There have never been more people online at AuctionsPlus.
As life begins to return to normal after the past couple of years the number of producers online with AuctionsPlus increases every day. Since the start of the year, there are on average over 65,000 users online every Friday. That is close to the whole of Wagga Wagga going to auctionsplus.com.au and interacting with the site, a 26% increase when compared to the same time last year.
The increase of producers online has also seen an increase in the number of lots sold per minute. Since the start of the year, there are an average of 2.57 lots sold per minute in the Friday cattle sales which is up 25% compared to the same time last year. This is combined with an increasing number of head listed - up 22% compared to the previous period.
In response to this, auction run times over the same period have started to normalise after experiencing disproportional growth. Put simply the auction run times were getting longer and longer, which although to be expected in a sellers’ market still required a change.
Since the Friday sales were split there has been a reduction of 30% in the total “desk” time spent bidding or just watching the sales. This has been achieved without a material impact on clearance rates.
Frequently Asked Questions
What are you doing to reduce the auction run times?
We have already taken steps the reduce the run time of auctions while making sure to not impact clearance rates and allow for buyers every opportunity to bid. As an example the Friday sales were split reducing the overall run times by 30%
People are “gaming” the system by logging in at the last minute to bid...
This is not the case for the majority of people. 75% of all users are connected within the first 30 minutes with 70% of all bids placed in the first hour.
What can I do to help reduce auction run times?
Taking the time to amend lot bid increments prior to sales can help to reduce sale running times as stock reserved at a higher value is given the appropriate bid increment.
It still takes too long...
This year there are on average over 18,000 head for sale every Friday in the cattle sales. By way of comparison the biggest cattle saleyard in Australia, Roma, can have between 3,000 – 6,000 head for sale each week, which will take longer to complete.