Advantages of Being at an Auction Site

While we are extraordinarily proud of Rabin’s online auction services, we think you will agree that there is no substitute for the fun and excitement that is present at a live auction.  Obviously our online auctions offer the unique opportunity to bid on items from around the world without incurring the expense and time of traveling to each location.

That being said, live auctions do have some advantages.  No amount of pictures or verbal descriptions can tell the story as well as being on-site to visually inspect the equipment up-close and take measurements.  Furthermore it provides the opportunity to meet the auctioneer in person.  You may even try your hand at influencing the grouping of auction items by expressing interest in a group to him or her.

If you are traveling to the auction site, we always recommend you try to attend the public pre-inspection to view items that you want to bid on.  And since RabinLive auctions are simultaneously a live auction and an online auction, we make it easy to get set up to bid from an online location if you have to leave the auction early.

Another advantage to being there is that you have the opportunity to meet our team at the auction site and get inside scoops on items that you are interested in from our set-up staff.  For example, if we have identical batches of items being sold as "buyer's choice," you may be able to glean some hints about which ones to choose in the event you win the bid.
Plus physically attending an auction provides the chance to come into direct contact with other bidders.  You can network among your peers and meet new contacts in the industry.  Also since you are face to face, you can check out your competition and see what you are up against in terms of bidding.

Moreover we provide expert advice on crating, packing, and shipping your new items.  Our team will answer questions such as the best ways to transport items and what size truck you need.  In addition we can direct you to our contacts in the field that have the know-how to move heavy equipment and machinery.  

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets.  Past auctions include names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency.  Please contact us to discover how we can assist with any type of company liquidation.

Online Bidding Strategies

Online auctions are a convenient way to access numerous auctions without spending the time and expense of traveling to each location.  Both business owners and equipment dealers have the chance to study auction items to get a sense of real values and prices in the marketplace and to comparison shop.

Since you do not have to travel to each separate auction site, it frees you up to be able to bid on only one or just a few items, and sites such as Rabin Worldwide do not charge a fee for online bidding.  Additionally online auctions provide your whole team the opportunity to get involved in the process and to weigh-in on the value that the acquisition of the equipment brings to the business.  By taking advantage of the ability to pre-bid, your company is even able to implement budget restraints and project costs more accurately.

The experts have tips on how to maximize the benefits of online auctions to get the most out of the experience.  The first suggestion is to research as much as you can about the items you are interested in buying such as age, condition, and any warranty information.  Check the Internet for similar items for help in determining value.   Be sure to read all of the information provided by the auction house carefully in advance, and if you have further questions, email them to see if they can get you more photos or information.

Well before any bidding is due to start; set a limit of how much you want to spend on the items.  Determine the worth the items have to your business and do not bid any higher than that.  Lastly before you place a bid, make sure you are aware of any additional charges or fees and understand all the terms of payment and conditions of the sale.

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets.  Rabin’s operations include selling entire plants, multiple plant locations, or surplus individual items by auction or liquidation and much more. Past auctions include names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency.  Please contact us to discover how we may assist with your asset liquidation process.

How to Become an Auctioneer

Professional auctioneers work hard at their craft and the job involves hours of practice and training.  To find more information on the profession, the National Auctioneers Association (NAA) is a great resource.  Founded in 1949, they are the world's largest association dedicated to professional auctioneers and represent individual auctioneers servicing a wide range of industries.   

The NAA recommends that anyone interested in becoming an auctioneer starts attending auctions to get an idea of the profession, and if still interested, to find an auctioneer school.  Their website publishes a comprehensive list of schools throughout the U.S., Canada and across the globe. 

An auction school teaches students the art of bid calling as well as provides training on how to start and operate an auction business.  They show students the best ways to market their services along with sale’s techniques.  Many auction schools have websites so you can take a look at the requirements and curriculum for schools in your area. 

Looking at a website for one school in New England, they state that all of their instructors are professional auctioneers.  Their program consists of 80 hours of coursework that meets or exceeds the New England States’ educational requirement as well as many other state’s requirements.  The curriculum focuses on auction law and professional ethics along with personalized bid calling and coaching. 

To give an example of the requirements for the New England States, you need 80 hours of certified course work that includes 50 hours of core curriculum and 30 hours of optional curriculum. Core curriculum subjects are Auction Law and the Uniform Commercial Code, Ethics, Contracts and Legal Matters, Accounting Procedures, Advertising, and Bid Calling. Their licensing requirements meet or exceed the requirements of most of the 50 states for certification, and they also have reciprocal licensing agreements with many states.

Also the NAA offers its members continuing educational programs and resources to help them advance in the profession.  The organization’s other benefits include access to the Online Networking and Mentoring Forum and an opportunity to attend conferences and shows.  All members of the NAA abide by a strict Code of Ethics. 

Sources:

auctioneers.org/schools

For over 60 years, Rabin Worldwide has been assisting companies with creating liquidity through innovative solutions. We specialize in complex manufacturing facilities with idle or marginally productive assets. Rabin’s operations include selling surplus individual items, entire plants, or multiple plant locations by auction or liquidation and much more. When you need to sell assets, realize your maximum value by using the services of highly experienced commercial liquidators.

Different Types of Auctions

At Rabin Worldwide, we use an English auction style but there are numerous types of auctions.  The English auction is also called an ascending-bid auction and has an auctioneer, an audience of bidders, and a bidding process that moves quickly.  It is probably the most widely known format.

Today English auctions have easily moved into the electronic age and are carried out in real time with bidders physically present on-site or electronically connected through the Internet or by phone.  The auctioneer opens the bidding up at a low price and the competition among bidders is what drives the price higher.  Bidders shout-out prices or raise their bid paddles, and online bidders submit their bids electronically.  The price of the item continues to go up until all of the bidders but one drop out.  By default, the highest bid wins the item.

Less commonly used is the descending-bid auction or what is known as a Dutch auction.  It works in a similar fashion as the English auction in that it is interactive but prices start high and drop until bidders are willing to accept a price that meets the seller’s reserve price.  The strategy behind this method is that bidders have to be aware of the competition they face and act quickly to secure items.  The term Dutch auction comes from the fact that flowers in the Netherlands are sold using this process.   

Another kind of auction is the first-price sealed-bid auction or blind auction.  This is where all bidders simultaneous submit one sealed bid to the seller.  The sealed bids are opened all at once and the winner of the auction is the highest bidder.  Businesses and the government use this method to procure services and to award contracts to the lowest bidder.

Second-price sealed-bid auctions are also called Vickrey auctions.   These auctions are done in the same method as sealed first-price auctions but differ in the fact that the winning bidder does not pay his bid amount but rather that of the second highest bid.  This system encourages buyers to bid high since they know they will not pay their bid price and is similar to the bidding process used on eBay.  Wikipedia states that, “Vickrey auctions are also commonly employed in digital advertising, powering real-time exchange environments for display advertising, search engine marketing, and Facebook advertising.”

Sources:

cs.cornell.edu/home/kleinber/networks-book/networks-book-ch09.pdf

en.wikipedia.org/wiki/Auction#Types

Rabin Worldwide is an international company that specializes in creating liquidity for complex manufacturing facilities with idle or marginally productive assets.  Rabin’s operations include selling entire plants, multiple plant locations, or surplus individual items by auction or liquidation and much more. Past auctions include names such as Hostess, Braniff Airlines, Montgomery Ward, and the Railway Express Agency.  Please contact us to discover how we may assist with your asset liquidation process.