Find your favorite bidding strategy and get more out of the auction

Welcome to the wild world of auction bidding. Just like the animal kingdom, the auction environment is diverse and dynamic. Whether you are a regular bidder or new to auctions, understanding all the different bidding tactics can help you find your favorite bidding strategy and get the most out of your auction experience. Let’s dive in:

1. The ‘turtle’: Patience

Slow and steady wins the race. As a turtle bidder, you emulate this by starting with a low bid and working your way up slowly. Placing your first bid early gives you time to observe how the auction progresses and make informed decisions about your next steps.

2. The ‘shark’: Dominance

Just as the ocean’s predator, a ‘shark’ bidder is bold and assertive. You usually start with a high bid to make your intentions clear and eliminate the competition from the early stages. You are aware of your surroundings and know when to strike. Sometimes, you even scare other bidders away.

Read also: Here’s why people like Timed Auctions

3. The ‘squirrel’: Preparation

Squirrels are forward thinkers, usually storing resources for future use. Similarly, you -the ‘squirrel’ bidder- are all about preparation: You have already leveraged the resources available online, such as the past auction results or the Market Trends Report, to access helpful information about pricing and market fluctuations. We bet you have already made up your mind about the budget you want to spend.  

4. The ‘ant’: Collective intelligence

Ants are meticulous workers with a very special trait: Collective intelligence. As an ‘ant’ bidder, chances are you are able to maintain a holistic overview of the market. You keep in close contact with other experts to gather, piece by piece, all the valuable information for a winning bid during the bidding process.

5. The ‘fox’: Cunningness

Foxes are admired for being clever and adaptable. Using the ‘fox’ bidding strategy, you wait and watch the auction closely. You go in and get that final winning bid only at the very last moment. A cunning method to outmaneuver other bidders.

Read also: 5 tips when joining an equipment auction for the first time

6. The ‘owl’: Wisdom

Owls are symbols of wisdom and insight. As an ‘owl’ bidder, you are unlikely to get caught in the heat of the moment. Technology is there to help you, and you are well aware of how to leverage it for your benefit, e.g., with the “Maximum Bid” feature. Setting your maximum amount and letting the system bid on your behalf, you stay in the game without constantly monitoring the auction.

The question is, ‘Who is the winner?’ Well, each auction and item is unique, and your bidding strategy should reflect this. Whether you see yourself in a ‘turtle’, a ‘shark’, or any other of the above, understanding the strengths and weaknesses of each strategy can help you confidently navigate the auction terrain.

See also

Ritchie Bros. UK to host Plantforce Fleet Renewal Auction on 20th November 2024