Police auctions are often overlooked as a source of wholesale products. They can be unpredictable and searching for products can be strenuous but they are a great source of cheap products and can help to boost profit margins. But purchasing at these auctions does require skill and patience.
Every year thousands of items are seized by the police when looking into events like burglaries. These items are recovered and retained by the police and although some can be returned to the owners, some cannot and are never claimed. If this is the case the police will then auction the product and use the money earned for local community initiatives. Auctions host a variety of products including electrical items, household goods, gardening equipment and mobile phones so they are a diverse product source.
Products sell at a variety of prices too and sometimes you can pick up a huge bargain and purchase goods for as little as £1. Police auctions are a great way of buying a product well below its retail price and re-selling – occasionally for up to double the price!
So if these auctions are so lucrative, why are they often overlooked? And why is there a skill to buying at an auction? Police auctions can be unpredictable – a product you see today could be gone tomorrow. And this makes it very difficult to plan your buying strategy and research your market. Unlike visiting a market stall for your goods or targeting a wholesale supplier directly, you can’t pick and choose your products. It’s really dependent on what items are recovered so auctions require a lot of patience and often wholesale buyers need to think outside of the box.
The variety of products also means that you need to be patient with buying. It might take weeks for the product you are looking for to surface. Similarly, you won’t come across a bargain product without trying – you need to hunt for the best deals and be dedicated with buying.
Finding the best police auctions can be tough too. Often it takes browsing the internet for hours and flicking through hundreds of web pages. That’s why buyers need to be resilient and determined – it can take days to find the best auction.
The low price of goods at police auctions does mean that products are sold very quickly. Some items, like MP3s and iPhones, will be extremely popular and bought almost immediately. So if you want to succeed with police auctions, you need to constantly check for updates. Consider bookmarking your favourite sites and links and visit them regularly. Although this can be tedious, if you don’t do it you could find yourself missing out on a bargain!
The team at Wholesale Scout have access to a number of police auctions so browse the wholesale directory if you’re looking to explore this market.
