Public auctions provide a way to dispose of large quantities of inventory.
Public auctions offer new and used merchandise to the general public. They are often run by police departments seeking to rid themselves of firearms, autos or other merchandise seized in criminal investigations. They are also operated by businesses seeking to dispose of inventory or furnishings. Nonetheless, there is no reason that only governments or businesses should conduct public auctions, you may also do so as a private citizen. You need only have items on hand that you think are in demand and a willingness to turn that merchandise into money.
Instructions
1. Identify the merchandise that you will put up for bid at the auction. Look through your inventory for items that are likely to interest the public. Get help from a shop owner or another person with knowledge about retail sales.
2. Find a space to conduct the auction. Check with the county fair grounds in your locality or rent an appropriate space. Ensure that traffic can enter and exit safely and that there is space for parking.
3. Secure any licenses to conduct the auction. Some states require a license to carry out an auction, if you are selling new equipment (see Ohio Reference). Be sure to comply with all requirements so that your auction will not be shut down by local authorities.
4. Publicize your auction locally in newspapers and online. Give the date, location and time of the auction as well as the type of merchandise up for bid. If you have particular dealers that you know, you may wish to invite them to the auction by special invitation.
5. Post the rules of the auction prominently in the auction space. Make sure that participants know the rules of the auction, including inspect the goods they bid on and where to pick up the goods. Specify the type of payment you will accept -- credit cards, cash, money orders or bank transfers.
