How do online commercial asset auctions work?
At BPI, we create a hassle-free auction experience on our modern platform to allow customers from all over the UK to quickly dispose of commercial assets online.
From engineering and metalworking equipment, woodworking tools and construction machinery, our expertise allows us to assist businesses in raising funds and quickly increasing cash flow. Selling at auction is also a great way to reduce your carbon footprint by recycling unwanted items for a second lease of life.
Commercial auctions have seen rapid growth of interest online, with a 103% increase in monthly searches for ‘commercial auction’ throughout November¹.
With this in mind, we have put together a how-to guide with everything professional individuals and businesses should know about online asset auctions.
What happens in an online auction?
All bidding and communication takes place on an online platform through secure individual accounts in an online auction.
Live auctions are open 24/7 in the timeframe provided, and buyers can see the current bid, and bid increments and can see the received key, which shows if the current bid is below reserve or if the reserve is met. The online timed auction software means that upon the auction ending, each bid will extend the sale by 2 minutes like it would in a real, physical auction.
All items in the auctions have imagery, descriptions and videos where necessary. Additionally, all items are available to view by appointment if the buyer wishes to view them in person.
At BPI Auctions, our marketing strategy is bespoke to the auction and takes place throughout its live status. We use digital, email, social and SMS marketing to promote assets to target buyers and increase the chance of a satisfactory sale.
What are the benefits of online auctions over traditional auctions?
There are many benefits to an online auction, for example, sellers can quickly sell their assets from anywhere with an internet connection! Businesses can sell from their site, meaning they don't have to transport items to physical auctions, reducing time and money.
Another benefit of selling your business assets online is that auctions are live 24/7 for the duration of the sale, giving them greater exposure. Your items are also available to international buyers, widening the chance of a sale, and the online setting gives greater accessibility for marketing.
What are my legal rights at an online auction?
Trusting your money in an online auction can be daunting, especially if it is your first time selling or buying an item. However, several legal precautions are in place to protect both parties and secure the best possible outcome.
Crucially, once the ‘hammer has fallen’, the seller and the successful bidder are legally bound to provide the funds and the product. There is no ‘cooling-off period’ for sale, meaning both sides must carry out their part of the purchase.
The auctioneer is responsible for chasing payment for items won after 48 hours of non-payment to save sellers the headache of managing the transaction and guarantee successful cash flow generation.
What items can I sell at online auctions?
We specialise in a wide range of items for asset disposal, and our live auctions are updated daily.
You can sell a wide range of commercial assets, including company vehicles, machinery, catering equipment and tools. We also have auctions for woodworking equipment, engineering, plant, and site accommodation - we can cater towards a wide range of items.
We have sector specialists in your industry with the knowledge and experience to sell your assets in the smartest way possible.
What happens after a sale at online auctions?
BPI will manage the entire post-sale process, from sending you the final sales results and invoicing the sale through to managing the collection process either from BPI or from your own site. The team will also arrange settlement payments resulting in a totally transparent and seamless transaction process.
- Google trends data for the search term ‘commercial auction’ from the 6th of November - 27th of November.