About Auctions

What exactly is an auction? What can auctions do for you and how does an auction work? What advantages come with buying at an auction versus buying at a regular in-store sale?

You have come to the right place to learn all about Fort Wayne auctions; they are more than just smart business to many people. Auctions are a way of life, an exciting world of good deals, fun interactions and the thrill of competition.

What exactly is an Auction?

Let’s get rid of any preconceived notions about the auction industry. When many people think of an auction, they conjure up a fast-talking man pounding a giant gavel and yelling, “Sold!” Others think that an auction is a desperate effort to get rid of unwanted property (from jewelry to real estate and everything in between). Neither of these images portray the real essence of an auction.

To put it simply and concisely: an auction is the public sale of property that goes to the highest bidder. However, auctions are much more than the buying and selling of goods and services – they are a culture! Here’s a bit more detail about what you might experience when participating in a live Fort Wayne auction:

• First, pinpoint which items are of interest to you by scouring the local newspapers, online advertisements or an auction’s website like Indiana Auto Auction Fort Wayne. Make sure that you show up early on the day of the sale so that you can inspect the items of interest, get a good seat in plain view of the auctioneer, and register with the auctioneer so you can easily bid once the sale begins. You should receive a bidding packet upon registration.
• As the auction begins, the auctioneer brings out and/or describes the properties one by one and then opens the floor for bidding by all registered participants. When people begin to bid the auctioneer will start his fast-paced chant, keeping all the bidders informed by calling out the starting price and then adjusting the price as participants bid on the item.
• Depending on what kind of auction you attend, you either raise your bid paddle, raise your hand, or make a gesture to the Fort Wayne auction staff (called ringmen) to indicate your interest in bidding. These gestures indicate that you still want to purchase the item up for bid and are willing to raise the price. Depending on what type of auction you are participating in, the price increment raise may be predetermined or you may decide what the increment will be.
• Keep in mind that if you are the highest bidder, meaning that you have offered the highest accepted price for an item, then you are entering into a contractual agreement with the seller and are committed to paying what you bid for the item. You should immediately find the Bookkeeper or Clerk, make your payment and make any delivery arrangements you may need.

There are many types of auctions in Fort Wayne IN including estate auctions, auto auctions, car auctions, collectible auctions, repo auctions, wholesale auctions, and government auctions. An auction exists for almost every interest:

• Vehicles (cars, trucks, motorhomes, RVs, boats, motorcycles, ATVs, etc.)
• Collectibles (classic cars, antiques, fine art, jewelry, etc.)
• Estate items (furniture, clothing, appliances, etc.)
• Real estate (land, houses, condominiums, businesses, etc.)
• Commodities and livestock

And that list just names a few of the many auction types!

There are also several different auction styles. In the more traditional auctions, commonly known as live auctions, the bidders come to the Fort Wayne auction site, register with the auctioneer’s staff, and then bid on items in person. These types of auctions in Fort Wayne often draw a large crowd of people from the community who are interested in buying and others who come simply to watch the activity, just like they would a spectator sport.

However, thanks to today’s tech-enabled world, you can now “attend” an auction without leaving your home. Many auctions give participants the chance to phone in their bids or watch live auctions via auction websites, easily bidding with a few strokes of the keyboard and mouse. People can even go to online auction websites, such as eBay, to shop, bid, pay, and arrange shipment while enjoying a cup of coffee at their desk or in the comfort of their office or home.

How did the Auction Industry begin?

Believe it or not, auctions are not a new concept; they have existed for millennia. Although we cannot pinpoint a clear date of origin, we do have historical records from as far back as 500 B.C. that mention auctions in ancient Babylon and Greece. Men used auction-style selling as a major mode of business transactions during this time, buying and selling everything from livestock to property. Even young women were auctioned off to men looking for wives!

Auctions continued to be used as a major mode of commerce in both the East and the West as history progressed, but the auction industry saw no greater change than in the 1990s when people began to mix advancements in technology with the legacy of auctions. Fax machines, cell phones, computers, and the Internet flipped the auction industry on its head. However, these changes paled in comparison to the drastic way that eBay transformed the world with its birth in 1995. This auction website quickly rose to the top in the world of online auctions websites and revolutionized the way people do auctions. Today, most auctioneers offer both live and online auction options to accommodate participants from all around the world.

Why Participate in Auctions?

A common misconception among the general public is that Fort Wayne IN auctions are for an elite group of people. While you may run across the occasional private auction, most auction sites are open to anyone and everyone. That means you!

Both live auctions and online auctions offer many great benefits! A few reasons you may choose to visit an auction in Fort Wayne for your next big buy include:

• Quick, easy, and honest purchasing. Not only do you get to view and examine the item you are interested in (maybe something like a car up for bid at an auto auction) before buying it, but you also can bid on it for a great price and come home with it all in the same day! Plus, auctions are designed to be a painless business transaction - all conducted legally within the auctioneers’ code of ethics.
• The thrill of the bid. You just can’t deny the fun and electricity that surrounds the entire auction process. From the chant of the auctioneer to the competitive bidding atmosphere, you are sure to have a good time participating at your next auction in Indiana.
• Set-your-price shopping and great deals. At Fort Wayne auctions (whether a vehicle auction, an estate auction, or a different kind of auction), you alone determine how much or how little you are willing to pay. Don’t let people tell you how much you should pay anymore; you’re the boss! You can go to an auction and get what you want at the price you want.
• Oftentimes, the convenience of buying from home. Because of how auction websites like eBay have revolutionized the auction industry, you can participate in auctions from the comfort of your own home. (However, you will miss out on the excitement of attending a live auction in person!)

So what’s holding you back? Come join in the excitement, convenience and fun that both live auctions and online auctions offer. The time has come for you to dive into the auction industry!

How can You get Started?

If you’re interested in attending and participating in a live auction, start by scouring the Internet or the local paper for advertised auction sites that offer goods you are interested in. These resources will inform you on what auctions are available and what type of property is up for bid. If you are looking for a new vehicle, be sure to check out auto auctions, vehicle auctions, government auctions, and repo auctions. Many locations hold car auctions on a regular basis, so make sure to check regularly!

Once you decide on which auction is the best fit for you, read these simple tips that will help make your live Fort Wayne auction a success:

• Don’t forget to grab a pen and paper to take notes, a value book (if applicable), your photo identification, and your checkbook! These items are necessities. It’s also always a good idea to call the auctioneer’s staff or check their website ahead of time to verify what form of payment they accept.
• It pays to dress comfortably, so leave your high heels or dress slacks at home.
• Arrive early so you can preview the merchandise. This inspection will help you determine just how much you are willing to pay for each item.
• Don’t forget to register with the auctioneer’s staff. Registering is also a great time to ask any questions you might have about delivery or if there is a buyer’s premium.
• Once bidding begins, pay attention! You don’t want to miss your item or accidentally bid on the wrong one.
• When you want to bid on an item, raise your paddle, your hand, or gesture to the auctioneer or Fort Wayne auction staff so that the auctioneer takes your bid. From that point on, you should be able to accept or deny a higher bid with a simple nod of the head.
• Don’t jump the gun! Remember that although fun and often competitive, the auction process is still an official, legal business transaction. You certainly do not want to raise the price if you are not willing to pay it. Therefore, know ahead of time which items are most important to you and how much you are willing to pay for them.
• If you win, remember that you have entered into a contractual agreement to purchase that item. Be sure to pay either the Bookkeeper or the Clerk promptly.

With these tips, you should be able to successfully navigate your way around a live auction in Fort Wayne Indiana.