Euro Auctions will organise its first ever ‘timed auction’ - via its new Hong Kong operation - on Thursday 7 December 2017.
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, said Euro Auctions. Significant early interest has also been shown by bidders all over the world, not just in Asia, the Far East and Australasia, but from as far away as Central Europe, Russia, Scandinavia and North & South America.
“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 percent 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.”
How it works
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. 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, this approach 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, so demanding this type of auction. Establishing new auction facilities in Hong Kong and Dubai earlier this year were a key part of Euro Auctions’ global expansion plans and 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, said Euro Auctions. The inventory grows by the day and includes many low hours, quality used and almost new pieces of equipment, with key lots comprising: a growing selection of excavators ranging from 45 t down to 10 t, articulated dump trucks, 30 mobile cranes ranging from 220-25 t plus other associated equipment and smaller items such as generators and compressors.
Mr Keys 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.”
Euro Auctions 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 the major shipping destinations around the world can also be provided.
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. In order to obtain a bidder number, bidders must first register for whichever auction and they can then take part in one of three ways: onsite (in person at the auction site); online (via Euro Auctions’ free internet bidding service); or by placing a pre- bid.