Auction Locating Services
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In today’s article we’re going to feature a quick round-up of some what we believe to be some of the most valuable resources on the internet for anyone looking to take part in the surplus business trade. The resources consist of, in our opinion, many of the best products, services and educational and training information available to individuals. Some are free information resources, and some are paid products and services. But, all, we feel, will be highly valuable to most readers of SurplusBusiness.Com.
So, please, peruse the following surplus business resource list at your lesiure. We’re sure you’ll find something within the listing that you find to be of value.
Government Auctions School — A very handy and information-packed guide for taking advantage of government auctions is available from this resource. However, it mostly focuses on how to obtain vehicles — cars, truck and SUVs at government auctions. But, some information contained within the guide is sure to be of value to those seeking to obtain other types of merchandise at government auctions.
Government Auction Tracking and Listing Service — This site offers an exceedingly valuable service to those looking to take part in government auctions. Of course, knowing just when, and exactly where, government auctions are taking place near you is absolutely key in being able to grab the best deals on government surplus merchandise. This locating and tracking system maintains an exhaustive and constantly up to date list of all of the latest announced upcoming government auctions. The auctions are searchable by area, and the resource maintains a reminder service, so you can be constantly kept abreast of any new government surplus auctions that are scheduled to take place near you — or, in any area you choose.
Auction-Resource.Org — Claims to be the internet’s #1 source for government and police seized, surplus and unclaimed property auction listings. Maintains a database of more than 4,000 live, active and upcoming public auction listings — entirely searchable by area. Along with its extensive government auction listing service, Auction-Resource.Org also offers an extensive collection of training and instructional materials.
The Auto Auction Center — Provides a live, interactive search function enabling users to perform searches for specific vehicles currently up for auction from various government sources, including local, state and federal police agencies, military, and other federal, state and local governmental departments. Also provides access to browsable and searchable lists of all such vehicle auctions.
SherrifAuctions.Org — Includes online listings of country-wide Sheriff’s department auctions for items such as seized and repossessed cars, motorcycles, trucks, SUVs, vans, RVs, and boats. Provides listings of live, ongoing, Sheriff auctions currently taking place online in real-time, as well as listings for Sheriff auctions coming up in your specific, local area.
Ultimate Surplus & Wholesale Guide — For anyone looking to get into the game of making money by snatching up bargains at surplus auctions, or purchasing items at or below wholesale prices from various surplus, wholesale and liquidation sources, this is the ultimate guide which will detail absolutely everything you need to know in order to do it. The guide details exactly where and how to find and purchase surplus, liquidation and wholesale products at prices up to, and sometimes more than, 90% off the product’s regular retail price — and then, turn around and sell those items at a substantial profit.
Wholesale Sources Online — The #1 source on the internet for searching and finding active sources, providers and distributors of wholesale, close-out and liquidation items such as jewelry, watches, designer handbags and fashion accessories, clothing items, and more. Name brands listed include labels like Gucci, Prada, Chanel. Versace, and more — all available at wholesale, or below wholesale prices.
Live auctions, like government and military surplus auctions, offer both an enjoyable and an exciting opportunity for people from all walks of life. All manner of various sorts of items are able to be obtained from live auctions that are going on all over the country all the time — and, very often, the items available at these live auctions can be acquired for prices well less than market value. However, if you’ve never been to such an auction, or have attended only a few, you might not be entirely clear on just how to best conduct yourself in order to maximize the potential for successful bidding. You’re looking for some live auction bidding tips. So, in this article, I’ll try to cover some of the basics, and walk you through a few important do’s and don’ts.
Locating Live Auctions to Attend
The very first step you’ll need to take, of course, is actually finding exactly when and where such auctions are going to be taking place. Doing so will either require some amount of research on your part, or you can use the services of a live auction locating service in order to be informed of exactly when and where live auctions will be happening in your area. Such services (such at the one located at this link) will eliminate all of the research and leg work you’ll need to put in to discovering any upcoming auctions that are available to you.
However, if you don’t wish to take advantage of such a service, you can spend some time looking up local auction houses in your area — either in your local phone book, or on the internet — and then contacting them each individually and asking if they have any auctions coming up that are open to the general public. Sometimes, the auction houses will post information regarding upcoming live auctions to their websites. But, since dates can change, and auctions can sometimes be organized very quickly, a lot of times they wont list every auction on the website, and only an actual phone call to the auction house itself, or a visit there, will assure you of the most up to date and complete information.
