What are Surplus Auctions?
A surplus auction is a process for disposing of surplus items by allowing prospective buyers to bid on them. A surplus item is a product or piece of equipment that has been produced or acquired in excess of the amount needed, is not being used or consumed, and is not likely to be used by its owner in the future. Surplus auctions may be used to dispose of everything from electronics and computer equipment to furniture and vehicles. It is worth noting that there is a difference between items that are truly surplus and items that are simply excess. Excess items can be described as property that is still useful to the agency or department that uses it, but that is no longer needed by that particular department or agency. By contrast, surplus property is no longer of use to the organization that owns it.
