On January 31st, Aucto is proud to announce the launch of our newest feature on Aucto.com. This new selling method is known as Tenders and will replace the previous Fixed Priced Listings across the website. Aucto.com will be phasing out all Fixed Priced Listings on the website. Our development team has worked extremely hard to make these new changes possible. This new selling method will provide our sellers with a chance to receive offers on their surplus industrial equipment in a competitive format.
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According to Investopedia.com, “to tender is to invite bids for a project or accept a formal offer.” This concept was part of the founding idea of the latest selling method on Aucto.com. A Tender on Aucto.com is a sale type were sellers can list industrial equipment for buyers to submit offers on. A tender can consist of as little as one lot and can feature as many lots as the seller has available to sell.
In a tender, a buyer can place an offer or a bid on the lots which they wish to acquire. The biggest difference, when compared to a traditional auction, is that the buyer sets the value of their bid and does not need to publicly disclose the value of the bid they have placed. Only the buyer who placed their bid and the seller of the lot know the amount of the bid. Also, a buyer can only submit one offer for each lot. Based on this fact, the buyer is encouraged to submit their best value offer if they are interested in winning the designated lot.
After a Tender ends, the seller now has up to seven days to award a winner, and this means the seller can review all submitted offers and determine a winner. After the seller selects a winner, the winner of the lot will be notified via email and provided an invoice for the lot. If the bids do not reach a value that the seller deems acceptable, then the seller does not need to accept any of the submitted offers.
Tenders will provide a new variety of selling type on Aucto.com. However, instead of competing with Auctions for attention across the website, Tenders will compliment them and provide our sellers with another opportunity to sell their surplus industrial assets.
Auctions are designed to help sellers quickly liquidate their surplus industrial equipment. Auctions allow sellers to recapture value from the industrial assets quickly. This style of selling is mostly suitable for heavy machinery, rolling stock, and smaller industrial equipment that can be easily transported. People who sell through auctions can normally expect a smaller return on the value on the assets, and this is because of the limited time associated with selling in an auction.
Unlike Auctions, tenders are a better selling option for large scale equipment where removal or a project length is not an issue. This sale type allows for sellers to gradually collect offers from interested buyers without feeling the pressure to liquidate the equipment before a certain time. Complete production lines or large scale industrial equipment at facilities that are installed or difficult to transport are items that tend to sell best in a Tender event.
For our sellers who are interested in creating a tender, we have created a step-by-step guide highlighting all the steps required for creating your first Tender. If you have any issues with creating a tender after following this step-by-step guide, please contact Aucto support by emailing email@example.com to calling +1 (844) 326-7305.
After your Tender has ended as a seller, you must decide if you are going to award a winning bid. You have seven days from the end date of your Tender to award a winning bid. If you do not award a winning bid, all lots in Ended status will be moved to unsold status. To see the bids submitted on your lots in the Tender, you must navigate to the Sellers dashboard.
Once in the seller’s dashboard, you must do the following:
If there are no bids you wish to award the lots to, you do not need to press anything. Upon awarding a lot, the buyer will be notified that they have placed the winning bid.
Our new Tenders selling method provides our buyers with a chance to purchase sought after industrial equipment in a competitive format without the need to hire a 3rd party broker while also providing our sellers a chance to receive value for industrial equipment they no longer need. However, just like an auction, there are a few tips to know when looking to sell in a Tender.
If you are interested in receiving future updates on any new features or updates made to Aucto.com, please fill in the form below and subscribe to our Aucto email updates mailing list. Once subscribed any time we launch a major feature on the site, you will be the first to know. Fill out the form below.
For our sellers who would like to learn more about Tenders, we encourage you to register for our Discovering Tenders webinar. This webinar is on February 13th at 3:00 PM Eastern. To reserve your spot, please click the link below.
If you have additional questions you would like answered regarding Tenders or this latest update on Aucto.com, we have prepared the following material to answer all your questions and guide you through the next steps of Tenders. If you still have additional questions, we encourage you to contact Aucto by sending an email to firstname.lastname@example.org, calling +1 (844) 326-7305.
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Over the past couple of years, Andy has been managing and scaling multiple local and remote development teams. He aims to utilize his development and team management experiences to build a great product team.
Fuaad serves as the Director of Business Development for our Energy practice focusing on growth and strategic partnerships within the top Oil & Gas and Utility companies.
Fiona joins Aucto as its Director of Marketing and has over 15 years of experience in B2B brand development, lead generation, and digital marketing.
Over the last 15 years, I have had the opportunity to speak with numerous organizations that are seeking to implement or improve their asset recovery programs.
We are incredibly excited to have made it as a finalist on the innovative AutoTech’s Got Talen pitch competition