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It was well-received in that we got tons of eyeballs to the
website, and we were in the newspapers a lot. We had listed
some large buildings, but it ultimately just wasn’t there yet.
Chapter 7s, a lot of assignments for
the benefit of creditors (ABCs), and,
of course, 363 sales in Chapter 11.
Q Are most of your auctions now online or live?
It depends. There are a lot
of factors that go into deciding
whether an auction lends itself to a live
auction or whether it will be more
successful as an online auction. It
depends on the type of assets, where
they’re located, and the type of buyers
I’m looking for.
Last month, I did an auction
involving a refrigeration company
in New Jersey. There were about 50
refrigeration-type vans. With those
types of things, people from the West
Coast are not going to buy them. It’s
not worth having them shipped to
another part of the country. That’s
more of a regional purchase. In that
case, it lends itself to a live auction.
Earlier this year, I liquidated the
assets of a biodiesel recycling
firm. Some of the equipment is
very specialized, could be used by
people around the country, and
could be shipped. That lends itself
to an online auction, and we were
successful in liquidating that online.
There are many factors that go into
it. We think a lot about it before
deciding which method we’re
going to use. You can’t stick to one
process or strategy; you have to
be real nimble in this business.
Q So you were a bit ahead of your time back in the early 2000s, but
the market has grown to accept online
auctions.
Definitely, but I’m glad I did
what I did and learned live auctions
and worked for live auction firms. Eight
years ago, I broke off on my own with
www.Provident.Bank
TOTAL TEAM
LENDING
EXPERIENCED
LOCAL LENDERS
$9 BILLION STRONG
ONE DIRECT
LINE TO IT ALL
SHARON BENDER, SVP | 732.590.9380
TOTAL TEAM
LENDING
EXPERIENCED
LOCAL LENDERS
$9 BILLION STRONG
ONE DIRECT
LINE TO IT ALL
SHARON BENDER, SVP | 732.590.9380
continued on page 32