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!

Related Blogs

Benefits Of Online Auctions For Your Business


Online auctions have significantly increased in popularity over recent years, and will continue to greatly impact the auction industry. This week'...

Read More

Why You Should Choose InnovA: Part 1


As the auction industry becomes more and more digital, learn how InnovA's auction software platforms can benefit your business!...

Read More

Why You Should Choose InnovA: Part 2


Last week, we discussed how InnovA's back-end auction software can benefit your business. This week, we explain our marketing and website services...

Read More

Online vs Traditional Auction Types


Online auctions are growing in popularity acorss all industries. Learn how these auctions compare to traditional, in-person auctions, and how InnovA c...

Read More

Simple tips for your equipment auction


As we head through spring and into summer, there will be many more in-person and online construction auctions happening all over the country...

Read More

How To Take Perfect Pictures Of Your Auction Inventory


When posting photos of your auciton inventory online, it's important that you are taking high quality pictures. Use these tips to take the perfect...

Read More

Welcome To Our New Website


We would like to welcome you to our new website. Come get to know us! ...

Read More

Post-Auction Management Made Easy


With the right auction management software, your post-auction management tasks will become more efficient! Learn how here. ...

Read More

Equipment Inspection Checklist


Use this equipment inspection checklist to gain more bids and get the most price out of your eqipment auctions!...

Read More

Signs You Need An Inventory Management Software


Inventory management is an important aspect in every business. Use this guide to evaluate your inventory management system and learn how InnovA can he...

Read More