5 Biggest Myths about Online Auctions (on K-BID)

Posted: 06/03/2019

Online Auction Myths

There are plenty of myths and misconceptions about online auctions and it is definitely to your benefit to be able to separate the facts from fiction before you decide to buy or sell anything through an online auction. Here are some of the most common misconceptions about online auctions:

#1: People only sell through online auctions during a bankruptcy, business closing or death.

False. While true in some areas of the country, online auctions are quickly becoming the go-to method for individuals and businesses of all size to downsize or sell unneeded assets. Many clients continue to use affiliates of K-BID to sell excess items on a regular basis regardless of the situation. While we work with many of the scenarios described above, online auctions can be a great fit for any situation where you need to sell fast and efficiently.

#2: Items are only sold on online auction if they have issues or are in bad shape.

False. Classic cars, fleet vehicles, surplus equipment, and estate auctions all have items that are in fine working condition, the seller just needs them gone. While true that some items may be in rougher shape, there are thousands of great, working items sold on K-BID.com each month. We believe in full disclosure in auction pictures and descriptions but there is no substitute for inspecting the items yourself to make sure you know exactly what you are getting.

#3: The seller is bidding against me.

False. We enforce strict policies against sellers or affiliates bidding on their online auctions. In fact, our affiliate auctioneers do not even have access to the max-bid information, meaning they can’t see if you bid $5,000 and won the item for $4,000. We understand that bidder trust is the biggest asset we have and do not take that responsibility lightly.

#4: There are never any deals to be had.

False. Like any shopping experience, be patient, set a budget, and do your homework. Due to the immediacy of auctions, sellers expect that they are not going to receive the full “retail” price on items they are selling. There are plenty of opportunities to score great deals every day!

#5: Is K-BID legit?

Yes! K-BID.com has been a leader in the auction industry for 20 years. Based in Maple Plain, MN, we've grown from a local live auction company to a large network of independent affiliates that service the Upper Midwest. Thousands of buyers and sellers participate in our online auctions each month.

Thinking about buying or selling at auction? Have questions about the process or if it's the right fit for you? Click below for more information and to learn about K-BID.

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