Many of Kohn-Megibow’s buyers are beginning to love our new virtual online auctions that we started during the COVID-19 shutdown. We don’t know exactly when we’ll be able to do live auctions at our Anaheim headquarters. However, we suspect these online auctions to continue in some fashion even when we do get back to “business as usual” at KMC.
A Convenient Way to Bid
There’s no doubt that our virtual used restaurant equipment auctions through Proxibid have become popular with many of our buyers. They are so convenient. It’s easy to bid on the equipment you need from the comfort of your home or office. You can read detailed descriptions and look at pictures to know exactly what you are buying. Then, you have a number of different ways to bid.
You can always submit your bids “live.” Any time you are outbid, you will be notified and you can submit a new bid when you see fit. This does require you to pay attention during the duration of the item’s auction period.
Or, you can make sure you never miss out on an item by using Proxibid’s awesome “Prebid” and “Auto Bid” features.
Prebid allows you to submit a bid on an item before it even crosses the auction block. Most KMC online auctions are set to run for a predetermined period of time (14 days), but we are doing more and more “live” auctions on Proxibid that are more like normal in-person auctions. We put up an item and take bids until it sells. Proxibid has their Prebid feature that allows you to place your bid before the auction goes live. This way, you are covered in case you aren’t able to virtually attend the auction as it happens.
Like we said, most of our virtual auctions are running for a longer period of time so that everyone has a chance to see the items and bid at their convenience. The best way to take advantage of this is to use Proxibid’s Auto Bid feature. This allows you to input your maximum bid amount at any point. Then, the system bids incrementally for you at the lowest available amount. If you’ve ever used eBay, it’s the same concept as their maximum bid feature.
For example, let’s say you set a max budget of $2,000 on a certain piece of used restaurant equipment up for sale on KMC’s Proxibid page. You put in that amount as your Auto Bid. The system will bid on your behalf by putting in the lowest available amount first. Let’s say the auction is currently at $800 and bidding increments are $50 each. The system would bid $850 for you (or whatever the next lowest amount is based on the maximum bids of other buyers). Each time the bid is raised, your bid goes up as needed. If another buyer’s bid ever exceeds your max bid of $2,000, then you will be notified and you can raise your amount or just let the item sell to someone else who is willing to pay more than the maximum budget you set.
Proxibid makes it very simple and easy to bid on the used restaurant equipment that you want from Kohn-Megibow—thanks to great features like Prebid and Auto Bid. If you have any questions about how KMC’s virtual online auctions work, please contact us today and we’ll be happy to help guide you through the process.