The Canadian market has been heating up over the past few years with the popularization of purchase methods already established abroad. One of them is the auction and you can answer all your doubts in today’s special post. Have you already participated in this purchase modality? If not, know that there is no problem, because unlike what many people think, auctions are not just for specialists. Therefore, there is still time for you to inform yourself about the topic and take advantage of the Online Auction Mississauga.
Concept and functioning of an auction
There are goods that need to be sold to revert funds to their original creditors. Then, an auctioneer is defined, who is the person responsible for disputing the items for sale. A notice is drawn up, which is a document that unifies all information about the auction, describing the displayed lots, payment methods, commissions and other important information for the event. Consumers register with the auction house as participants. The auction is carried out following the traditional patterns, with an initial bid stipulated by the house. The highest bidder wins the right to purchase the merchandise.
The main types of auction
Now it is time to get to know the different formats in this modality.
Electronic, face-to-face or simultaneous
Previously, these events were held in person, where all participants met and made their offers. However, like everything else in the world, auctions were also impacted by the digital transformation. With that, electronic auctions appeared, carried out exclusively over the internet. Here, participants access and follow the offers from wherever they are via the auctioneer’s virtual platform. With a little more time, mixed auctions emerged.
Also known as simultaneous, they accept bids from both types of participants, in person and virtual, with the agility of some software to synchronize the event for both audiences. Some of the best-selling items in this category are video games, computers, tablets, cell phones, appliances, sound systems, televisions, panels and other electronic and technological furniture. It is still worth remembering the infinity of other items that are sold at auctions, such as artistic objects, vehicles, industrial machinery, raw materials and everything else you can imagine.
Private
Private format auction is a category in which an Individual advertises a good on an online advertising portal, making the tool operates in auction mode. The sale is made to the highest bidder, as long as it meets the seller’s expectations.
Public competition
Here, the financial institution that owns a property defines a period in a public notice. During this time, interested parties may go to the institution, delivering an envelope with their offer.
Judicial
Judicial auctions execute the goods that are linked to some lawsuit in court that attaches debts and pending items to the announced lots. It is why it is an environment for good opportunities, with real estate, vehicles and many other items at prices substantially below the market.
Extrajudicial
This format is similar to the previous one, but without the property in question being anchored to any pending court order. It is a category widely used by financial institutions to sell properties and vehicles repossessed from delinquent customers.