28th October 2024
What are Storage Auctions?
A storage auction is a public sale where storage facilities auction off the contents of a unit. Bidders buy the entire unit’s contents without a detailed inspection, hoping to find valuable items.
Storage auctions in the United Kingdom occur when a renter fails to pay for their storage unit, usually after 30-90 days of non-payment. The facility then auctions off the unit’s contents to recover the debt. Unlike TV shows, bidders often can’t see what’s inside the unit or only get a quick look from the outside.
The contents can range from valuable items to worthless junk, so it’s always a gamble. Auctions can be held either online or in person, and while some see it as a hobby, others treat it as a serious business.