The flexibility and versatility of the AuctionsPlus platform gives the power back to vendors. There are multiple tools and options to help you sell your livestock on AuctionsPlus to suit the needs and strategies of individual vendors. Whether you are looking to offload livestock quickly, or targeting high prices only, AuctionsPlus gives you the power to do either.
Buy Now
The ‘Buy Now’ feature on AuctionsPlus allows vendors to put their livestock on the market immediately to secure a sale as quick as possible. The Buy Now option features on the front page of the AuctionsPlus website as well as the sale catalogue page.
At Auction - Setting reserves
The ability to set reserves takes the volatility out of the market and gives vendors flexibility with stock remaining at home. This removes the risk of nasty surprises when the market moves drastically and keeps you in control of the sale of your livestock.
If you are targeting a high price and are happy to keep livestock on-farm if they do not sell. Then it is quite simple to set a reserve at the price you are willing to accept, and you can choose not to accept any price below that.
Setting a reserve that is low enough to secure a sale without being disappointed with the result is a bit trickier. The key is to set a reserve that you are happy to both sell and not sell at. This means that if they are passed-in for one bid less than your reserve, you are comfortable that the price on offer was too low. Likewise, if they sell for your reserve, you are comfortable that the price you received was high enough. Further analysis of best practice when setting reserves can be found here: Conservative reserves: the key to auction success and better returns.
At Auction – Setting start prices
The distance between the start price and reserve price adds a further element of versatility for vendors and agents. A start price close to the reserve price will ensure the lot is on the market quickly and therefore increase the likelihood of a successful sale.
A large spread between the start price and reserve price will ensure that you engage interested bidders while maintaining control of the sale. This is particularly useful when you are targeting a high price but are more open to lower offers and negotiating with bidders post-sale. Further analysis of the difference between starts and reserves can be found here: The Difference Between Starts & Reserves when Selling Online.
Meet Reserve
If the lot is passed-in, the bidders then have the option of clicking meet reserve within 90 mins of the end of the sale. Or alternatively, contacting the agent to negotiation a middle ground between the highest bid price and the reserve price.
Post-Sale Negotiations
It’s important to note here that post-sale negotiations do not guaranteed a successful sale and setting lower reserves should be considered if a successful sale is a greater priority than the sale price itself. Further analysis of the flexibility provided by post-sale negotiations can be found here: Closing Deals After the Auction Hammer: The Rise of Post-Auction Transactions.
If no sale is secure through negotiations, vendors have the option to re-offer the lot for free. They also have the option to then make the lot available through Buy Now having learnt where the market values that particular lot.