Along with this, you’ll want to check your local newspaper’s classified sections often and thoroughly, as notices for upcoming auctions will often be posted there. Also, make sure to check any on-line local classifieds websites for your area and make use of online resources like Craiglist.
The Various Auction Types
When you’ve discovered all of the upcoming auctions that are taking place in your area, are open to the public, and you’ve compiled them all into a list, you’ll need to learn the specific rules for the different types of auctions that you wish to attend. This, again, is another area in which the auction locating service mentioned above proves highly valuable. As, along with listing every auction scheduled to take place in your area, the services will also provide you with precise and complete details regarding the rules for each of the auctions to which it informs you. But, again, if you’re not interested in using such a service, you’ll need to contact the organizers of each of the auctions directly and inquire as to the specifics of the individual auction.
It’s common for some auctions to have limited availability and require pre-registration by a certain date, and you’ll need to register before that date if you wish to take part. Many such auctions operate on a first-come-first-serve basis. So, you’ll want to make sure you get that information and register as early as possible in order to secure yourself admittance.
Some auctions will require an entrance fee. This is usually a relatively small amount, and is usually deductible against any successful bid you place. So, let’s say the entrance fee is $50.00, and you end up winning a bid for an item with a bid of $100.00, the auction house will simply keep your $50.00 entrance fee and require from you just another $50.00 when it comes time to pay for the items you won. They do this because space usually is limited and they want to make sure they fill the limited space with people who are serious about bidding.
Some auctions may require you to enter a larger, entirely refundable deposit as well. This works the same as the deposit described above, except that even if you don’t bid on anything, the money is returned to you at the end of the auction. This is done as a safety measure to guard against people who might obtain the winning bid on an item and, for whatever reason, decide not to pay for it when it comes time to collect the item. Some auctions may require you to provide your credit card information for this purpose, while others may require a cash deposit.
Along with this you may encounter different styles of auctions, and you’ll certainly want to know ahead of time which style the auction you’re attending will be conducted in. The different styles are:
- A traditional, or sometimes called an “English” auction. This is the type of auction that most people think about when they hear the word “auction”. It’s the traditional type, where bids start at a low price and bidders ‘bid each other up’ until people stop bidding. The person with the last and highest bid wins the auction.
- A Dutch Auction. This is sort of the reverse of an English auction. In a Dutch auction the price for an item starts high and gradually lowers over time until someone places a bid. The first person to place a bid wins the item.
- A ‘closed bid’ or a ‘silent auction’. In this type of auction bidders enter the price they’re willing to pay for an item in secret, usually by placing their written bid in a sealed envelope and submitting it. Nobody at the auction knows what anyone else’s bid amount is. After a certain time, the auction stops accepting bids, all envelopes are opened, and whoever submitted the highest price wins the item.
These are the three most common styles of auction you’re likely to encounter. There’s also what’s known as an ‘absolute auction’, which is similar to a closed bid or silent auction, but without any minimum, or reserve, price being set on items.
Live Auction Bidding Tips — Bidding!
One thing you should keep in mind is that, according to the laws in most places, once the auctioneer’s gavel falls, the item is yours. It doesn’t matter if money has exchanged hands or not. When you place a bid and the auctioneer informs you that yours is the winning bid and stops the auction, as far as the law is concerned, you’ve now entered into a legally binding contract with the auctioneer. You now legally owe him the money you agreed to pay, and he now legally owes you the item he agreed to sell you at that price. So, make sure you only ever place a bid if you’re completely willing to pay that amount for that item. Once the auction for an item stops, if you had last bid, then you’re going to have to fork over the money.
The bidding can be conducted very quickly, and it can be confusing for inexperienced attendees. Auctioneers have the right to reject your bid if you seem confused or unsure, and if you’re slow, they wont wait around for you. For this reason it’s advisable that you might want to think about trying to locate a couple of auctions that don’t require non-refundable deposits and where space isn’t very limited, and attend one or two before you even try placing bids, just to get a feel for how things transpire, and for what you can expect when actually bidding.
