Euro Auctions sale shows increasing demand for quality used equipment

Euro Auctions says its latest sale in Leeds, UK indicates that the demand for good quality used equipment has been building following the advent of COVID-19.
Auctions, Used Equipment, Rental & Finance / October 9, 2020
By Liam McLoughlin
Euro Auctions says used equipment demand has increased due to the disruption in manufacturing caused by COVID-19
Euro Auctions says used equipment demand has increased due to the disruption in manufacturing caused by COVID-19

The company says the sale of construction machinery, agricultural equipment and industrial plant, held between 23rd and 26th September attracted the biggest online audience in its recent history. There were over 540 vendors, from 23 countries, with 87% of those sellers coming from the UK.

"All throughout 2020 the increase in first time bidders at all Euro Auctions sales has been growing," said Jonnie Keys, Euro Auctions operations manager. "We still believe that this is due to the slow-down and eventual halt of the manufacturing of new equipment due to the pandemic. We saw the same pattern in 2008 and 2009 following the last downturn. If users are replacing their fleets, or buying for projects, the current activity shows auctions are a good place to attend for that one-stop shopping experience."

With close to 5,200 lots for sale, Euro Auctions proceeded with its traditional format of a mix of bidding from the floor on the day, in addition to inviting bids from a global audience via the online bidding platform.

The company says the hammer total for the four days was £33.5m, with prices strong and bidding robust. For this sale, close to 4,000 buyers registered to bid, with approximately 600 choosing to bid in person, on the day, from the floor, with 86% bidding online which, for an open sale with buyers attending on the day is the way bidding is moving since Covid.

The home market monopolised the day, with 95% of buyers coming from Europe, which included UK as the top-bidding country, buying close to 50% of all lots. Registrations to bid came from 88 countries from around the globe.

Keys said: "New buyers and consignors also like our fair and transparent fee structure, where there are no hidden extras and with our staff really engaging with both buyers and sellers. In addition, in a time when more consignors are looking to turn iron into cash, they put their trust in Euro Auctions sell their equipment for fair money, with the funds from this sale helping to keep their businesses afloat across the UK and Europe."

Notable lots sold included three 20-tonne excavators - a 2011 Doosan DX300LC and a 2009 Doosan DX300LC (both for £37,000 each), and a 2014 CAT 329EL for £69,000. In addition a 2008 Extec Robotrac tracked screener went for £28,000, a Hammel VB650D tracked shredder for £28,000, and a 2016 BlueMac tracked metal separator fetched £44,000.

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