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Online Storage Auctions / Re: The Future of Storage Auctions Has NOT arrived; online auctions will not prevail
« on: March 25, 2013, 10:32:45 AM »
No, the notices are more like this: ABC storage facility will be auctioning off the following units on VirtualStorageAuction.com. Auction begins on March 28th and ends on April 5th at 12:00 PM.
Or, for states where online storage auctions are questionable. ABC storage facility will be auctioning off the following units on VirtualStorageAuction.com and conducting an In-Person sale. Online auction begins on March 28th and ends on April 5th at 12:00 PM. Live Sale begins April 5th at 1:00 PM. Units will be sold to the highest overall bidder.
As you can see, it doesn't take any longer than a tradition sale would.
Yes, a live auction buyer could back out and the auctioneer would be able to sell the unit RIGHT THEN to the 2nd highest buyer (if the 2nd highest bidder hadn't left the scene) (there is another thread about that happening). On the other hand the online auction buyer could possibly wait a bit (day or two) to decide to pay or not? Is THAT possible? If he backed out two days after the auction ended, then then the 2nd or 3rd bidder had changed their minds as well, the day count starts to add up.
I think the TIME FACTOR here is an important issue for facilities which the point one of the posters above was making.
In your quote directly above, I just don't understand how the online auction is happening just as fast a regular auction. It has a 5 or 10 day spread as opposed to the one hour live auction. Again, maybe I'm just dense. Maybe some other posters here will have something to say one way or the other that will make me more enlightened.