Depending on exactly what style of auction it is, and a number of other factors, it can be surprisingly easy for an inexperienced auction attendee to overbid. If you don’t have a lot of experience, the process can be somewhat fast paced and confusing, and it’s not difficult at all to get completely caught up in the excitement of it all. Believe it or not, an auction can be very exciting! There may be times when an inexperienced person enters into a competitive mode — it becomes like a game — a competition, and the desire to just win an auction becomes overwhelming. When this happens there is a real danger that you can overpay for an item. It feels good to win, but if you end up paying more for some item than you could have gotten it for had you bought it retail, that feeling wont last for too long after you leave the auction house.
The surest way of avoiding this is to make sure that you do your homework to the best of your ability. A lot of auctions will publish a list of all of the items that will be made available at the upcoming auction. Obtain that list if you can, as far in advance as possible, learn as much as you can about each item you think you might be interested in bidding on, and do some research into what the items would be worth to you and what the highest you’re willing to bid on the item would realistically be. In a good number of cases the auction house might even set a date before the day of the auction wherein interested parties can view the items that will be made available at the upcoming auction. Take advantage of this if it’s offered and take careful note of the condition of the items. Do as much good research as you can into the real value of the items. Use this information to determine a maximum bid for yourself and stick to it.
Above all, just use a little wisdom and common sense and you’ll likely do just fine and have a lot of fun.
Do you have any of your own live auction bidding tips? If you do please consider sharing them in the comment box below. We’d love to hear your thoughts!
At the average customs auction, one is quite likely to locate surprising bargains on a wide array of items, providing that the interested buyer does two things correctly. The first thing, of course, is finding out exactly where and when the customs auction is taking place. The second thing is to know as much as you can about the particular items that you’re interested in bidding on.
Conducting a simple online search, using the right search terms, is sure to bring up a host of websites announcing such upcoming customs auctions — almost all of them being open to members of the public. The problem, however, as I’m sure you’ll find if attempting to locate public customs auctions via this method, is that the vast majority of the information you find will very likely be outdated — announcing ‘upcoming customs auctions’ that have already taken place. Internet search engines are great tools for tracking down information. But, due to their nature, they’re often not great tools for ‘timely’ information.
What is a customs auction?
Customs auctions are pretty much what the term implies. Every day in this country border agencies and other customs services seize a wealth of goods that are being imported into the country. The importers may not have gone through the correct channels, or otherwise not properly followed the correct procedures, when attempting to import certain goods into the country. If the matter can not be settled with the importer, for whatever reason, (and it’s not uncommon that it actually can’t), the customs agency will take possession of the goods through seizure. Every so often they will attempt to clear out their stock of such items. They do this, in large part, by holding public customs auctions where such goods are made available to bidders.
Not too long ago a friend of mine, who regularly attends customs auctions, was able to purchase an entire lot of assorted electric lamps at one of these auctions. He managed to place the high bid on the lot at a price of $950.00. The lot contained exactly one-hundred and fifty electric desk lamps — brand new, right from the manufacturer — that regularly retail for $49.95. His cost, per lamp, was about $6.33. Within a week he found a buyer for the entire lot at a price of $3,800.00 — for a total, quick profit of $2,850.00. He could have made a fair bit more if he had chosen to piece the lamps out instead of selling them off all at once, but the opportunity to move them all at once presented itself and he took it. The lamps were being auctioned off in the first place, it seems, merely because an Asian importer had failed to file the proper paperwork, and had failed to follow up with the customs agency in a timely manner. The customs agency had difficulty establishing contact with the importer and, after a time, the items were put up for bid at auction.
There are so many stories like the one above when it comes to these customs auctions, I could literally fill an entire volume of books just relating them. These customs auctions are going on all the time, and a fair number of people are earning a good living from them — just buying and re-selling items they obtain at these customs auctions for a profit. Oddly enough, however, it seems as though not all that many people, in the grand scheme of things, actually know about them. And, of course, even fewer people are aware of how to locate when and where customs auctions, which the’re able to participate in, are actually happening.
How do you find customs auctions?
A lot of people with a casual interest in attending such customs auctions tend to quickly become frustrated if and when attempting to locate them. Such people might hear about such auctions from various sources, become excited about attending one, and simply hit Google, Bing, or some other such search engine in an attempt to locate a customs auction which might be taking place near them at some time in the future. As mentioned above, however, they quickly discover that they need to wade through a sea of useless, outdated information. They quickly become frustrated and give up — usually thinking that finding customs auctions requires some sort of insider information, or special experience or know-how.
