InnovA, at its core, allows auctions to be held over the internet, or live virtual auctions empowering auction companies to reach a broader base of bidders virtually anywhere there is an internet connection.
Inventory becomes available for prebid 7 days before the scheduled auction date. Once the auction starts, there is a countdown on each lot. Time will extend based on the bidding activity. If you are the winning bidder, you will get a notification. Virtual auctions, or also known as virtual or simulcast auctions, are meant to simulate a live onsite auction enabling competitive bidding for a fraction of the cost for the auction company. There is no fixed time constraint, flexible time limits, no geographical limitations, which encourages a high volume of sellers and buyers.
Our live virtual auctions work in much the same way as they would if you were at the auction site in person. Once you are registered with us and have provided payment information, you will be set to begin bidding on auction items. Once an auction goes live, bidding for each item begins.
You will be able to keep an eye on the lot you want to purchase and see other bids as they come in. Prebid’s placed in advance of the auction will automatically be placed in by our system in the bid increments stated on the lot. You can continue to raise your offer on each item in response to other bidders until the auction closes.
Inventory is sold via the internet. Buyers and sellers come together from different locations or geographical areas. These auctions mirror a traditional auction and usually include multiple bidders. There are no fixed-time contracts or geographical limitations with this model. Larger amounts of inventory are able to be sold by the auction company for a fraction of the cost
of a simulcast auction. Potential buyers are able to submit a prebid choosing the max price that they would like to offer. This option does not require the buyer to present. A notification will be sent to inform them if they are the winning bidder.
InnovA blends cutting-edge technology with simplicity to help expand online sales, grow profits, and create peace of mind when it comes to simulcast auctions for your business.
InnovA simulcasting allows auctions to host live virtual auctions giving their subscribers a realistic feeling of being present at the auction. Live streaming enables online bidders to navigate the live stream to zoom in on a particular part of the lot item.