For people who are moving or want to get rid of things they no longer want or need, like furniture, appliances, or garden equipment, they can sell it at auction. However, instead of taking it to an auction house, they can submit items to online auctions or fast track auctions.
What is a Fast Track Auction?
If an individual is moving and needs to get rid of some of their household items or if a business is downsizing, going out of business, or moving locations, they can auction their inventory through an online auction known as a fasttrack auction.
These auctions sell almost anything that someone no longer wants. Many of the auction sites specialize in business auctions, which may include:
- Schools auctioning furniture.
- Restaurant equipment
- Inventory that didn’t sale.
- Office furniture
- Office equipment
How Auctions are Conducted
The auction companies include all the information about the auction on their websites, and most auctions are conducted online. However, some companies will auction items off at live auctions in restaurants, businesses, and on farms to keep from moving heavy or awkward equipment.
At live auctions, buyers should bring the tools and trucks the will be necessary to remove and haul off the equipment, furniture, or fixtures they’ve bought. Information may also be available for live auctions by calling or emailing the auction company.
Potential bidders for online auctions can pick from several auctions and view the inventory via photographs posted on pages dedicated to each one. The webpages also provide information about bidding, the terms of the auction, and the closing times, which are usually staggered.
Most auctions include a general photograph of items that are being sold, but there is usually a link to see the actual items. It is important for bidders to carefully view each item up for auction because they may be used or inventory from stores that were damaged during shipping.
The auction information for an item will describe its condition and has a separate preview page. These pages need to be read carefully because most auctions do not allow refunds on sold items.
For instance, if a speaker that a bidder bought is damaged and they didn’t read the item description, there is no recourse for getting their money back.
Some auction companies do not ship items, so they usually need to be picked in person. Unless you live in the area of an auction or plan to travel to pick up what you’ve bought, then you may not want to place bids online.
It is also important to carefully read all the information the business provides. There may be fees added to a bid, called a “Buyer’s Premium,” which can add a certain percentage to the purchase of an item.
Location of Auctions
Many of the companies who conduct fast track auctions are based in Ohio or Kentucky, but there are some in other states. Along with business or household items, some Ohio auctions could include homes.
A law passed in 2016 allows foreclosed and vacant homes to be put up for public auctions for as little as one dollar. Ohio law once required bidding on foreclosed homes to start at two-thirds of their appraised value, but bill HB 390 allows fast track foreclosures and the sales of homes for much less than that rate.
However, those real estate auctions are usually held at county courthouses by lenders. Most auction companies, like Fast Track Auctions, Columbus Ohio, do not deal with real estate.
This auction company handles all types of merchandise, like:
- Hot tubs
- Mobility equipment
- Slow cookers
- Sports and Fitness equipment
- Office Furniture
Their website is Fast Track It, which shows their available online auctions on their main page. They do auctions for both individuals and businesses. The information on the home webpage includes the number of items in each auction and the link to each auction’s webpage.
An auction’s page includes all the details about it, such as how to bid, item descriptions, and a link to pictures of the inventory. This auction company does ship some items, so it is important to read all information provided on the auction webpage about whether shipping is available.
Not all their items they sell require bids because they sell some items on their “Marketplace” webpages. These items may be in states other than Ohio, such as Las Vegas, Indianapolis, or Waco, Texas and many other cities. By clicking on a city, buyers can find auctions, read the information and view what is for sale.
Other Auction Companies
If you’re searching for these online auctions, you can search for bidtfa auctions. The previously mentioned company will appear on the results page, as well as other auction companies in Ohio and Arkansas. However, the websites for these companies lead back to Fast Track’s site.
The auctions based from companies located in Rogers and Springdale AR have items available for viewing that are sold on the website. If you search bidfta, the results all lead to Fast Track.
However, there is another website that conducts both online and live auctions. Fast Track Auction Sales has offices in Cleveland and Cincinnati OH, and they specialize in selling business inventories, especially restaurant equipment.
This company conducts some live auctions for businesses who are selling their inventory. Since they are not considered auctioneers, they usually work in conjunction with live auction houses who have auctioneers getting bids in person.
You can view the auctions from this company by scrolling their main webpage and choosing the one in which you’re interested. The details regarding the auction, how to bid, and photos of the items are posted on each auctions’ webpage.
To get further information on items and to place bids, you will need to register as a bidder on their website. Registering also allows you to review bids on what is being sold.
How to Win Bids Online
If you’ve bid online before, on sites like eBay, and have lost an item you really wanted, there are strategies people employ for online and live auctions. Here are four tips for online auctions.
Set a Budget
After you’ve searched the online sites and found items that you really want, set a budget for each one before bidding. Auctions are competitive, especially for popular items, so it can be easy to lose control of your bidding for an item you want to buy.
Know your budget so you can decide if you can place a higher bid or need to let go and bid on something else. It will help to set the highest amount that you’re willing to pay for something, so if the bid goes over that amount, you can easily let it go.
When you find something that you want to buy, write down the information, such as the lot number, webpage URL and the description of the item, you should also bookmark the webpage. Read the auction’s webpage, so you know when the auction closes and place a bid.
Go back to the site every day to check amounts that have been bid on the item you’re tracking. Most people who are experienced online bidders check on their items a few times every day. Checking on the bids allows you to edit your bid if someone placed a higher bid.
Place Late Bids
One strategy for winning a bid is to bid on the item during the last few moments of the auction. Note when the auction closes and go to the site during the last few minutes to place a bid. Many winning bidders for popular items place their bids during the final seconds of an auction.
If you follow these four steps, you may have better luck at winning online auctions for items that you really want. However, as stated above, for fast track auctions, it is important to read all the information companies provide about the auction.
Carefully read the product information and closely view the pictures if you cannot go see the items in person. The description should give you some clues as to whether they are auctioning damaged freight, used items, or inventory that is new in the box.
Read about bidding online to find out if they charge additional fees, like the aforementioned “Buyer’s Premium.” Also, since bidding online requires a credit or debit card, be aware that the company holding the auction may place a small refundable fee, such as one dollar, to check the legitimacy of the card.
Take note of whether the auction company requires you to pick up the items you’ve bought in person or if you can have them shipped. The items listed under the site bidfta Fast Track Auction usually need to be picked up in person. However, email them to check for shipping options before bidding for an item.
If you follow the advice in this article, then you shouldn’t have any trouble with online bidding and buying any merchandise that you want from these auction websites.