An online auction is a service that allows for users to post their items up for bidding, or big on items that are put up for sale by other users on the internet. Virtual auctions allow for buyers and sellers to partake in auctions based on locations or types of product. Online auctions are extremely like traditional auctions because they allow for multiple people to bid on items. The bidders and sellers will purchase the items or service over the internet and the details of the physical sale are worked out amonst the highest bidder and the seller. The time span of an online auction varies greatly- with most being between one and 10 days.
Online auctions can involve a variety of different buyer and seller relations including business to business, business to consumer and consumer to consumer.
Online auctions have many benefits for businesses including:
- Flexible time frames
- No limitations based on location
- Allows for sellers to reach a greater audience and bidders to have access to a greater selection of products and services to bid on
Auction sites allow users to find good deals easily on many different items and services. A few of the most common products that are listed on auction sites include household items, clothing, cars, homes, jewelry, collector’s items and more. There are many auction sites to choose from which may be based upon the items that are up for auction or geographic location.
There are many online auction sites including:
- IRS Auctions
Car auctions are a way of selling all types of vehicles including trucks, SUVs, cars and bikes. Car auctions may sell new and used vehicles. Throughout the majority of the United States, car auctions are exclusive to used car dealers. Auto auctions play a major role as a wholesale market for used vehicles. Most states only allow dealers to use them, but a few states are open to the public such as New Hampshire. Public auctions are usually used by companies to dispose of off-lease returns for their aging fleets. Some auctions are also used by financial institutions, the IRS, government agencies and more to sell vehicles that have been repossessed or seized. Online car auctions are becoming increasingly popular because of the ease of use and selection.
A few of the most popular car auction websites include:
There are a few government agencies that will sell items to the public which allow people to purchase government-owned materials. These agencies may have physical auctions and/or online auctions that allow the public to view and bid on items. Government agencies may be putting these items up for auction for a variety of reasons including seized materials, forfeited materials and no longer required items. Some states will also hold auctions to sell off surplus inventory and retired items.
There are many different government-owned items that may be put up for auction including:
- Real Estate
A few of the most popular government auction sites include:
- Fannie Mae
- U.S. Department of Housing and Urban Development
- GSA Auctions
- U.S. Department of the Treasury Auctions
- Internal Revenue Service