Coronavirus sparks potential long-term boost in online ag auctions

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Coronavirus sparks potential long-term boost in online ag auctions

Online auction managers say it is no surprise that coronavirus “shelter in place” restrictions have caused a shift to more online ag auctions, but it could outlast the pandemic.

Evan Welch with AuctionTime, an online auction service based in Lincoln, Nebraska tells Brownfield they recently increased the number of sales they have each week because of the influx of inventory and upturn of bidders.

“Just the impact of not having those live auctions for bidders to attend is forcing those bidders to find new avenues to purchase equipment, so they are ultimately ending up on online auctions.”

He says they have also seen increased interest in their Equipmentfacts platform which allows for online bidding during live auctions.

Scott Wingert is President of midwestauction.com based in Camdenton, Missouri, a place for auction companies to post sale updates. With 20 years in the business, Wingert tells Brownfield he expects the online trend to last beyond the coronavirus disruptions.

“People who did not have or utilize online platforms for one reason or another and were forced to, I believe they will continue doing so. I think last week was a watershed moment and I think any serious farm equipment is going to be sold online only pretty much across the board.”

Welch agrees that the switch to online sales and bidding will have a lasting impact on the industry as many of their first-time users have been happy with the results.

Interview with Evan Welch, AuctionTime Interview with Scott Wingert, midwestauction.com

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