Conducting over 60 major unreserved auctions every year around the globe, and operating from ten permanent auction sites in eight countries, Euro Auctions has built an enviable reputation on the international stage and is now considered to be a global market leader. It works across four continents, marketing equipment to buyers and sellers in over 95 countries.
Auctions are no longer seen as a place to send low value items. Following the global down turn in 2008, when OEMs stopped manufacturing new machines, auctions were the place where contractors, civils companies and hire specialists went to look for good, well maintained, late, low hours machines when replenishing stock. Today, the same holds true. The experience of attending big plant and machinery sales is like visiting a super dealership, a ‘one-stop-shop’, where every make and model of machine or piece of equipment can be seen in one place. This offers the buyer choice and access to any bit of kit that buyer may be searching for.
Now with the Covid-19 virus affecting the global economy, the used plant market could well boom in the next 12 months. Many OEMs are ceasing manufacture, and when demand increases will be unable to meet demand as happened in 2008. In the UK, JCB stopped production at all its UK manufacturing plants due to disruption resulting from the coronavirus pandemic, with an unprecedented reduction in global demand. JCB’s plant in Pudong, near Shanghai, ceased production in February as the impact of the pandemic took hold.
Caterpillar has been involved in China’s remarkable economic growth since the early 1970s and has built a strong local footprint. Caterpillar products manufactured in China include excavators, wheeled loaders, track-type tractors, motor graders and medium and large diesel engines. When the economy does return, and with OEMs reducing or halting production, the demand for good late, low hours equipment is likely to soar, fuelling the used equipment economy.
Euro Auctions’ sales offer an excellent choice of machinery, ranging in years, varying in number of hours and number of owners, giving the buyer access to many types of the same machine, and enabling them to find machines that match their budget. Now with robust online bidding platforms for all Euro Auctions sales, buyers around the globe have even more choice, and can participate in any Euro Auctions sales
Selling over 90,000 lots each year from its ten permanent operating bases around the globe, with total sales of over £500 million, a high percentage of all sales are now transacted online, equating to 43 per cent of all sales, and 59 per cent of all bidders, showing the popularity of internet bidding. Euro Auctions’ biggest regular sale is held in the UK, where over 5500 plus pieces of exceptional equipment go under the hammer over three days, with one lot sold every 20 seconds, achieving a hammer of over £45 million at each sale. Rental companies also have strong relationships with specialists like Euro Auctions, repeatedly trusting the reach, the customer base and the marketing power to attract buyers who are prepared to pay decent prices for well-maintained stock, enabling them to raise funds to buy new, upgrading their inventory.
In addition to its international success, what does set Euro Auctions apart from its competitors is the ability to organise bespoke ‘off site’ heavy machinery sales, anywhere in the world. The term ‘off site’ sale refers to an auction away from the infrastructure of the permanent sales sites that Euro Auctions operates from, selling instead from the client’s premises, or yard, or at a neutral site, chosen for ease of access and infrastructure. Customers for ‘off site’ sales include owner operators retiring their businesses, plant hire company’s rotating stock, liquidators forcing a sale, or contractors moving surplus stock.
‘Five steps’ to a great sale
What makes Euro Auctions so good at putting on world-class auctions whilst attracting an international audience? Jonnie Keys, Operations Manager, Euro Auctions, explains: “There are five parts to a successful sale. The first is inventory, valuing and cataloguing all equipment to be sold. In the case of distress sales, working with liquidators, and this may include the repatriation of equipment that was out ‘on hire’. Second is marketing – attracting buyers to the sale, marketing globally and securing registrations. Next is the hosting of the physical sale on the ground, on the day, with bidders registering at the sale, or bidding worldwide via the internet.
“Then it’s the financials, receiving money from buyers and paying the sellers. And lastly Euro Auctions can assist in shipping the equipment to the buyer, wherever that may be, anywhere in the world. Euro Auctions does this very well at our permanent sale sites, and we can put on a sale anywhere, globally.”
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Services: Auctioneer of construction machinery, agricultural equipment and industrial plant