Global machinery auctioneer’s Hong Kong operation to coordinate sale concluding on December 7 to meet international demand
Euro Auctions is organising its first-ever ‘timed auction’, with the hammer day to conclude all transactions set for December 7.
The worldwide auctioneers of industrial plant, construction equipment and agricultural machinery, said in a statement that the auction is being coordinated via its new Hong Kong operations and more than 200 consignments had already been assigned to it early this month by construction, rental and financial institutions in the region. These include significant consignments from Mitsubishi Bank and Wealth Mind, plus a number of smaller consignors, said Euro Auctions.
Significant early interest has also been shown by bidders in Asia and Australasia, as well as from as far away as Central Europe, Russia, Scandinavia and North and South America, the statement added.
“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,” said 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; instead bidders submit their maximum bid in advance and these are invisible to all other bidders, explained the statement.
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.
According to Euro Auctions, the driver behind the company offering the Timed Auction was 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 and the company added that its robust, flexible and secure online sales platform, along with its ongoing global marketing campaign, means it both reaches all prospective equipment buyers around the world plus enables consignors to provide detailed specifications for each individual lot in this sale.
Used construction equipment and machinery from major brands including Liebherr, Kato, Komatsu, CAT, Doosan, Hitachi and Volvo have already been consigned to this first Hong Kong Timed Auction. The growing inventory includes many quality pieces of equipment with low hours, with key lots comprising excavators ranging from 45t to 10t, articulated dump trucks, 30 mobile cranes ranging from 220 25t, and other associated equipment, along with smaller items such as generators and compressors, the company said.
“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,” added Keys.
Euro Auctions said it is providing full logistical support for this sale, including detailed machine specifications and making available upon request independent equipment reports. Advice on transportation and shipping costs for each piece of equipment to all major shipping destinations around the world can also be provided, it added.
Further details and catalogues for all future auctions are available on the Euro Auctions website and separate bidder numbers are required to bid on any lot at each event. A bidder number can be obtained by registering for the auction, said the statement.
Euro Auctions hosts over 60 auctions a year globally. In addition to the Hong Kong Timed Auction on December 7, its other upcoming sales include one in Leeds on November 22-24; in Zaragoza, Spain on November 28; and another in Dubai on December 11.