Auctions aren’t just for antiques and estate sales anymore.
Ever since the economy took a nosedive, auctioneers across the country have started adding food and other grocery items to their live auction events, as reported by Sean Gregory, writing for Time.com.
Bargain-hunters and cash-strapped consumers are bidding on everything from snack chips and paper towels to fresh fruits and vegetables.
Some products are â€˜scratch-and-dentâ€™ items from grocery stores or wholesale clubs. Many stores have a policy that if one can in a case is dented, or a bag is torn, the entire case cannot be sold. Auction houses buy this distressed merchandise, throw out the dented can or patch up the ripped bag and sell to the highest bidder. Other items may be slightly past or nearing the sell-by date, but if the price stays low enough, bidders don’t seem to mind.
Auction proceeds go to the grocery stores with the auctioneers taking a healthy commission, typically around 25 to 30 percent.
You can check to see if there are any grocery auctions coming up in your area by going to auctionzip.com and keying in your zip code, and typing â€˜groceryâ€™ in the keyword bar.
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