Delegating the task of selling used machines to third-party auction houses may lead to unsatisfactory outcomes. To combat this, a new set of online platforms has been created to grant companies more control when remarketing their equipment.
This allows them to use their own auction technology, giving them the edge over their competitors.For example, contractors or rental houses disposing of their fleet, or OEMs with numerous used trade-in machines could benefit from this. They can direct their well-maintained assets to an unreserved auction, protecting them from being bought at a fraction of their worth, or ending up in the portfolio of a rival. On the other hand, if bidding is high, they will not have access to the data or the ability to contact disappointed bidders for future sales.
Krank, a SaaS platform based in the UK, is well-known for its use by OEMs and fleet owners. It offers three options to its users; classifieds, 30-day timed auctions resembling eBay, and live auction events. With Krank, the costs are minimized and buyers and sellers have a much more satisfactory experience.
Founder Mark Turner states that third-party auctions may not be the ideal choice, as vendors may be disappointed with the outcome. It also brings compliance issues, as equipment could be sold to an embargoed country, for instance. Krank helps prevent these issues by allowing the vendor to pre-approve bidders or restricting them to certain regions.
This platform also provides a great opportunity to leverage the customer database and draw in a bigger and more interested audience. In addition, it eliminates the need to transport the equipment to an auction site, saving time, money, and carbon footprint.
Finally, Krank makes it possible to monetize even the smallest of items, as well as pre-baked sales and rental opportunities. This is transforming the used equipment industry and its traditional methods of doing business. Thanks to its accessibility and scalability, the platform is growing organically through the connections and networking of its users, and the use of new technologies.