So, how do you find customs auctions that you can attend? By far, the most effective way of locating and keeping apprised of any such upcoming auctions in your area (or, any area you choose to apprised of) is to join a qualified auction listing service. Such services keep constant tabs on all public auctions that are taking place around the country. They use their pool of established contacts to maintain extensive and exhaustive lists and notices of any customs auctions, and other types of auctions as well, that are upcoming. The auction listing service will then provide its members with on-line search functionality that will allow you to perform exacting searches by area, time, location, etc. The better services will even allow you search by the specific type of merchandise you’re interested in bidding on. You can also use the listing service to send out e-mail alerts to you whenever an auction is announced to be coming up within the boundaries of a geographical area you specify.
There are a number of such services currently in operation. Here’s a short list of some of the tops ones, listed in order of our recommendation:
As with most people, it’s very likely that you’ve heard of federal government organizations like the Department of Justice’s U.S. Marshals Service, the IRS, the FBI, the ATF, DEA, and many other such agencies, actually seizing things like automobiles, houses, boats, and all sorts of consumer goods and merchandise and then holding auctions to move these items to the highest bidders at public auction for incredibly low prices. Just about everyone knows this goes on. Ask just about anybody and they’ll tell you that they’re aware that such activities are commonplace. Then, ask them if they know how one might go about participating in such customs auctions and they’ll tell you that they have no idea. This is the common experience of most people. Of course, they’d be very surprised to learn that all that is required is to take advantage of one of these qualified auction locating services that will actually do all of the work for them, and they too could be acquiring incredible merchandise at public customs auctions, and a myriad of other types of auctions, at up to 90% off the regular retail price of such goods.
Have you ever found yourself with a curiosity about making money by purchasing items at auction at low prices and then re-selling those items at a profit? It is, in fact, somewhat surprising just how popular this notion appears to be. In fact, to a fairly large number of people, the thrill of obtaining interesting items at auction for low prices, just in itself, seems like both a fun and interesting endeavor. And, if truth be told, flipping those items that you manage to acquire at auction for a profit is a good way of making money — one that you could even easily turn into either a lucrative part-time, or even full-time business for yourself.
Indeed, there are quite a number of people out there, right now, who are earning substantial incomes doing just that. They attend government surplus auctions, bid on the items up for grabs, and actually have loads of fun doing it. They then turn around and flip the items they’ve won through channels like eBay, or even through local classified advertisements, or a number of other channels. Not everyone has the time to attend government surplus auctions — nor the know-how required in locating them, or how to participate in them. So, if you can obtain items by placing winning bids at, say, a 500% discount over what the fair-market resale price is for such a used item (which isn’t all that difficult to do at a government surplus auction) you can mark-up the item by, say, 400% over your bid price, and still sell it off to a buyer for, what would be to them, a substantial discount.
For the purposes of illustration, using the above the figures, let’s say you managed to obtain the fictional product of a ‘widget’ at auction. A used widget in good condition regularly sells for about $1,000.00. You, however, won your widget for a 500% discount below that price. That means you will have spent only $200.00 to acquire your widget. You then mark-up your resale price by 400% and advertise your widget for sale at a price of $800.00. A buyer, paying your full asking price, would still be purchasing your widget at a savings of $200.00 below what they could normally find used widgets selling for. And, you’ve still made a profit of $600.00! The reason for this is because the ‘fair-market resale value’ of used merchandise is based, for the most part, on the prices of used items that have originally come from retail sources — not from surplus sources. And, retail sources begin with a higher cost for most merchandise.
The used widgets, in our fictional example, that most people are used to seeing for sale, are priced on average at $1,000.00, because almost all of these widgets are being re-sold by people who originally purchased the widgets at retail — not through surplus auctions. The bulk of those widgets being resold, therefore, are being resold for less than what the seller actually paid to acquire the widget in the first place, and the seller is attempting to recoup as much of their original purchase price as they can. This is what dictates the average resale value of a used widget.
