Q2 2024 Statistics/Milestones:
Total Auctions Closed: 1,260
Largest Auction by Sales: Your Boat Club April 2024 Auction - Pontoons, Runabouts & Fishing Boats! $759,058 https://www.k-bid.com/auction/53379
Largest Auction by Lots: 1820 Lots! Northfield Hardware Store Inventory https://www.k-bid.com/auction/53841
Most watched items of Quarter:
| 361 Watchers - 1995 Ford E350 - 2 OWNERS - 55,053 MILES: View here | |
| 275 Watchers - Whiteford Auctions 1975 Caprice Classic Custom Convertible : View here | |
| 251 Watchers - Kubota M5660SU Tractor, 4 Cylinder -View Here | |
| 247 Watchers - High Performance Fully Electric Off-Road/On-Road Motorcycle View Here | |
| 247 Watchers - 2012 Chevrolet Colorado Extended Cab Pickup with Bed Topper View Here |
Website Statistics:
| Bidder Registrations | |||
| 2022 | 2023 | 2024 | |
| Jan | 2,347 | 2,537 | 2,132 |
| Feb | 2,332 | 2,871 | 2,612 |
| Mar | 3,194 | 2,569 | 2,552 |
| Apr | 3,010 | 3,101 | 2,273 |
| May | 3,047 | 2,460 | 2,479 |
| Jun | 2,919 | 2,872 | 2,550 |
| Jul | 3,162 | 4,149 | |
| Aug | 3,200 | 2,437 | |
| Sep | 2,935 | 2,343 | |
| Oct | 2,922 | 2,544 | |
| Nov | 3,046 | 2,289 | |
| Dec | 2,390 | 2,047 |
*all bidder signups, qualified (phone number verified, credit card) and non-qualified.
| Website Sessions | ||||
| 2021 | 2022 | 2023 | 2024 | |
| Jan | 1,043,960 | 1,014,746 | 1,105,744 | 1,137,992 |
| Feb | 939,528 | 956,142 | 1,016,737 | 1,083,259 |
| Mar | 1,062,515 | 1,095,367 | 1,089,277 | 1,160,384 |
| Apr | 1,088,584 | 1,145,435 | 1,145,840 | 1,150,518 |
| May | 1,000,205 | 1,075,358 | 1,031,753 | 1,161,875 |
| Jun | 974,208 | 1,071,033 | 1,087,464 | 1,165,523 |
| Jul | 959,755 | 1,013,001 | 1,303,314 | |
| Aug | 1,008,396 | 1,102,699 | 1,121,311 | |
| Sep | 943,129 | 1,049,079 | 1,051,830 | |
| Oct | 996,803 | 1,068,170 | 1,177,731 | |
| Nov | 930,528 | 1,120,425 | 1,108,302 | |
| Dec | 935,601 | 1,034,494 | 1,076,729 |
*A session is defined as a group of interactions one user takes within a given time frame on your website. Google Analytics defaults that time frame to 30 minutes.
Top 10 Affiliates by Sales for Quarter:
| Q3 2023 | |
| 1 | Twin Cities Auctions |
| 2 | NCS Auction Company LLC. |
| 3 | Estate Sales Minnesota |
| 4 | Your Boat Club |
| 5 | We Sell Your Stuff Inc. |
| 6 | Red Tag Industries |
| 7 | I-35 Auctions |
| 8 | Asset Liquidation Auctions |
| 9 | JMS Auctions |
| 10 | Surplus Liquidation Auctions |
Customer Support Numbers:
Number of support tickets opened: 2,685
*K-BID utilizes Zendesk support system to communicate with buyers, affiliates and sellers. This allows us to quickly and efficiently provide answers, support and connect buyers/sellers with affiliates.
Number of seller leads received: 235
*Potential auction sellers can reach out to K-BID via our selling page or review affiliates to work with. These leads are forwarded to affiliates who are in the area and/or have expertise in the asset class. If you have not filled out or optimized your affiliate profile page, you can be missing out on potential auction leads! Learn more about your profile page here.
Education and Announcements:
Mercury Sales:
We get contacted regularly by the MN Pollution Control Agency about items containing mercury that are listed for sale on K-BID.com.
We want to remind all affiliates about the strict regulations surrounding the sale of items containing mercury, such as vintage thermometers. Mercury is a toxic substance, and its sale and disposal are heavily regulated under Minnesota law to protect public health and the environment.
Key Points to Remember:
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Labeling Requirements:
- Any pre-2001 mercury thermometer must be clearly labeled as containing mercury.
- The label must state that the thermometer cannot be disposed of in regular garbage and that the mercury must be recycled or properly disposed of.
- Merely including a statement in the online listing or providing information post-sale is not sufficient; the physical thermometer itself must bear the required label.
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Additional Requirements for Sales in Minnesota:
- Provide a safety data sheet (SDS) to the buyer, which meets OSHA standards for mercury.
- Obtain a signed statement from the buyer, confirming that the mercury-containing item will only be used for medical, dental, instructional, research, or manufacturing purposes. Note: Collectability or display purposes are not valid reasons for purchase.
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Prohibition on Non-Compliant Sales:
- Any sale of mercury-containing items that does not meet these stringent requirements is prohibited within Minnesota.
