The Big Project discusses the future of heavy equipment auctions with IronPlanet Middle East managing director John O’Sullivan
IronPlanet, an online marketplace for heavy equipment, announced last month that it would be expanding its Middle East operations from the firm’s Dubai base. The firm conducts auctions most weeks, selling equipment from North America, Europe and Asia-Pacific to buyers around the world.
The US company’s first auction featuring equipment from the Middle East took place on February 23.
“We’re excited to announce IronPlanet’s expansion into the Middle East with our strategic base of operations located in Dubai,” said Jeff Jeter, executive vice president at IronPlanet.
“Dubai provides us good access to IronPlanet customers across the Gulf region and we look forward to providing these customers a better way to buy and sell their used equipment through IronPlanet’s global used-equipment marketplace.”
Our new operations in Dubai will create the local presence necessary to quickly respond to customer needs and provide one-on-one support”
The frequency and accessibility of IronPlanet’s online auctions results in faster and more profitable sales, fair market value for equipment, low selling costs and a global audience of buyers, according to the company.
“We have more than 1240 bidders in 55 countries,” John O’Sullivan, managing director for the Middle East, told The Big Project.
Furthermore, selling equipment from the consignor’s location eliminates transportation costs for the seller. Buyers are protected by detailed inspection reports and the IronClad Assurance provided.
“IronPlanet has been successfully selling equipment into the Middle East for a number of years and has an established customer base throughout the entire region,” said O’Sullivan.
“Our new operations in Dubai will create the local presence that is necessary to quickly respond to our customers’ needs and provide one-on-one support from a multilingual, local staff of representatives.”
O’Sullivan told The Big Project that the firm was actively looking for new consignments in the Middle East, adding that online auctions were the “future” and that the region was ready to embrace it.
“It can be difficult to convert a few people from bricks and mortar, but the majority is already online.”
Business is moving online, think about the next generation – if you don’t embrace it, game is over. He said Saudi Arabia was the region’s fastest-growing market in terms of bids.
While O’Sullivan acknowledged an oversupply of equipment in the region, which was keeping prices down, he observed a demand for “quality, late-model equipment”.