#Ask Pete: Young Man Wonders if Auction Biz Has Future

#Ask Pete: Young Man Wonders if Auction Biz Has Future

Aug 11, 2017

Very interesting question I was posed by a young man this week:

Hey Machinery Pete, I have a question…I am a high school Senior and am looking into what profession I’m going to go into. I really love to auction things off and am told I do a good job at it, but will it provide stable income throughout the years or will it die out? Thanks for your time.” – Issac K.

My reply:

Isaac, great question, thanks for reaching out. Certainly the auction biz has been changing at an ever more rapid clip here the past 5 years or so with the online movement. But if we pull back and look at it…the auction method of selling is an ancient method, been around forever, centuries I believe. The truth I continue to see as I study auction sale price data and the auction industry daily is that yes, things are changing, but technology can cut many ways….it can do away with those who aren’t cutting edge, but it can also ENHANCE what the best ones are doing.

What our data shows is that the great auction firms who have built decades of trust, who treat buyers and sellers with respect, those auction firms that have embraced technology benefit from it. Technology has given them the opportunity to grow their brands beyond their local region. Still the most consistently high sale prices tend to be produced at on site physical auctions with great live online bidding. I think this speaks to a strong future for the auction industry. But it will continue to evolve.

I hope this perspective is helpful. I would add Isaac that knowing at your age where your passion lies is a very powerful thing and will give you a leg up on most other young folks. Keep your eyes open, head on a swivel, pay attention to what you see, hear others in ag/auction/equipment biz talking about. Continue to be as involved as you can. You will see opportunities along the way. Please keep in touch….and msg me video clip of you auctioning, I’d love to see behind the mic!

…..further advice I’d offer to Isaac would be to volunteer to help out at a great local auction firm. Chip in and help any way you can. Just get involved. Interact with people at the sales, get to know them, talk with them, listen, really listen. Help them any way you can. Offer to help with other regional auction firms as well. You will learn something from each auction firm you work with. I think this hands on experience with…

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