Unsold Lots
Unsold Lots refer to items that did not sell during an auction. When reviewing resumes in the auction industry, this term often appears in context of how professionals handle, manage, or strategize around items that didn't find buyers during the main auction event. These items, also known as "bought-in lots" or "passed lots," require specific expertise to either remarket them for future sales, negotiate private sales, or adjust pricing strategies. Understanding how a candidate handles unsold lots can indicate their experience in auction strategy, client relations, and market analysis.
Examples in Resumes
Developed successful remarketing strategies for Unsold Lots, resulting in 75% post-auction sales
Managed private sales program for Bought-in Lots, increasing recovery rate by 40%
Created database system to track and analyze Passed Lots performance across multiple auctions
Typical job title: "Auction Managers"
Also try searching for:
Where to Find Auction Managers
Professional Organizations
Job Boards
Industry Networks
Example Interview Questions
Senior Level Questions
Q: How would you develop a strategy to minimize unsold lots in future auctions?
Expected Answer: A strong answer should discuss analyzing past sales data, market trends, pricing strategies, and pre-auction marketing efforts. Should mention building relationships with potential buyers and understanding current market demand.
Q: How do you handle difficult conversations with consignors about their unsold items?
Expected Answer: Should demonstrate strong client communication skills, ability to present alternative sales strategies, and experience in managing expectations while maintaining positive client relationships.
Mid Level Questions
Q: What methods have you used to successfully sell passed lots?
Expected Answer: Should discuss experience with private sales, price negotiations, reaching out to interested parties who didn't bid, and marketing strategies for re-offering items.
Q: How do you track and analyze unsold lot data?
Expected Answer: Should explain methods for maintaining records, analyzing patterns in unsold items, and using this information to improve future auction results.
Junior Level Questions
Q: What is the standard procedure for handling unsold lots after an auction?
Expected Answer: Should know basic processes like updating inventory systems, contacting interested parties, and organizing storage or return of items.
Q: How do you organize and maintain records of unsold lots?
Expected Answer: Should demonstrate understanding of basic inventory management, documentation procedures, and communication with various departments about unsold items.
Experience Level Indicators
Junior (0-2 years)
- Basic auction procedures and terminology
- Inventory management
- Client communication
- Record keeping
Mid (2-5 years)
- Post-auction sales strategies
- Market analysis
- Negotiation skills
- Client relationship management
Senior (5+ years)
- Auction strategy development
- Team management
- Advanced market analysis
- High-value client relations
Red Flags to Watch For
- No knowledge of basic auction procedures
- Poor understanding of market values
- Lack of experience in client relations
- No demonstrated sales or negotiation skills
