction process is what EquipNet strives for and that is why the Smart Auction process exists.
Sometimes, the price of an item suddenly goes up with an offer placed a couple of minutes before the auction is supposed to close. The person who was outbid, now, no longer has a chance to counteroffer, right? With popcorn bidding at EquipNet, if an offer is made within five minutes of closing, it will stay open for another five minutes providing ample opportunity for anyone to bid. This creates a fair bidding atmosphere, and then, the last one standing wins!
Do Smart Auctions and Popcorn Bidding make you more likely to bid on or sell equipment in an auction?