@ChefJ - good points indeed. I know that our selling prices are typically higher than a live auction, but if you want apply the math and logic to that statement, we're simply driving more people to the auctions which creates more competition and of course bumps prices up. From what I'm told, the high-end units that sell in the 3-5K range are about the same as live auctions, but the difference really lies in the smaller units that would typically go for $50 at a live auction (with 20 people present) - with us they may hover around $200-$300.
But the one thing I've found is, it is very hard to lay down a table of averages. Every sale is different. I've seen some people get GREAT deals.
Also think about - as we grow, we'll have more and more auctions listed which will open the door for better deals as well from the larger menu.
As far as the cash-only sale - most of them still only accept cash. Once the auction closes, the buyer has to show up to the facility location within 24 hours with cash. Some do accept credit card by phone, some credit card in person only, but most still prefer cash.
I'm interested in how inflated the prices will get once the viewing base gets out of hand. Good for you bad for the buyer. I own a restaurant and understand that business is business, but this kind of business may kill off the industry once people begin paying retail for every unit. I am interested to see what the future holds.
I also like cash only auctions, keeps many of the undesireables from bidding to the extreme as they can't use the credit card that they will eventually default on to purchase the locker.
Sometimes I'm just bitter.