{"id":1304,"date":"2023-12-11T13:53:45","date_gmt":"2023-12-11T13:53:45","guid":{"rendered":"https:\/\/blog.rbauction.co.uk\/?p=1304"},"modified":"2023-12-19T09:25:53","modified_gmt":"2023-12-19T09:25:53","slug":"find-your-favourite-bidding-strategy-and-get-more-out-of-the-auction","status":"publish","type":"post","link":"https:\/\/blog.ritchiebros.com\/uk\/find-your-favourite-bidding-strategy-and-get-more-out-of-the-auction\/","title":{"rendered":"Find your favourite bidding strategy and get more out of the auction"},"content":{"rendered":"\n

Welcome to the wild world of auction bidding. Just like the animal kingdom, the auction environment is diverse and dynamic. Whether you are a regular bidder or new to auctions, understanding all the different bidding tactics can help you find your favourite strategy and get the most out of your auction experience. Let’s dive in:<\/strong><\/strong><\/p>\n\n\n\n

1. The \u2018turtle\u2019: <\/strong>Patience<\/strong><\/em><\/h3>\n\n\n\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Slow and steady wins the race. As a turtle bidder, you emulate this by starting with a low bid and working your way up slowly. Placing your first bid early gives you time to observe how the auction progresses and make informed decisions about your next steps.<\/p>\n\n\n\n

2<\/strong>. The \u2018shark\u2019<\/strong>: Dominance<\/strong><\/em><\/h3>\n\n\n\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Just as the ocean\u2019s predator, a \u2018shark\u2019 bidder is bold and assertive. You usually start with a high bid to make your intentions clear and eliminate the competition from the early stages. You are aware of your surroundings and know when to strike. Sometimes, you even scare other bidders away.<\/p>\n\n\n\n

Read also: <\/strong>Here\u2019s why people like Timed Auctions<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

<\/p>\n\n\n\n

3. The \u2018squirrel\u2019<\/strong>: Preparation<\/strong><\/em><\/h3>\n\n\n\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Squirrels are forward thinkers, usually storing resources for future use. Similarly, you -the ‘squirrel’ bidder- are all about preparation: You have already leveraged the resources available online, such as the past auction results or the Market Trends Report<\/a>, to access helpful information about pricing and market fluctuations. We bet you have already made up your mind about the budget you want to spend. \u00a0<\/p>\n\n\n\n

4. The \u2018ant\u2019: <\/strong>Collective intelligence<\/strong><\/em><\/h3>\n\n\n\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Ants are meticulous workers with a very special trait: Collective intelligence. As an \u2018ant\u2019 bidder, chances are you are able to maintain a holistic overview of the market. You keep in close contact with other experts to gather, piece by piece, all the valuable information for a winning bid during the bidding process.<\/p>\n\n\n\n

5. The \u2018fox\u2019<\/strong>: Cunningness<\/strong><\/em><\/h3>\n\n\n\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Foxes are admired for being clever and adaptable. Using the \u2018fox\u2019 bidding strategy, you wait and watch the auction closely. You go in and get that final winning bid only at the very last moment<\/em>. A cunning method to outmanoeuvre other bidders.<\/p>\n\n\n\n

Read also: 5 tips when joining an equipment auction for the first time<\/a><\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

<\/p>\n\n\n\n

6. The \u2018owl\u2019<\/strong>: Wisdom<\/strong><\/em><\/h3>\n\n\n\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

Owls are symbols of wisdom and insight. As an \u2018owl\u2019 bidder, you are unlikely to get caught in the heat of the moment. Technology is there to help you, and you are well aware of how to leverage it for your benefit, e.g., with the \u201cMaximum Bid<\/a>\u201d feature. Setting your maximum amount and letting the system bid on your behalf, you stay in the game without constantly monitoring the auction.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n\n\n\n

The question is, \u2018Who is the winner?\u2019 Well, each auction and item is unique, and your bidding strategy should reflect this. Whether you see yourself in a ‘turtle’, a ‘shark’, or any other of the above, understanding the strengths and weaknesses of each strategy can help you confidently navigate the auction terrain.<\/p>\n\n\n\n

<\/p>\n\n\n\n

\n
Ready to put your favourite<\/strong><\/strong> bidding strategy into practice? Create your account for FREE and get started.<\/strong><\/strong><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Just like the animal kingdom, the auction environment is diverse and dynamic. Whether you are a regular bidder or new to auctions, understanding all the different bidding tactics can help you find your favorite bidding strategy and get the most out of your auction experience. <\/p>\n","protected":false},"author":23,"featured_media":1317,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-1304","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tips-for-buyers"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t