WireBids allows sellers to place reserves on higher value items to ensure the seller gets a fair price for their equipment. Each reserve must be approved by WireBids prior to the auction launch.
These reserve prices give sellers the peace of mind that their equipment won’t sell for less than they are comfortable with- but could these reserves be reducing the final selling price of their lots?
We have previously discussed the downward trend of reserve prices upon relisting in subsequent auctions but we hadn’t delved into whether or not reserve prices result in the best possible price for the seller.
Although it is impossible to tell what the same lot would have sold for in the same auction without a reserve, we can analyze other reserve metrics.
From May 5th 2016 through January 26th 2017 there were 357 reserve items placed in 13 multiple location auctions. Only 37% of these items met their reserves. Of these met reserves, only 55% of them matched or exceeded the reserve by $100. 45% of these reserves climbed more than $100 over the reserve price.
This suggests that more often than not, users across the board slow their bidding once the reserve price has been met. On average, each WireBids auction lot has about 8.12 users vying to purchase. The number of interested users bidding on items with reserves drops to 4.14 bidders per lot. This data would indicate that nearly half of WireBids users won’t bid on reserve items- and when they do, they are unlikely to bid much more than the reserve price.
Watch our new tutorial on bidding on used equipment!
Obtain accurate dimensions for equipment.
These measurements can sometimes be found in the product manual. If the manual is absent you can try a google search to find it. Some manuals even offer tips for moving the equipment safely. Make sure the equipment can clear your new location.
Thoroughly secure equipment
Wrap and secure blades, cover vulnerable areas and ensure fluids are contained. An experience rigger can offer advice on how to band and secure equipment for transport.
Know what is insured
Know what is covered under your transporter’s insurance. The industry-standard liability coverage offered by most LTL is $.10 cents per pound. Photograph equipment upon delivery to make sure everything has arrived safely.
WireBids connects buyers and sellers of industrial equipment online. Our easy to use platform allows users from 152 countries to place bids on and win the equipment they need to run their printing business at an affordable cost. Although WireBids attracts equipment buyers across the globe, the majority of our users are from the United States. Beyond the United States, the majority of our users are from Canada, Mexico, India, Pakistan and Peru.
Within the United States, most of our bidders reside in California, Ohio, Pennsylvania, New York and Illinois. Broken down by region, nearly 32% of our users are from the Midwest.
Since the inception of the auction around 500 B.C., different industries have relied on several unique styles of auctioning goods. Through the internet, buyers and sellers alike enjoy the freedom to conduct business from anywhere at any time.
WireBids’ online timed auctions most closely resemble English auctions where bids ascend in price. Even the word “auction” is derived from the Latin word for “I augment,” or “I increase.”
On the other end of the spectrum, a “Dutch Auction” is based on descending prices. Often used to sell produce, fish, flowers or other perishable goods, the bidding starts very high and is lowered until a buyer claims the item for their own.
Beyond English and Dutch, silent and shouted- there are sealed bid auctions, sometimes known as Vickrey Auctions. In this type, bidders submit sealed bids without knowing the intentions of other bidders. The highest bidder wins the item and pays the second highest bid. This is sometimes referred to as a Second-Price Sealed-Bid Auction and has historically been used by stamp collectors since the late 1800s.
With WireBids, lots close at a predetermined time. Unlike a live “ballroom auction,” online bidding takes place over the course of a couple of days, allowing bidders plenty of time to research and make decisions. With WireBids, if a buyer places a bid in the last ten minutes of an auction, the time automatically extends several minutes.
WireBids’s top goal is your satisfaction. Our website makes it possible for sellers of commercial assets to reach buyers online.
The Guttenberg Bible was comprised of 1,282 pages, each manually inked and pressed by the “beater” and the “puller.” Scholars estimate that each page required approximately 2,600 individual pieces of type.
The press itself was rather innovative. Many components remain in practice, such as pin registration to hold the paper exactly in the right place when printing on both sides of paper.
Pressman known as “beaters” used “ink balls,” leather drums stuffed with wool or horse hair to coat the moveable type with ink. A pressman called a “puller” cranked a wooden handle to lower the platen to place pressure on the paper. Historians believe that 20 employees worked with Guttenberg to create the first 180 bibles.
The Crandall Historical Printing Museum in Provo, Utah offers some insight into Guttenberg’s process through extensive demos and history lessons. The museum features replicas of famous historic shops and presses including a re-creation of the world’s oldest printing house.
Check out the video below to see how it’s done.
As we know, buying equipment online can be an arduous process. What if the equipment hasn’t been taken care of properly? What if the press is not as described?
WireBids carefully curates each auction to ensure your time is well spent, bidding on quality equipment at competitive prices. But how can you be sure a press or a paper cutter is up to your standards?
Many of our sellers offer inspection times when you can come inspect equipment for yourself. We recommend contacting the seller if you need more information on a piece of equipment.
The seller will be the expert when it comes to impression counts, maintenance records and parts that have been replaced. You’ll never know unless you ask! Well informed consumers make better decisions. You can find the seller’s contact information on the Auction’s main page.
For many of these presses, it is important to note that the mileage and use of a machine is more telling than the age of the equipment. Dependable brands like Heidelberg and Challenge stand the test of time as long as they are cared for properly. When in doubt, ask the seller.
Quality equipment pays for itself over and over. Buying equipment on WireBids is hardly a gamble. We cut down on the clutter by offering only the finest products for your print shop. To check out our latest auctions and offerings, click here.
WireBids is always looking for ways to improve the user experience for both buyers and sellers. 2017 will be full of new updates, features and higher quality used equipment auctions. Here are a few things to look out for as we unroll WireBids 3.0
Auction Search Alerts
Soon users will be able to create search alerts for equipment they are looking for. Users will be able to narrow the search by manufacturer, type of machine and beyond. When this type of equipment becomes available the user will be notified by email.
The WireBids marketplace will feature equipment for sale outside of our used equipment auctions. Expect to find higher value equipment here, along with harder to find pieces.
Updated Invoicing System
Winning bidders will soon be able to pay all of their invoices, directly through our website, no matter the auction or seller.
2017 is upon us. New goals, new directions, new trends on the horizon. Among these trends is the color of the year, selected by the Pantone Color Institute: Greenery.
The Pantone Color of the Year is a symbol of the year to come, a snapshot of our global culture, serving as an expression of our collective attitude and mood. Previous colors include Rose Quartz and Serenity, Marsala, Radiant Orchid and Emerald.
“Greenery is a fresh and zesty yellow-green shade that evokes the first days of spring when nature’s greens revive, restore and renew. Illustrative of flourishing foliage and the lushness of the great outdoors, the fortifying attributes of Greenery signals consumers to take a deep breath, oxygenate and reinvigorate.”
Have you had a chance to use this new color in your publications? Did your business feature any of the previous yer’s colors in your marketing materials? Let us know in the comments.
Do you follow WireBids on Twitter? We are always looking for new ways to engage with our buyers and sellers. Follow us for information on our latest auctions and other new features.
WireBids is a frequent participant in Print Media Center’s #PrintChat every Wednesday at 4 p.m. EST. The hour long chat, hosted by Deborah Corn of Print Media Center attracts industry leaders from around the world for an informal discussion on industry trends.
Join us next Wednesday!