Since ancient times, the auction block has offered buyers and sellers an arena for the lively exchange of goods. Now individuals, corporations, and banks routinely use auctions as a tool to manage assets. In the last decade alone, the use of auctions in this country has skyrocketed, increasing more than 1,000 percent. Continued popularity is expected to grow because auctions:
- Allow sellers to exceed the asking price.
- Dramatically reduce expensive holding costs such as depreciation, insurance, interest, maintenance fees, vandalism, theft, and damage from acts of nature.
- Determine fair market value without guesswork.
- Bring together, in one location, all the individuals interested in the property and stimulate their natural competitiveness.
- Benefit government and lending institutions because they are conducted openly with every person holding the right to bid, generate cash quickly without any hint of impropriety, and give citizens easy access to a great variety of properties.
- Provide a total marketing plan that includes intensive direct mail, newspaper and periodical advertising, and electronic media, including television, radio, and Internet advertising.