We strongly urge you to refrain from listing or selling mercury-containing items to avoid potential legal and environmental consequences. For more detailed information, please refer to the MPCA Factsheet #w-hw4-26, Selling Mercury Items.
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It was defined in the contract 3 times that the seller had the right to sell the assets with no liens or encumbrances.
- A UCC check was ran on the business, but this specific filing did not show up on the initial search. I believe it was under the individuals (sellers) name.
- They were taken to court by the financial institution, lost, and were forced to pay again. It was not an insignificant amount.
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Are Auction/Asset Prices Softening?
I think we can all agree that auction/asset prices are not what they were a year or 2 ago. I was in Pittsburgh a few weeks ago at the National Auction Association conference, and I heard a similar sentiment from many of our colleagues across the country. I firmly believe that auction prices are one of the first indicators of asset valuation and a glimpse into the status of the economy. We don’t need a CNN or Fox analyst to tell us the numbers 6 months later.
We are asking buyers, “How much are you willing to pay for this, today?” It’s instant, and it can be impacted by many different factors. Rising interest rates? Higher mortgage and car loan payments? Higher costs for groceries and household necessities? All of these have an impact on how much cash is in the buyer's pocket.
Real-World Examples
In today's economic climate, we are observing widespread price reductions in retail sectors, a noticeable cooling in real estate sales, and a slowdown in job reports. While these trends do not necessarily indicate an imminent deep recession, they do suggest that consumers are becoming more cautious with their spending. People are prioritizing essential purchases and cutting back on non-essential items.
These economic signals highlight the importance for businesses to adapt and respond to changing consumer priorities and how we communicate with our clients. For us in the auction industry, this presents both a challenge and an opportunity: there is a growing market of cost-conscious buyers looking for value, making it crucial to highlight the affordability and practicality of auction purchases. By understanding and addressing these economic trends, we can better navigate the evolving landscape and find ways to thrive even in uncertain times.
The Constant in the Market
One thing I know is that people are always going to need to sell, and there are always buyers with cash. We can’t promise pricing from two years ago, but we can still offer the same great service and hassle-free process of turning their assets into cash. Having these conversations with sellers and helping them understand the current market and pricing expectations is crucial to the success of the auction.
The Path to Success
To succeed in the current market, we need sellers who are ready to sell with realistic expectations. Anything less is going to lead to a poor experience for everyone and less commission in your pocket. By staying informed about market trends and effectively communicating these realities to our sellers, we can ensure a smoother process and better outcomes for all parties involved.
Tips for Affiliates
- Educate Your Sellers: Make sure your sellers understand that market conditions have changed. Use recent data and sale prices to illustrate current trends and to realistic price expectations.
- Avoid Unrealistic Reserves: You determine if an item can/should be listed with a reserve and what a reasonable price is. Do your research and avoid unrealistic expectations. Absolute (no-reserve) auctions will always get the most participation and a true price discovery.
- Stay Informed: Keep up-to-date with economic factors and market conditions. Attend conferences, participate in webinars, and read relevant publications to stay ahead.
- Communicate Effectively: Regularly update your sellers about auction progress and market conditions. Transparency builds trust and helps manage expectations. They may not be ready for an auction, and that is OK, let them know you will be ready when they are.
- Target the Right Buyers: Ensure your marketing efforts are reaching the right audience. Utilize K-BID’s resources to connect with buyers who are actively looking for the assets you are auctioning.
- Provide Excellent Service: Maintain a high level of service to create a positive experience for your sellers. A satisfied seller is more likely to return and recommend your services to others.
Moving Forward
While auction prices may be adjusting, the need to buy and sell remains constant. By adapting to current economic conditions and maintaining a focus on providing excellent service, we can continue to thrive. Let’s work together to ensure we are delivering value to our sellers and buyers, no matter the market conditions.
I’d love to hear your thoughts and if you agree/disagree with what we are seeing.
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Software & Marketing Updates:
We've been busy with new features, enhancements and planning for the future. The addition of a second developer has allowed us to prioritize different projects and move much faster when it comes to new feature development. In the last few months, our dev team has worked hard to release the following features:
- Improvements to removal scheduling feature. Learn more.
- New SMS/text notification to winning bidders at the conclusion of the auction. Previously, we just sent an email notification, now buyers who've opted in for transactional SMS will receive the following message:
Congratulations! You won an item on an auction on K-BID.com View your invoice on your dashboard here: https://www.K-BID.com/dashboard
The removal for this auction is scheduled for (By Appointment Only):
Wed, Aug 14, 2024
08:00 am - 03:00 pm
Thu, Aug 15, 2024
08:00 am - 03:00 pm
Removal location: 5030 Hwy 12 - Maple Plain, MN 55359
The affiliate managing this auction can be reached at: +1-555-555-5555
- Recommended Items on bidder dashboard. Powered by AWS Personalize, we now show recommended items to each bidder based off their interaction with the website.
- New Share options. In just 45 days, these new share options have driven 650 additional people to the site and allows for a much easier sharing experience.
Stay tuned as we should have some more features out very soon!
Affiliate Spotlight:
We are looking for future affiliates to spotlight! Please reach out to us at affiliateservices@k-bidmail.com if we can showcase you.
Have an idea for a future tip of the month that may be helpful for other affiliates? Let us know by emailing affiliateservices@k-bidmail.com.
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