Join Laura Doyle (YPO Metro New York) and Sandeep Walia (YPO Philippines) as they discuss how you can use auctions to your advantage.

Key Takeaways:

Auctions have moved to being more Direct to Consumer model compared to 5 years back with more omni-channel/online components to it.

Retailers and Consumer Goods business can use auctions as an additional transactional channel and can even turn it on and off as needed.

Ideal items are those that are unique or are in short supply.

Great examples are art, jewelry, boats, furniture and even building supplies or medical supplies.

Variety of auction tools now available to enable this.

Businesses should look at the legality of these sales and applicable regulations such as sales tax, 1099 reporting requirements.

Getting an auctioneer to help for the initial sales can help with traction and compliance.

To ensure success, there should be trust, transparency and even warranties to give the buyer comfort especially for large value transactions.