By early November over 200 consignments had already been assigned to this auction by construction, rental and financial institutions in the region including significant consignments from Mitsubishi Bank and Wealth Mind, plus a number of smaller consignors.
The company says that used construction equipment and machinery from major brands including Cat, Hitachi, Volvo Liebherr, Kato, Komatsu and Doosan, have already been consigned to the auction.
The growing inventory includes many low-hours, quality used and almost new pieces of equipment, with key lots comprising: a growing selection of excavators ranging from 10-45tonnes, articulated dump trucks, 30 mobile cranes ranging from 25-220tonnes plus other associated equipment and smaller items such as generators and compressors.
“Our first physical Hong Kong sale in September was a resounding success, with approaching 500 bidders from over 40 countries registering for the event and over 70% of all winning bids being placed via the internet,” says Jonnie Keys, Euro Auctions’ commercial manager.
“Organising our first ever timed auction in the Asia and Pacific Rim region was, therefore, the logical next step in our development as it means equipment doesn’t have to be transported to a central location and busy buyers also have more flexibility in pre-placing bids plus they don’t have to attend on the day.”
Timed auctions differ from the established Euro Auctions sales concept as there is no live, physical auction to attend. Bidders submit their maximum bid in advance, which are invisible to all other bidders. Bidding then starts at a reserve price at an allotted time with the automated auction system increasing bids in pre-agreed increments on behalf of all registered interested bidders, up to their set maximum per lot.
If someone’s maximum bid is outbid, the under-bidder is automatically sent an email inviting them to increase their maximum offer should they wish. Then when the end time is reached, each lot goes to the highest bidder at the time, for their current bid, which may still be below the maximum they set.
Euro Auctions says this next step for was driven by client feedback along with the general forecast for massive growth in the used construction equipment sector over the next few years in the Asia Pacific Rim.
Establishing new auction facilities in Hong Kong and Dubai earlier this year were a key part of Euro Auctions’ global expansion plans.
“Traditional live auctions are still hugely popular with our loyal customers around the globe and will remain a key part of the Euro Auctions schedule, but we continually communicate with our customers and listen to their views and our first Hong Kong timed auction will further extend both our reach and appeal,” says Keys.