Like many online businesses, BPI Auctions (www.bpiauctions.com) vendors and clients benefited from the surge in online traffic over the lockdown period. Analysis of the 193 auctions hosted between April – June revealed some impressive statistics and trends. Most notably, registered sale bidders increased by 209% and website traffic tripled on the same period last year. June proved to be one of BPI’s most successful months on record across sale numbers, returns, site traffic and new account creations.
BPI’s sector collective sales saw some of the largest increases in bidders. Across vehicles, woodworking, engineering, plant & machinery and catering, collective sales allowed vendors to place fewer lots for auction but still enjoy the benefits of big sale marketing at the same time. The increase in bidders looking for the best deals drove average lot prices up. Some sectors hit record highs, particularly catering and tool hire which nearly doubled on pre lockdown averages.
Liquidated and surplus stock sales also attracted significant volumes of new registrants to BPI. Anecdotally, cottage industry buyers – a market sector BPI cultivates – were also looking to buy stock and capitalise on the increase in online shoppers. As a result of the increased competition, stock sales consistently averaged 15% – 20% more than pre lockdown.
Moving into July and August, any summer holiday dip failed to materialise with people putting holidays on hold. Sale results proceeded to outdo expectations. Businesses, boosted by deferred payments, CBILS & BBLS, continued spending available cash picking up assets at auction prices to bank for the future. This continued to drive some of the highest sale returns we’ve seen to date across all business categories.
Pre-sale statistics and KPIs employed by BPI show higher sale returns holding as we move through September across over 90 online auctions hosted this month. With more financial support measures announced by the Government for the months ahead, we’ll be closely monitoring our data to see the impact on buying & selling behaviour and sale returns.
Although no one has a crystal ball, BPI’s proactive marketing targets the most relevant buyers for every sale. We don’t wait for them to find us, we find them. Regardless of what happens next, this game changing approach to auction marketing will keep attracting new sales and buyers and ensure BPI sales continue to achieve market beating returns for our Auction and Asset Advisory clients.
Kate Worswick is Business Development Director for BPI Asset Advisory (RICS), part of the BPI family of companies, including BPI Auctions. For enquiries, please contact email@example.com / 01924 245 040