So, how can you get involved in making money with government surplus auctions? Of course, the very first thing you’ll need to do is to actually find such auctions that are taking place in your area. Practically anywhere you might live, there are most likely many such auctions taking place relatively close to you on a regular basis. The problem is — and this is one of the reasons why not a lot of people take part in these auctions — is that the auctions usually aren’t well publicized. And, there’s a reason for that. The entire thing about these auctions is that the people who do attend them are looking for great deals — and the agencies that hold such auctions are looking to dump their surplus inventories quickly. That’s exactly why they sell this stuff through an auction format — their primary concern is to get rid of the stuff fast, and they do this by selling it all in one go, at auction, for very little money. Of course, doing it this way, however, while it does work to unload their surplus inventory quickly, it doesn’t result in huge profits for the agency when each auction is assessed individually. So, the agencies have an interest in keeping costs low in order to maximize their returns. And, publicity for the auctions cost money.
It’s not bad for them, however, because there are a dedicated group of regulars who attend these auctions, who will put forth the effort to hunt down the auctions and find them. And, that’s all the agencies really need — just this dedicated group. Because, of course, this dedicated group are made up mostly of re-sellers — so, they buy and buy and buy. If you get into attending these government surplus auctions on something of a regular basis, one of the first things you’ll notice is that you’ll see the same faces at many of these auctions, over and over again. And, by actually not widely publicizing government surplus auctions, it works out better for the agencies holding the auctions.
Remember, the primary concern of the agencies that are holding the government surplus auctions is to unload their surplus inventory quickly in order to make room for new inventory, and to rid themselves of the associated costs and efforts in storing their surplus goods. If the auctions are well publicized, a lot of regular folk will attend and that will drive the prices up. More people attending means more bids — more bidding wars. Which means the individual auction lots end up selling for more money. It’s kind of counter-intuitive, I know. You may think that would be desirable for the agency selling the items. But, it’s not! The higher prices drive away the professional buyers.
The professional buyers are there to acquire stuff cheap for the purpose of turning a profit — they’re there to acquire LOTS of stuff. If they can’t obtain the items at prices that make it worth their while, they’ll go away, and the agencies will be left with a room full of average joes looking to spend a hundred bucks or so to get their hands on one or two items. The agencies don’t want that. They want professional buyers who have business channels set-up to quickly move all the items they can get their hands on. Because, even though these professional buyers will buy more cheaply on a per-item basis, they still buy, and buy, and buy, and buy. And, they will buy items that casual buyers just wont bid on — pallets full of industrial machine parts, and what have you — because the professional buyers have the contacts and the means to resell such items. Casual buyers — members of the general public — just don’t. They have no interest in acquiring such things.
So, if by over publicizing such auctions the agency drives away the professional buyers and are left with a room full of average people — people who merely saw an ad somewhere and decided to go and try to grab a bargain or two on some piece of merchandise they might want to acquire for their own use, there’s a much greater chance the auction is going to conclude and that the agency conducting the auction, while, on a per-item basis having received higher prices on the items that did sell than they otherwise would have, are left stuck with a ton of excess goods that didn’t move. And, this is exactly what the agency doesn’t want. They want rid of the stuff. They don’t want to have to deal with it any longer. They need to make room. That is their primary concern.
Due to this tendency to under-publicize these auctions, most people don’t have time, dedication and know-how that’s required to hunt them down and discover exactly when and where these auctions are taking place. They might attend one if they, by chance, happen across a small notice in their local paper, or something. But they wont go out of their way to actually seek out the information — which is what is required, really, if you wish to attend these auctions on anything approaching a regular basis.
So, what must you do to put forth the effort in actually locating these auctions? Well, there really are two methods. You can do all of the footwork yourself — keep browsing the classified sections by daily routine in local papers, find and contact auction services that handle such auctions on a regular basis and ask them to notify you of any scheduled auctions, and do the same with the government agencies directly. Or, you could incorporate the services of an organization that does all of that work for you. Services such as the one located here.
Such a service will provide you with a comprehensive and frequently updated database of all upcoming government surplus auctions that are scheduled to take place in your specific area. You can set the service to notify you through e-mail whenever a new auction, in any area you specify, has been scheduled. Or, you can search through their database any time you choose. Their service will provide you with dates, times, locations, contact information for representatives involved in running the auctions, and in most cases even detailed and comprehensive listings of the specific items that will be available for bidding on at those auctions. You can even browse the auction listing by state, or conduct searches based on Zip code and choose to have results returned based on a specific radius in which you’re willing to travel to in order to attend such government surplus auctions.
