How liquidation auctions work

Many of us dream about being our own boss but aren’t sure of where to start. If you’re thinking of changing your lifestyle and starting your own business, even just as an additional revenue stream, buying and selling liquidated stock is an easy place to start.

You can commit as few or as many hours to your new venture as you wish, and you don’t need a huge initial investment.

Retailers receive back billions of pounds worth of stock every year, much of which is as new but for various reasons, doesn’t go back on their shelves. This stock has to go somewhere and a lot of it reaches the liquidation market.

Online auctions have changed how easily this stock can be purchased by the public, rather than passing between larger organisations. Nowadays, anyone, including independent traders, can view and buy this excess stock to do with as they please.

Here at William George, you will find regular auctions of liquidated stock. These normally come in the form of pallets within a certain category of goods or a group of specific items.

The best way to turn these goods into profit is to buy in bulk and separate and sell the items individually. You may have the skills to fix faulty items, or you can decide to just sell them as they are.

Buying these goods at one of our auctions is simple, just follow these quick and easy steps and you’ll be well away:

Browse
Take a look at our live auctions and see what is on sale that takes your fancy. You will generally find a selection of these type of auctions and they will contain a description of what is included, along with product images.

Register
Visit our Seller Hub which contains loads of useful information and register
your details on our short form.

Know your price
It’s a good idea to decide on your highest bid before starting the bidding process. Our website allows you to set a maximum but be mindful that you will need to add to this the Buyer’s Premium. There may be VAT to pay and if that is the case, it will be clearly stated underneath the auction title. The only other cost to be aware of is the delivery charge. You may have the option to collect the goods, so in that case it won’t be applicable, or you could arrange your own courier, allowing you to get various quotes and manage the process yourself.

After you’ve won
If you’re the highest bidder and the reserve (many sales are no reserve!) has been met, you will receive a payment request by e-mail, normally within an hour of the final lot of the auction in question closing. If the invoice is under £1,000 you can pay by card, if it’s more than that you can send a bank transfer.

Once payment has cleared, you will be sent a collection note which will contain all the details you need to receive your goods.

That’s it - it’s now over to you to turn a profit on your purchase - good luck and happy selling!

We’d love to hear your success stories, so get in touch it you’d like to share them with us.

If you enjoyed this blog, check out these that also feature useful advice:

Start your own business and become a reseller

Top tips for buying at online auctions – part 1

Top tips for buying at online auctions – part 2

 

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