Auction Industry Trends

Auction Industry Trends

Since the start of the pandemic, the auction industry has had to make a big shift to the digital world. Even before the pandemic started, many auction companies across the country began offering online events on top of their traditional, in-person auctions. The way technology has innovated over the years, as well as the emergence of social media, has changed the auction industry forever. 

At InnovA, we offer auction management software to assist auction companies with their business operations. Our online software offers a variety of benefits. From inventory management to inspections and access to your auction data we can help your company save time and money on your operations while giving you more time to focus on sales. Below, we go over some recent trends within the auction industry to keep you up to date. 

Hello online auctions

15 years ago, if someone said that online auctions would be the future of the industry, you would’ve thought they were joking. Fast forward to 2022, and we are continuing through a worldwide pandemic that has brought online auction sales to an all-time high. Auction companies have made the shift to the digital world, and that shift will only continue at a faster pace moving forward. As many companies still hold traditional, in-person events, they also offer live-online auctions as well, which allows them to reach an even larger audience than ever before. Online auctions also provide benefits to sellers, as they give sellers more control over a sale. 

Change in buyer behavior

Another recent trend in the auction industry pertains to buyers themselves. Since the pandemic, the auction industry has seen a shift in buyer behavior. This has been a result of the emergence of online auctions. Many buyers are choosing to attend auctions virtually online. The convenience of being able to bid on auction items from wherever allows buyers to attend more events and bid on more items. Also, young and wealthy buyers have become much more prominent in the auction industry than ever before. 

Increases in prices results in more auction customers

Lastly, as our country recovers from our pandemic, we have seen issues that have affected our economy, mainly pertaining to supply chain. Because of this supply chain shortage, many prices have increased dramatically over the past year. The automobile industry has seen one of the biggest price increases with used cars going for 25 percent higher than usual. Because of this, many consumers are now turning to auctions in order to purchase quality automobiles, heavy equipment and many other items at an affordable price. 

As our country continues to work through our current pandemic, and as technology continues to advance the auction industry, there will be many changes and shifts in the future. As an auction company, it’s important that you stay as up to date as you can with current industry trends to better understand the market and optimize your business. 

At InnovA, our goal is not to change the way you do things, but to allow you to work more efficiently so you can focus more of your attention on sales and growing your business. If you are interested in learning more about how our auction management software can help you save time, energy and money, visit our website and request a free demo today!

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