A new price discovery tool provides insights into the successful sale results of similar livestock and with actual pricing data in real-time supports assessors as they set reserves.
The flexibility and versatility of the AuctionsPlus platform puts unparalleled power into the hands of agents and their clients. There are multiple tools and options to help you sell your livestock on AuctionsPlus to suit the needs and strategies of individual vendors and assessors. Whether you are looking to offload livestock quickly, or target high prices only, AuctionsPlus gives you the insights and the functionality.
The latest support tool to be added to the suite of options on AuctionsPlus is the ‘Price Discovery Tool’. This feature draws data from all sales in the AuctionsPlus database and produces a price range to help assessors and vendors gauge the market value of their livestock and ensure a sale is successful.
A previous MarketPulse article highlighted the influence that setting a suitable reserve can have on the selling outcome. The analysis revealed that lots which were sold via post-sale negotiations had higher average reserves and lower final sale prices than lots which sold during the auction. To reiterate the point, the lots that were sold at auction had lower average reserves but higher final sale prices.
AuctionsPlus Business and Data Analyst Michael McManus concluded that setting reserves which reflected the current market conditions attracted more competition during the auction and ultimately led to a higher sale price.
Making a marketplace assessment in a time of high volatility is challenging without real-time data. The Price Discovery Tool now available in assessment entry has the advantage of accessing real-time data from successful sales on the AuctionsPlus platform. That means users have access to the most current market information to support reserve setting decisions.
The Price Discovery Tool acts as a guide only, it does not account for special characteristics of livestock such as bloodlines, docility or animal history and health treatments. It supplies a price point based on core characteristics of breed, sex, weight, age, region and most importantly date sold. This gives assessors a base to then apply their expert judgement before setting their reserves.
