Aucto Help Center
What is the Difference Between a Tender and an Auction?
Tenders are sealed bids that are submitted directly to the seller. The seller will then pick the winning bid at the end of the sale. All tenders end at the same time. Buyers do not see any other offers that have been made. Buyers can submit more than one bid but can not withdraw a bid once it has been submitted. All lots will end at the same time.
Auctions are a sale where equipment is awarded to the highest bidder. Buyers can submit bids up to the deadline of the auction. Some lots may be extended through the bidding process. The bids are open so buyers can see what the current highest bid on the equipment they are bidding on.
What we do at Aucto isn’t something that we come across in people’s everyday lives. It solves a huge problem but for a market that is industrial in nature. When I first started at Aucto and was asked, what do you do, I found it was easier to convey the main value levers of our business using real life examples.
Pricing your industrial equipment and machinery just got easier with Aucto’s new Pricing Engine
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Andrew Forin is an Alberta-based sales professional with a joint background in sales and digital marketing.