Smart Ways Your Business Can Benefit From Online Auctions

It seems as if everyone is talking about online auctions. And why not. There are thousands of online auctions on the internet with more popping up everyday. People love them because they can usually find great bargains. Businesses are now also seeing the benefits of online auctions. Below are five ways your business can benefit from online auctions.

1. Get Rid Of Excess Inventory

You could sell your excess or discontinued products at an online auction. Your unsold inventory is doing you no good sitting around, collecting dust. It's an effective way to make extra income and it won't be a total loss for your business. You could even get lucky and make a profit depending on how much people will bid for your excess inventory.

2. Test Pricing For New Products

An easy way to test new product prices is to see what people will bid for them at an online auction. First, sell your product at three different online auctions. Next, calculate the average selling bid from all three auctions and that will be your selling price for your new product.

3. Sell Your Products

You can get your product in front of a large audience by selling it at an online auction. Some of the bigger auction sites draw over millions of hits a year. The key to being successful is to sell your product at multiple online auctions at the same time. Let's say you sold one product a day from just one auction site. If you sell your product at one hundred online auction sites that would be one hundred sales a day!

4. Start Your Own Online Auction

Drive traffic to your web site by starting your own online auction. People will visit your web site to find bargains and to sell their own products. You will get plenty of repeat visitors from people rebidding on products and adding new products to sell. You could also charge other businesses to advertise on your web site.

5. Lower Your Business Costs

You can find lower prices on business supplies and equipment at online auctions. I'm not saying all the time, but before you go pay retail for a new printer try bidding on one first. A company may be selling them at a lower price at an online auction because they have excess inventory.

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Telegraph.co.uk

Spain auctions nearly $3.2 billion in debt, demand strong but yields higher ... Washington Post MADRID — Spain managed to auction nearly €2.5 billion ($3.18 billion) in medium-term debt Thursday amid strong demand but at sharply higher interest rates, reflecting concerns that the country will be caught up in the fallout of the Greek crisis. EURO GOVT-Spanish yields rise before auction; markets nervousReuters Spanish Debt Insurance Costs Rise, Bond Auction EyedWall Street Journal all 478 news articles »

Spain's Funding Costs Rise as Treasury Meets Auction Target San Francisco Chronicle May 17 (Bloomberg) -- Spain sold the maximum target of 2.5 billion euros ($3.2 billion) of bonds at an auction even as the Treasury paid the most this year to sell three-year debt amid growing concern that contagion from a Greek exit from the euro area ... and more »

New York Daily News

Tyrannosaurus skeleton could fetch $1M at auction New York Daily News Perhaps not as celebrated as its fearsome cousin, the T-rex, the Tyrannosaurus bataar is equally as frightening — and could scare up about $1 million in a public auction Sunday. A nearly complete skeleton of the Tyrannosaurus is up for bid through New ... and more »

China to Allow Local Private Companies to Bid in Shale Auction Bloomberg China, holder of the world's biggest shale-gas reserves, will allow privately owned local companies to bid for the rights to explore for the unconventional fuel when it holds the country's second auction of areas. Chinese companies planning to ... and more »

Spain auctions $3.2 billion in medium term debt Kansas City Star AP MADRID -- Shares in Bankia, the recently nationalized Spanish bank, are plunging by more than 20 percent on a local report that customers have withdrawn more than (EURO)1 billion ($1.27 billion) since the state took it over last week. and more »

ABC News

'Baggage Battles': Airports Auction Lost, Misplaced and Forgotten Luggage ABC News In some instances, the airport where it was left could have auctioned it off for profit. One of the busiest hubs in the United States is Miami International Airport, where MIA isn't just the airport's call letters, but could easily stand for luggage ... and more »

Bloomberg

France raises $11.6 billion in bond auctions The Seattle Times France raised (EURO)9 billion ($11.6 billion) in a successful pair of bond auctions Wednesday that also saw some of its long-term borrowing costs move up. The Associated Press No comments have been posted to this article. France raised (EURO)9 billion ... France raises $11.6 billion in strong bond auctions, but long-term borrowing ...Washington Post European Bond Auction OutlookFXstreet.com all 143 news articles »

How Foreclosure Auctions Found a Host KLAS-TV But a lawsuit claims those at the top of the group running the auctions may have a conflict of interest that violates state law.More>> Centennial track and field coach Roy Session calls Bulldog senior Nick Hartle "probably the best distance runner ... and more »

CNBC.com

Spain auctions $3.2 billion in medium term debt North County Times 51 minutes ago • AP Spain managed to auction nearly (EURO)2.5 billion ($3.18 billion) in medium-term debt amid strong demand but at sharply higher interest rates reflecting concerns that the country will be caught up in the fallout of the Greek crisis. Italy, Spain See Borrowing Costs Rise at AuctionsCNBC.com Italian, Spanish bond yields jump after auctionsMyFox Washington DC EURO GOVT-Greek impasse, bank woes hit Spanish, Italian debtReuters Wall Street Journal all 8,548 news articles »

Toronto Star

Auction season begins with works by Emily Carr, Lawren Harris Toronto Star The season starts Thursday night with Heffel Brothers' auction in Vancouver, and finishes next Friday with Joyner/Waddington's in Toronto, with Sotheby's the day before. By the time the last gavel drops, some $15 million worth of art will have changed ... and more »