May 2022 - Monthly Recap

See below for some interesting updates, statistics, rankings, and auction information from April 2022.  

General Monthly Info:  

Total Auctions Closed:  520

Largest Auction by Sales:  $165,298 Twin Cities Auctions  - #280 Twin Cities Auctions - NO RESERVE VEHICLES IN ANOKA, MN - Monday 9:00PM - MORE TO BE ADDED- https://www.k-bid.com/auction/43280

 Largest Auction by Lots:  617 Nordeast Resale - New Hope Vintage: German Grandfather Clock, Hummel, Redwing, Dept 56, Accordion, Mickey Mouse, Steinbach Nutcracker, Vaseline, Slag, Milk, Carnival, Depression Glass Hens, Royal Copenhagen, Noritake, Bone China, Weber, Snow Blower, Stihl, Korean & MORE!- https://www.k-bid.com/auction/43063

Most Watched Items of the month:  

1. 230 Watchers 1966 FORD RANCHERO - PRIOR SHOW CAR -:   View here
2. 173 Watchers 2018 BMW 4 Series 430i xDrive M Sport:  View here
3.  172 Watchers 2009 Jeep Wrangler Unlimited X 4x4  View Here
4.  168 Watchers - 1990 Chevrolet Corvette Convertible : View Here
5. 168 Watchers 520 2nd Street, Morgan, MN 56266 -: View here

Website Statistics:

*unique bidder accounts placing a bid in a given month.  

	Bidder Registrations
	2022
Jan	2,347
Feb	2,332
Mar	3,194
Apr	3,010
May	3,047
Jun
Jul
Aug
Sep
Oct
Nov
Dec

*all bidder signups, qualified (phone number verified, credit card) and non-qualified.   

	Website Sessions
	2021	2022	Change
Jan	1,043,960	1,014,746	-3%
Feb	939,528	956,142	2%
Mar	1,062,515	1,095,367	3%
Apr	1,088,584	1,145,435	5%
May	1,000,205	1,075,358	8%
Jun	974,208
Jul	959,755
Aug	1,008,396
Sep	943,129
Oct	996,803
Nov	930,528
Dec	935,601

*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 the Month(s):

Congratulations to these affiliates on their stellar month of auction sales!  

April 2022 

1	MNAutoAuctions.com
2	Twin Cities Auctions
3	Surplus Liquidation Auctions
4	We Sell Your Stuff Inc.
5	NCS Auction Company LLC
6	Estate Sales MN
7	NorthStar Brainerd Lakes
8	KX Real Deals
9	NAB Auctions
10	Loretto Equipment

Affiliate Anniversaries: 

Name	Start Date
JAX of Benson	5/1/2011
Inspired Auctions	5/3/2016
Second Story's LLC	5/12/2020
Kan-Do Auctions	5/15/2013
Warehouse Wonders	5/17/2021
All Star Auctions	5/26/2020
Superior Sales & Service	5/26/2021
PJ's Appliance Outlet	5/28/2019
Prairie Auction & Sales LLC	5/3/2021

News / Tips / New info: 

The IRS made some major changes earlier this year.  There was some concern that a new rule regarding 1099K's may require auctioneers to report payments (through a 1099k) to all consignors that received over $600.  The National Auctioneers Association has provided some clarity on the issue: 

"We know from the development of this part of the code that it is intended to ensure that “gig” workers, paid through Venmo, PayPal, etc. have their income reported. However, the definition of a Third Party Settlement Organization could be interpreted to mean an auction company.

As we know, it takes time for even the IRS to examine its own changes to rule on how they apply to different situations, and we promised to keep pushing and keep asking until we had something to report that was reliable. I’m pleased to report that we have that information, and I’m even more pleased to report that this answer comes as a direct result of NAA Members working through NAA.

At Day on the Hill in April, Lance Walker, CAI, BAS, CES, and Past President Terri Walker, CAI, BAS, CES, met with a representative from their Congressman David Kustoff’s office, who took the following questions to the Internal Revenue Service:

“Would an auction company, operating online, with whom sellers do not establish escrow accounts, are unrelated to the sellers, who have agreements regarding payments to sellers, be considered a Third party Settlement organization under IRS tax code, be obligated to report payments to the IRS and issue a 1099k?”

Below is the answer direct from the IRS Chief Counsel’s office:

“…(w)e would tend to think that the auction firm is not a Third Party Settlement Organization with a reporting obligation under section 6050W of the Internal Revenue Code.”

With this information direct from the IRS along with several more “off the record” recommendations from tax professionals, the NAA believes that auction companies are not TPSOs and do not have any new reporting obligations. As always, we recommend that you consult with your own tax professionals to make the final determination for your business.

I sincerely hope that this information helps you and your business… and I’m so proud and thrilled to report this fantastic example of Auctioneers Helping Auctioneers!

Yours,
 Aaron Ensminger, CAE
Chief Executive Officer"

Have an idea for a future tip of the month that may be helpful for other affiliates?  Let us know by emailing [e-mail].