Visiting an auction is a great way of boosting your wholesale business as you can usually find products at cheap prices. Auctions happen all over the country and involve a variety of products – car auctions and police auctions are extremely popular because of the low selling prices. Follow our tips below to ensure you maximise your time at an auction and to secure some bargains!
Bid
At an auction you need to get involved in bidding to have any chance of securing a product. The auctioneer will stand at the front of a room and introduce products with a description before starting the bids. People in the room will bid until they reach their limit. If you are the highest bidder and it is accepted you enter an agreement and usually have to pay a 10% deposit on the day of purchase. So be sure you are bidding on the right item!
Research
You should be able to find product information on promotional leaflets or the auction website so ensure you do your research before you go. If the products on offer don’t fit with your business then you should wait until the next auction. But by doing your research you can set your budget and be competitive when it comes to purchasing. As well as researching the products you should do background checks on the auction to ensure it is legitimate. Just like when you are browsing wholesale directories and verifying suppliers, you should read customer reviews and comments about the auction to ensure it is worth your time.
Bid Smart
Don’t be desperate by bidding too early on products. Use patience and bid at the last minute and surprise the other buyers.
Budget
Before attending an auction you should have a budget in mind – don’t go over this as you could jeopardise your wholesale business. Ensure you stick to your plan and remember; there are always other auctions, so don’t worry if you leave without a product.
