Self-storage auctions are on the rise, both in number and in the amount of consumer participation, according to an article in the Quincy, Mass., Patriot Ledger. Paul Maglio, president of Storage Auction Solutions, said people are drawn to these auctions to look for items they can mark up and sell for extra money, with crowds at his auctions being double what they used to be. In addition, more storage renters find themselves unable to pay rent, causing unit “foreclosures” that result in more sales, he said.
Maglio, whose company conducts self-storage auctions throughout New England, was the auctioneer at Storage Pros in Brockton, Mass., last week. The auction was one of five in the area that day. A crowd of about 50 attended the one at Storage Pros, where the contents of six units were up for bidding.
Storage Pros Manager Paul Alves said he’s seen many customers affected by job loss and other economic factors.
Auction participant Michael Keene of Taunton, Mass., said storage auctions are becoming more competitive as greater numbers attend.
Source: The Patriot Ledger (Quincy, Mass.), Storage auctions take off in Brockton area amid poor economy