In today’s technologically driven climate, e-commerce is more common than ever. This shift in buying patterns has resulted in the increased adoption of timed online auction formats.
Whether you are a seasoned auction participant or new to the process, understanding which auction format you prefer is important.
In this article, we will outline what a timed online auction is and characteristics to consider as you make your purchases.
Timed Online Auctions
Timed online auctions are auctions conducted solely online. There is no auctioneer.
The format runs for a defined amount of time, typically a few days or weeks. This allows bidders to register and place one or more bids on items of interest.
As the auction progresses, bidders have the opportunity to raise their bid amount. The winner is determined on the date the auction closes.
Once the auction has ended, the buyer is typically responsible for organizing any item shipping or pickup.
Benefits of an Online Auction
Timed online auctions offer substantial benefits to registered bidders:
- Ease of use and convenience
- International participation
- Bid from the comfort of your own home
- One source of bidding
- No telephone or on-site bids
- Bidding occurs on one platform
- More straight forward and less hectic than a live on-site auction
- Additional time to make bidding decisions
What to Consider Before Bidding in an Online Auction
Prior to bidding, consider these aspects of a timed online auction.
- Additional fees are typically associated with timed online auctions.
- For example, JJ Kane’s fee is 2%
- Previewing or inspecting auction items may be more difficult.
- To help with this, JJ Kane offers preview days in our premier timed auctions
- To inspect a JJ Kane item in a timed online auction, fill out our “Request More Information” form on your item’s webpage, and we will reach out to you to schedule a time.
JJ Kane exclusively hosts online auctions, both timed auctions and premier timed auctions. We have worked hard to help lessen any hurdles a bidder may have during the timed auction process.
If you have any questions, please feel free to reach out via email or phone at
firstname.lastname@example.org or by phone at (855) 462-5263.