Offline auctions are a costly process, and it consumes a lot of time and cost. It is also inconvenient for bidders to be physically present for auction at the designated time and place specially when they know that there can be only one winner and r...
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Online auction or helps in price discovery and help the seller realise the best price for his goods or services.
Offline auctions are a costly process, and it consumes a lot of time and cost. It is also inconvenient for bidders to be physically present for auction at the designated time and place specially when they know that there can be only one winner and rest everybody would have to return empty handed.
Online auction is very cost effective and it saves cost and time for both bidders and for the seller. The whole eAuction process is transparent and competitive which ensures not only correct price discovery but also maximum participation as bidders can join the bidding from anywhere in the world.
Benefits of eAuctionReach out to many more potential bidders: Offline auction has a limitation that the bidder has to be physically present at the time of auction at the defined location. In online auction, the bidders can participate from any part of the world. Due to this flexibility, online eAuction is able to attract many more bidders than the offline auction.Saves cost: Online auction is much cheaper than offline auction as it does not require the hiring of space, the appointment of auctioneer, security, and transportation of goods under auction, etc.Saves time: The whole auction process can be wrapped up in a couple of hours depending on bidding intensity. Several eAuction can run in parallel and there is no limitation of space.Transparency: Online eAuction is generally more transparent because everybody is able to track the eAuction process online and the whole process can be recorded with the IP address and other details of the bidders. In offline eAuction, there are higher chances of favoritism and other malpractices when one or more bidders is in direct contact with the auctioneer and can influence the process.Perfect price discovery: As the eAuction process enables bidders across the world to participate in the eAuction process it leads to better price discovery and helps the seller to maximize his realization.Convenient for bidders: eAuction is very convenient for bidders as they can bid sitting in their own offices. They can on the spot consult with their higher-ups and run financial models which generally is not possible in the physical auction as there is a restriction on the number of members from each team who can be present in the hall due to limitation of space. Bidders are saved from unnecessary travel and hence saves both time and money.Types of eAuction
offer an eAuction platform for all kind of eAuction. Right2Vote's online Auction platform is the best auction site in India can be used for the following types of eAuction:
eAuction under IBC: Under the Insolvency and Bankruptcy Code (IBC), the Insolvency Resolution Professional (IRP) is supposed to find a resolution that can help creditors of the company to maximize their realization and minimize their losses. Generally, the IRP tries to restructure the company by change of management and other methods to get the company back on its feet. The IRP can also auction the assets of the company as part of the resolution process. The auction can be of the following types:
