What Is Auction Software?

Auction software aids users in the planning, capture, and processing of bids as well as compliance management for auction fundraisers. This type of software is useful for one-time events as well as regular online auctions.

These solutions provide a central point for tracking item and registrant data as well as facilitating cooperation among members of your team. They aid in the smooth running of auctions and increase the effectiveness of your fundraising efforts.

Functionality of Common Auction Software

From pre-event planning to post-event analysis, auction software's many capabilities are meant to assist customers in managing the whole auction cycle. Here's a rundown of some of the most typical features to look for in auction software:

Event item management

Track and store auction event details, RSVPs, seating charts and more. Procure, tag and list items for auction.

Auction type customization

Online or offline? Live, silent, reverse or sealed bid? 'Buy Now' items? This software helps you manage a number of types of auctions.

Website creation user registration

Create a branded auction event website and allow users to register for auctions online for easy bidding and payment.

Automatic bid capture

Capture and update bids on auction items in real time. Automated outbid notifications encourage participation.

Payment processing receipts

Process payments immediately upon sale. Email receipts and acknowledgments to donors automatically afterwards.

Post-event analytics reporting

Gain insight and generate necessary forms. For example, you can find out which items did better than expected and what times had the most bidding activity.

Auction software integrates with other systems within your organization, whether it be fundraising software to see how much an auction contributed towards your goals or accounting software to easily capture event expenses in your general ledger.

The Advantages of Auction Software

Dedicated auction software may appear unneeded if you never hold auction fundraisers or do not rely on them for major funding. Dedicated auction software, on the other hand, becomes a critical investment if big price auction events make or break your organization every year.

The following are three ways that auction software can assist you in running and managing auctions:

Increase the flexibility of your auctions. Traditionally, participants are unable to bid on items if they are unable to attend your auction event. Guests may become engrossed in your event and neglect to wander over to the table to see what's on offer. Auction software gives participants more flexibility with features like mobile bidding and the option to hold auctions online.

Encourage people to participate. When a person is outbid, the auction software can send an automatic push message, as well as recurring reminders to guests to donate to your great cause. What's the end result? More money raised overall thanks to higher final sale prices on your auction items.

Capture auction data in a secure manner. Bids, payments, receipts, acknowledgments, appraisals, RSVP lists, catering lists, and donor information — losing track of any of this information might put your auction on the rocks. Not only does auction software provide a secure location to store and process this data, but it also ties it all together in a simple way to build efficient process processes.

What Is the Price of Auction Software?

It would be ideal if all auction software vendors banded together and agreed to price their software in the same way, but that isn't the case. With auction software, you may encounter the following pricing methods:

Cost only once (ie, perpetual license)

Monthly or yearly flat fee per auction

Monthly or yearly fee per user

Aside from the cost of the software license, there are additional considerations to consider. Some vendors may impose a restriction on the number of things you can auction in a given price range or charge a "performance fee" (akin to what an auctioneer would charge). Others may demand additional fees for services such as customer assistance or training.

When looking at possibilities, keep in mind how and when you'll be charged for the program so you can budget correctly.

Buyers of Different Auction Software

The majority of auction software is purchased by non-profit organizations (charities, foundations, and schools), although they are not the only ones. Here are some different sorts of commercial auction software buyers, as well as examples of programs that appeal to each group:

Manufacturers: If you need to run a reverse auction to get the best bid from competing suppliers, check out systems like ProcurePort.

Auction houses: If you want to create a private online auction to sell off real estate or industrial equipment, look for platforms like Sharp Auction Engine.

Car dealerships: If you need to run an auction to sell off vehicle inventory, research products like Auction123.

E-commerce businesses: If you're looking to build a long-term auction business online like eBay, consider software like Easy.Auction.

I am Kevin Taylor. I love writing and reading books.