Online Auctions are unmistakably among the hottest e-Sourcing technologies on the Internet business today. But what exactly is an online auction anyway and what are its benefits? According to The Pocket Oxford Dictionary, fourth edition (1942), an auction is a "public sale in which articles are sold to the highest bidder." And if done on Internet it is online auction.

Online auctions create a competitive advantage because they make it relatively simple for Procurement managers to negotiate on all corporate purchases and create better deals.

Let us see some common myths surrounding online auctions:

MYTH #1: Only very familiar, particular or consistent items can be auctioned:

The myth came into being because no one understood how to measure criteria other than price. Total cost auctions take price and no-price factors, such as delivery time or customer service, into account, and they allow a customer to weight each factor accordingly. This is only a myth because when someone with sourcing expertise takes a creative approach to defining or breaking down the item in question, that item or its components can generally be auctioned.

MYTH # 2: Auctions are only effective when there is a level playing field:

This is false since a level playing field simply doesn't exist. And, not all suppliers are alike. Face-to-face negotiations have long proven this fact. Procurement managers can now normalize for differences (e.g., customer service, warranty terms, delivery cost, etc.) using Web-based technology. In effect, these technologies measure total cost allow customers to compare apples-to-oranges.

MYTH #3: Only Internet-savvy suppliers can participate in an online auction:

Today, the majority of legitimate suppliers have access to computers. The myth that only internet-savvy suppliers can participate in an online auction is wrong. In order to participate in an Internet based online auction, the suppliers merely need to be able to log on to the Internet, log in to a web site, and log their bids. It's just very simple. Suppliers don't have to know how to navigate the World Wide Web or use any sophisticated search engines to participate.

MYTH #4: Maximum benefits could be derived only if large number of suppliers participate:

For any online auction, competition is a must and you must create a competitive environment, no matter if the suppliers is 4 or 400. Internet auctions put the business "up for bid." Incumbents are wise to take notice. Once existing suppliers believe that the buyer really will change where he takes his business, a competitive environment is created. Thus concrete results for online auctions occur irrelevant to number of suppliers.

MYTH #5: Only products are auctioned?

Not true - in fact, services are also auctioned. Services such as Telemarketing services, Cellular phone services, Security services, and temporary labor services are all good examples. For example, a particular auction site held an auction for telemarketing services that resulted in an 18% cost reduction. The auction involved over 60 suppliers and more than 700 bids. The study shows that apart from products, services can also be auctioned.

MYTH # 6:Auctions are carried out only once in a year:

Event online auctions are generally used for categories of goods and services that require a long-term contract (say one year). These will achieve better results if auctioned year (or less). For example, a buyer may auction off the purchase of 10,000 PCs over a two-year period.

It is important for all to expand their concept of what can be auctioned, as long as the value of each item is 'elastic' enough to preclude fixed pricing. Once they have done that, the possibilities are almost endless.

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Coin auction or bidding comes in handy if you are a coin collector intending to buy or sell coins. You can obtain coins of remarkable worth in the best possible manner through coin auctions. The primary source for procuring rare coins is a coin auction. This is because majority of the rare coin collectors sell off their treasure to the highest bidder. Both the bidder and the seller, in a coin auction, need to adhere to a number of rules and regulations, which is quite unlike the typical way of selling and buying coins. Coin collecting auctions are basically of 3 types, which are as follows:

1. Auctioning with the help of mail bidding:

The seller advertises and publishes coin auctions by using the mail, in this type of auction. Those who wish to participate in the auction but cannot personally attend the event will find it to be extremely advantageous. In most cases the seller uses his mailing list to send catalogs containing the pictures and descriptions of the item(s) on sale. Sometimes the starting bid amount and other relevant information are included in it. The brochures or catalogs and the seller’s mailing list are dispatched to potential bidders and previous customers.

2. Auctions through phone:

As the name suggests, phones are used to conduct this type of auction. Rules and regulations must be adhered to, as is the case with mail bidding. The item goes to the highest bidder/winner once he is identified. There are instances when prospective customers request the seller to disclose an approximate selling price. But as a rule, previous bids are again not disclosed.

3. Coin auctions online:

Online auction owes its popularity to the fact that bidders are able to check out the coins visually while bidding for a particular coin. Since the seller can contact the bidder instantly for important information, there is greater interaction between the buyer and the seller. However internet auction has its shortcoming as well. A coin collector can be deceived into believing that he is bidding for exactly the same item that he gets to see on the screen.

If you follow these, you can easily obtain the best coins available in the market. To conclude with a precaution, don’t go overboard on your biddin.

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There is a whole new way for the average consumer – like you and me – to get a real bargain on a car, truck, or other vehicle; consider getting your next car at a police auction.

In cities and towns all over the country, various police stations hold an auction every year to get rid of the surplus inventory they have been storing in their compound yards all year. Every year, police departments find themselves with an excess number of seized or unclaimed goods, including cars and trucks and even boats. They do use some of the vehicles themselves; that is why you see so many unmarked police cars on the roads these days. But a great number of vehicles are sold to the highest bigger at auction.

Cars, trucks, vans, and boats are not the only items available at bargain prices at police auctions. You can also find smaller items such as jewelry, artwork, furniture, and office equipment and furnishings. When criminal activity takes place, police departments all over the country have the right to seize any property that has been used in the process of illegal activity or has been gained through the use of ill-gotten funds. Most of the time, police officials do just that.

In fact, there is often quite a surplus of items – that is, more than the police station can use – so they will sell a lot of confiscated material at public auction to get rid of the merchandise and make a little extra money for the police coffers.

Although there is a wide variety of good available for ridiculously low prices, by far cars are the most popular things at police auctions very year. You only need to head down to your local automobile dealer to understand why. New, and even used, vehicles are downright expensive when you buy them off the lot, so more and more people are looking for alternative ways to get a decent car at a good price, and one place to turn for your next new car is a police auction.

Generally, there are a wide variety of vehicles you can choose from. You can ordinary-looking sedans like Honda Accords, flashier cars like Corvettes and the like, practical vehicles like Ford or Chevy pickup trucks, or just about any type of vehicle that piques your interest.

Nowadays, there is even an added bonus. Some police auctions will allow online bids, either before the auction begins or with real-time bidding you can do hundreds of miles away in your own living room. That’s right, you don’t even necessarily have to be present to win!

Of course, it can be difficult to know exactly when and where these auctions will take place, but if you prefer not to do the research on your own, there are sites that specialize in finding auctions for you, generally for a minimal annual fee. Signing up with such a service can make your police car auction experience even more successful, as your time is freed up a bit and you still get all the insider know-all to be able to bid your way to owning a great new car.


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