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E.Central MN | But in the end, the buyer "should be" bidding accordingly so the seller ends up with less either way. I used to think that way, too, when a local auction came out with a 19% (15% for cash/check/etc) BP. But because there weren't a lot of tool and small industrial machinery auctions, his auctions attracted more interested bidders (I have to give him credit for seeing the demand and establishing a business to fill it). As the # of bidders increased, so did the prices even with the high BP. He eventually sold out to a bigger auction company and the focus is now on used construction equipment, As the auction companies get bigger their overhead gets more expensive, the fees are making it prohibitive to sell small items there. | |
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Big iron auction results
