Among the many changes brought on by the COVID-19 pandemic was the halt of most in-person events, which can be problematic when you're in the business of auctioning commercial trucks.
Capability to bid remotely has been commonplace for many years, but the onset of the coronavirus – coupled with government restrictions on gathering in one place – forced a full transition for many auction houses coast-to-coast.
"Buying online, or sight-unseen, had already been popular for many years pre-pandemic, so it probably wasn’t a sea change," said J.D. Power Commercial Vehicles Senior Analyst and Product Manager Chris Visser. "Fundamentally, truckers will buy trucks if the freight environment is healthy and predicted to remain that way. Based on the number of trucks sold, combined with prices paid in 2020, buyers are at least as motivated and active as they always have been."
Work (and bid) from home
Taylor and Martin National Sales Director Steve Oliver said the company sold approximately 30% of all its equipment online, pre-pandemic. It now broadcasts auctions live from its corporate office. Equipment locations are staffed by representatives and open daily for equipment inspection only, starting seven days prior to the auction. But all sales happen remotely.
"It is not 100% online now. It is 100% remote. We still do everything that we can to accommodate people who want to bid over the phone," he said. "The number sold online post-pandemic is well over 90%, but there is a percentage of phone bidding for people who feel more comfortable with that method of bidding."
Similarly, buyers can still visit Ritchie Bros. auction sites to test and compare items in the yard prior to bidding, but have to trade waving auction paddles for clicking a “submit bid” button.
