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INTERNET BIDDING ON THE RISE - Scott Steffes
The spring of 2007 brings a significant increase in internet bidding activity for our farm equipment auctions. In some instances over 20% of the total of the auction has been sold on the internet. That doesn’t include the all the second bidders who “made the market” so to speak. Additionally up to one third of the total registrations for the auctions are coming from the internet as well. This represents quite a change in a short amount of time.
Why the increase in activity? I can think of several reasons that contribute to increased activity.
1. There are an increasing number of farmers who have high-speed internet. I can remember writing an article in 1997 where I said less than 10% were internet savvy and even less had a broadband connection. We’ve come a long way in 10 years!
2. We can place much more comprehensive equipment information online along with many different photo views for each auction lot. I can recall a recent auction where the internet catalog had nearly 500 pictures posted just for one sale! That’s impressive and it allows buyers to make better and more confident buying decisions.
3. Farmers are getting used to the convenience of the internet. They no longer have to dedicate a whole or half day to spend maybe a minute or two bidding on one item. They are doing their inspections a few days or weeks ahead of the auction where they can ask intelligent questions of the seller and spend as much time as they want to look over each piece thoroughly. That makes perfect sense to me!
Make no mistake, I think being at the auction has no replacement, but when that isn’t possible bidding on the internet works truly well.
2006 Auction Price Guide (For equipment sold in 2005) will be available in January 2006.
For a printable order form, please click below.
Click Here for Printable 2006 Auction Price Order Form