A recent online auction of used mining and construction equipment on behalf of global construction giant Bechtel has received an enthusiastic welcome.
The month-long online auction – the largest for the region to date, was organised by remarketing company Elebbre’s and powered by UK SaaS technology company, Krank.
Using the Krank platform allowed Elebthe remarketer to manage the entire auction and sale process itself, rather than relying on the support (and associated costs) of third-party auction houses.
The auction generated total sales revenues of US $2.8 million and drew bidders from over 75 countries.
Of the 152 lots put up for sale – which included dump trucks, boom trucks, cranes and excavators – almost half (47%) were sold, roughly double the sales ratio of a traditional auction.
But unlike traditional auctions, even the conclusion of the 30-day sale period wasn’t the end of proceedings as vital "runner-up" data allowed Elebbre to sell a further 24 machines.
"In the past we used traditional methods, including third party auctions and direct sales for disposals of this kind,” says Elebbre’s Co-Founder and General Manager, Moisés Nunez. “But for a range of reasons – including cost, lack of sale data provided by third party auctions and the carbon footprint of moving machines to auction sites, we decided to take a different approach.
"For this sale we were attracted to Krank's reputation of providing cutting-edge and efficient platforms for equipment disposal.
In fact, the Krank platform exceeded our expectations.
Visit https://www.elebbre.com.
We expected Krank's platform to enhance our selling process by providing a user-friendly interface, and it did attract a broader range of buyers.
"With no auctioneer fees to absorb, the cost savings are substantial compared to traditional methods.
Krank's auction platform also eliminated the need and associated costs of transporting equipment to physical auction sites.
This contributed to a significantly reduced carbon footprint compared to traditional auctions.
"Our overall impression of using the Krank marketplace platform to sell equipment has been overwhelmingly positive,” concluded Nunez. “Its effectiveness, user satisfaction and the financial benefits it offers make it an invaluable tool for our equipment disposal needs."
Feedback from bidders has been overwhelmingly positive.
The user-friendly interface and transparent processes on Elebbre’s Krank-powered platform were both cited as making it easier for bidders to participate in the auction.
From Elebbre’s perspective, the buyer data it captured is proving to be valuable for understanding market trends and buyer behavior, information it can leverage in future equipment transactions.
Elebbre is now preparing for its next auction which it will be launching in December and closing on 14th December.
Visit https://www.elebbre.com.
