Buy It Now, It’s What Everybody Is Asking About!
ISA launched Buy It Now in the beginning of 2022, but never expected it to have the impact that it has had. Shortly after it was launched, items began to sell quickly to eager buyers who could not wait until auction day to purchase. As more customers became aware of this new way to buy and sell with ISA, questions began to arise about how this really works. When do I consign? Is Buy It Now a good option for me? How does it all work? Hopefully this brief overview will give you a more thorough understanding of how Buy It Now gives great advantages to both the buyer and seller.
How Quickly Do Items Sell?
ISA has had items sell the very same day that they arrived at the yard. In 2022, items for the Annual Spring Auction began to arrive in January and were immediately available for sale. The first Buy It Now item sold was a Kenworth T800 on January 26th, less than a month after launch! The next item sold was a Bobcat Tool Cat 5610. It arrived in the morning of February 4th, was listed and available for purchase by the afternoon, and was sold at 3:20 PM the same day! However, not everyone can expect those results. In short, there are a lot of variables that factor into how quickly something will sell. Obviously, price and market demand are the largest determining factors. To learn how your item should be priced, or what demand is, you should contact ISA.
Why Buy It Now?
Before Buy It Now was created, many buyers would call asking if they could buy prior to the sale. As soon as items were listed, they would typically have their eye on one piece of equipment that they specifically needed for an upcoming job, especially in spring. As ISA stepped-up its listings by filming Operational Videos and raising description quality, the area from which these calls were received greatly increased. Consequently, Buy It Now was developed and implemented to address these issues and make the equipment available as soon as it arrived at ISA’s yard. It was a was a win/win for buyer and seller!
How Does It Work?
The basic concept is simple. An item is consigned to sell at the next auction event, but is available for purchase now. The price that is set is an agreed upon number between the seller and ISA. This gives the seller the option to hold out for top dollar or settle for a lower price and sell faster. It is completely up to the seller and ISA will always set a realistic expectation of results. If, at approximately 4 weeks out from the auction date, the items do not sell for the Buy It Now price, the price will be removed, and the item will be sent to auction to be sold to the highest bidder. You can check out some examples on ISA’s Next Heavy Equipment Auction.
Is Buy It Now For Me?
Buy It Now works amazing for fleets looking at seasonal reductions, or dealers who are looking to reduce their floorplan. It is the best sales option for idle equipment that will be sold at auction regardless. It gives the seller the option to arrange logistics during lean parts of their schedule, so you don’t have to make a mad dash to deliver all your equipment by auction day. ISA is open regular hours and equipment can be dropped off for the next auction as soon as the current one ends. For dealers, it’s a quick and easy way to liquidate trades. It also gives dealers the ability to diversify their trade opportunities, knowing that they have a guaranteed sale method to capitalize on the trade, especially if it’s not something they specialize in. Buy It Now may not be for everybody, but it is a great option for most. If you are unsure whether Buy It Now is right for you, ISA is always available to help you answer that question.
When Should I Consign?
With buyers willing to buy now, there isn’t much of a reason to wait. If equipment is just sitting in your yard, it can sit in ISA’s with a price on it and be sold before, or on auction day! Items gain much more exposure when they are at the yard longer and ISA doesn’t waste any time in promoting your item. Item listings are viewed by thousands of potential buyers that follow ISA’s auctions and items can be inspected any day during normal business hours. The sooner you consign, the sooner it could sell. You can even consign easily online with ISA’s online contract!
Why Should I Sell With ISA’s Buy It Now Option?
Selling at ISA’s auction with Buy It Now gives you the best of both worlds! It allows you the opportunity to sell now and gain access to auction-style marketing. ISA lists equipment with every major platform or listing service available. In most cases, you would pay more to list items with these services than you will pay ISA for commission. ISA’s auction method is working very well for buyers and sellers alike and is the main reason ISA has experienced so much growth in the last couple of years.
Prices realized at the Annual Spring event saw a year-over-year increase of 51.2% from 2020 to 2021, and the YOY growth rate from 2021 to 2022 over doubled to 105.2%! Registered bidders trended the same with year-over-year growth at 22.2% from 2020 to 2021, and 50.5% YOY from 2021 to 2022. Old & New buyers continue to purchase with ISA because of the quality and objectivity of the equipment listings, great customer service, and convenience. Sellers continue to bring more and better items because equipment is selling quickly for good money. It’s the strongest testament to why you should sell with ISA. And if that isn’t enough, make sure to check out ISA’s reviews for an objective opinion from customers. There are around 1,000 1st-party reviews on the website or you can check ISA on Google and Facebook for more.
To sum it up, Buy It Now has become a proven way to get the most out of buying and selling equipment at auction. It allows for the free exchange of equipment through auction all year, creating a marketplace that makes transactions easy for both buyer and seller. Whether your equipment is sold with Buy It Now or is sold in an intense hi-speed public auction, you will know that there is a guaranteed path to sell it that takes almost no effort. If you have heavy equipment, trucks, trailers, or other related items that need to be sold, contact ISA and ask them what they think would be the best route for selling these items. If you are looking to buy with ISA Buy It Now, be sure to stay up to date on all the equipment, trucks, and other items for sale by downloading the ISA Auction App.