Corporations find that auctioning unneeded assets over the Web dramatically cuts costs and paperwork. This is absolutely the best thing that's happened in this part of the business. Whether buying raw materials or unloading old machinery, companies such as Ford Motor Co., Boeing Co. and General Electric Corp. expect online marketplaces to dramatically cut paperwork and expenses.
Buyers anticipate easier access to auctions now out of geographical or financial reach.
Buyers and sellers won't have to wait long for answers. The key to success is grabbing the right elements from the analog world and making them relevant in the digital world. Traditional auctioneers are scrambling to keep abreast of technological changes. The Newton Highlands, Mass.-based Industrial Auctioneers Assn. has added a Web site, and the National Auctioneers Assn. My guess is that now, fully half still won't believe that you can effectively sell equipment over the Web.