No more minimum auction running times, effective 2nd March 2020
AuctionsPlus regularly receives feedback from our customers that auction running times are too long.
We can't influence how long the auction runs for – this will always be dictated by market conditions and the amount of bidding. What we can influence is when buyers connect to the auction and commence bidding!
To ensure we continue to evolve and provide an efficient auction for both sellers AND buyers, AuctionsPlus will implement some changes to the current auction process.
Any changes need to balance the needs of both buyers and sellers on our platform. Our current process encompassing a 30-minute minimum run time encourages buyers to only commence bidding at the 30-minute mark, causing some auctions to prolong, leading to potentially reduced buyer participation at the final stages of the auction.
Analysis of sales on AuctionsPlus over two months identified serval key factors that have influenced our decision:
- Two-thirds of bidders connect to the auction in the first 15 minutes
- However, the majority of bids occur after the 30-minute mark
- One-quarter of active bidders place their FIRST bid after the 30-minute mark
Our conclusion? The first 30 minutes of an auction is not utilised efficiently – buyers are connected, but not actually placing bids.
In addition, resounding feedback from assessors and agents at our recent ThinkTank supported our objective to encourage bidders to connect and commence bidding earlier.
So what is new?
From Monday 2nd March 2020, all AuctionsPlus simultaneous livestock auctions will no longer have a guranteed 30 minute run time. Once the timer is on, it controls the auction.
This means that if there is no bidding activity on any lot when the timer is on, the sale will close.
To ensure all sellers have the opportunity for their lots to achieve market value, AuctionsPlus staff will still monitor sales closely.
If you wish to discuss further, please contact AuctionsPlus on 02 9262 4222 or firstname.lastname@example.org