The particular government surplus auction locating service mentioned above, that you can visit by clicking here, will even allow you to search by a specific item that you’re interested in and will then return results for any upcoming auction that is selling that item — it will provide you with the date, location, information you need to know about the auction itself, and specific, detailed information regarding the particular item that’s up for sale. Along with that, they maintain a nationwide database of foreclosure and pre-foreclosure properties — if you’re interested in purchasing real-estate at surplus auction prices. They also provide a wealth of educational materials — including a library of videos of actual surplus auctions being conducted — in order to familiarize you with the process of taking part in a government surplus auction. They maintain a list of recent surplus auction results and sale prices — providing you with an idea of what to expect to pay in order to actually win bids at any auction you might be interested in attending. A good auction locating service, such as the one linked to above, will provide all of these features and more.
There’s no doubt at all that making money with government surplus auctions is a very workable avenue toward real revenue generation for just about any individual. And, there’s also no doubt that taking advantage of a qualified locating service is practically a must for anyone with an interest in really making money with government surplus auctions on a regular basis.
In our modern era of communication through online social media and the ever-present smartphone, it has become a relatively simple task for just about anyone to almost instantly set-up and begin operating an online business. And, with the ease the internet has provided in linking wholesale suppliers with distributors, marketers and merchants looking to sell merchandise at mark-up to a retail market, the prospect of starting your own online business has never been more feasible to the average person.
With that being said, however, at least a little know-how is still required. Sure, you might have aspirations for starting a web business — perhaps starting your own online store – but, unless you’re already somewhat web savvy, and/or have done a small amount of research, there’s likely two areas that you may be experiencing confusion over. The first is: How, exactly, do I go about actually getting an online store, or other point of sale eCommerce mechanism set-up and running? To help you in this area, I recommend spending some time browsing all of the free information available at this great online resource: OnLineStoreHowTo.Com — In particular, check out their entirely free, step-by-step instructions detailed in their article: How To Open an Online Store Step by Step.
Once you’ve fully familiarized yourself with what, exactly, is needed in actually getting an online store up and running, and live on the internet, the second question you’re likely to have most probably has to do with actually stocking your online store. Where do you find your stock that you’re going to be selling to customers on your online store?
In fact, finding sources for at-or-below-wholesale goods that you can sell through your online store at a profitable mark-up is one of the most important tasks you’ll need to address in beginning your online business. Absolutely securing your sources is imperative to success. And, it’s an area where a lot of aspiring internet marketers fall short. Earning a respectable profit by selling merchandise online can be fairly easy, but you will absolutely need to have constant access to s reliable means of supply. It’s all dependent on that.
The most common route that most new online store retailers take is to locate reliable wholesale providers. Locating such providers these days is a relatively simple task. In order to source valuable wholesale merchandise from reliable wholesale providers, one might take advantage of professional services like an electronic wholesale sources lister, such as this one. One might try to locate and strike up relationships with individual wholesale suppliers directly, by doing internet searches for supplier’s websites or contact information and then contacting them directly. Or, as an alternative method for people looking to minimize risk and turn profits selling items at very high mark-up, one may turn to the method of sourcing goods through acquiring surplus inventory.
Due to the intermittent nature of the surplus industry, the standard business model for making money from acquiring surplus goods is basically: Buy when you can, and sell when and how you can. And, this traditional method works well for a lot of people. If you’re smart with your acquisitions then you can turn a tidy profit by taking advantage of the surplus industry in this way. But, if that’s not the business model you’re interested in — if, instead, you’re looking to retail items you’ve acquired as surplus with the high mark-ups that reselling surplus acquired items allows, through eCommerce, then you’re going to need a somewhat steady supply of such surplus acquired stock.
Acquiring surplus merchandise in such a way, with such a constancy that you’ve always got stock to move can be extremely challenging — especially if you’re just starting out in business. Your best bet is to take full advantage of a professional locating service. Using such a service will keep you fully informed of all potential stock buys that become available to you — without, of course, having to do any of the footwork yourself. You can investigate a couple of these services by clicking on this link, and another one is available at this link.
But, even if you do employ such services, it’s wise to always have a few wholesalers on your list of contacts as a back-up — as, due to the nature of the industry, you never know when you might hit a lean period with your regular surplus sources and new stock available for acquisition becomes scarce for a while.