Why Choosing The Right Price Valuation Is Vital For Auction Companies

Why Choosing The Right Price Valuation Is Vital For Auction Companies

When preparing for an upcoming auction event, there are many things auction companies must do. First, auction companies must plan and organize their website to promote the event. Secondly, they must go through their entire auction inventory and inspect their auction items, making sure they are in good condition to sell. Next, they must determine the best starting price for each auction item. Although these are only a few steps of planning an auction, these steps are critical to having a successful auction. 

Once you have inspected your entire auction inventory, finding the right price valuation, as well as a starting bid price, can be difficult. There are a number of factors that can impact the value of your auction items, and as a company, you must identify those factors and set your bid price reflectively. Luckily, with InnovA’s back-end auction software, figuring this out is a little easier. 

Below, we explain why it’s important to find the right price heavy equipment valuation for your entire auction inventory, how that value will help you determine your starting bid price, and how InnovA’s auction management software can help make this all easier for your company. 

Importance of price valuations

In the auction industry, setting the right starting price is important to keep yourself competitive with other auction companies. However, the tricky part with auction companies is after the starting price, it’s ultimately not up to you. This is why choosing the right pricing strategy, as well as making the right price heavy equipment valuations is essential in maximizing your profits

Tips on determining your starting price

Setting the right price solely depends on making the right valuation for your products. To do so, it’s important that you follow a value pricing approach! When doing this, make sure you are factoring in what your company offers on top of the product. Do you offer a warranty? Do you offer payment options? There are a number of in-house things that can increase the value of your starting price, and making sure to look at those things as well as the market value for your auction equipment, will help you choose a correct heavy equipment valuation. 

How InnovA can help

With InnovA, valuing the prices of your auction items will start to become much easier. With our auction management software, you can easily add all of your auction inventory through a pricing valuation system that will help determine the expected value that item will sell for. Once this is completed, you will have an estimated auction or retail value to make additional decisions on the inventory if needed.


At InnovA, we are dedicated to helping your business grow and reach your goals. Our auction management software can be designed around your business’ specific needs. Interested in learning more about our auction management software? Visit our website and request a free demo today!

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