Euro Auctions has recently held its first ever sale in Hong Kong (on 14 September 2017), helping to dispose of surplus equipment from major construction, rental and financial institutions in the region plus consolidate links between its existing operations in Europe and the Middle East with those in Australia.
“The growth and sales potential in the Asia Pacific Rim for used construction equipment over the next few years and beyond is massive, which is why we have established a Euro Auctions operation in Hong Kong,” explained Jonnie Keys, Euro Auctions’ commercial manager. “We started in a modest way by initially representing an exclusive portfolio of local vendors, which enabled us to both test the market and the technical requirements for delivering a simultaneous broadcast auction; and will now be looking to build the numbers in subsequent auctions. Our first Hong Kong auction saw approaching 500 bidders register for the event. They came from across Europe, the Middle East, India and Australasia and whilst a significant proportion of interest was via the internet, a number of local bidders also attended the sale.”
According to Euro Auctions, average lot prices were around US$17,250 per sale, considerably higher than many other similar construction equipment auctions, reflecting the high quality and high capital value of the equipment coming out of the region. Bidders in almost 40 countries participated in this one-day auction and over 70 percent of all winning bids were placed via the internet, again reflecting the international appeal of the equipment.
There is a steady supply of used construction equipment and machinery from major brands including Komatsu, Cat, Doosan, Hitachi and Kobelco regularly coming onto the Hong Kong market, said Euro Auctions. This sale included a number of 45 t excavators down to mini variants, over 20 articulated dump trucks, 10 mobile cranes ranging from 25-75 t plus other associated equipment. A good selection of access equipment and smaller items such as generators and compressors also featured, all now surplus to the large number of construction projects that have been taking place in Hong Kong.
Euro Auctions provided full logistical support for this sale, having acquired a facility in the New Territories area of Hong Kong that included a secure asphalt base compound. Registration and bidding was then run from a central Hong Kong hotel using Euro Auctions’ online bidding platform, with details of the lots being simultaneously broadcast in real time thereby opening the auction to a global audience. Euro Auctions also supplied detailed machine specifications, aided transportation and provided shipping costs for each piece of equipment to all the major shipping destinations around the world.
Mr Keys said, “Construction equipment demand around the world has continued to grow with strong demand in the US and Europe, together with recovery in key markets such as Australia and Russia making equipment prices strong around the world. This auction truly provided us with the opportunity to enhance our service to our existing customers in this region, plus gave us access to quality equipment along with new buyers and sellers in the Asian marketplace.
“Moving forward, we expect to see increasing volumes of equipment leaving Hong Kong and ultimately continue to meet the needs of customers elsewhere, particularly in Thailand, Malaysia, Vietnam and Myanmar. This inaugural sale in Hong Kong has raised our profile on the international stage and consolidates the operational links between our sites in Europe, the Middle East and those in Australia which serve the Asia Pacific Rim.”
Mr Keys added, “In the past year we strengthened our operation in the USA by bringing onboard the Yoder & Frey brand. We had also long wanted to expand into the Middle East and in particular into the United Arab Emirates, and have just delivered our first auction from our newly acquired facilities in Dubai. Euro Auctions now hosts over 60 auctions a year including specialises off-site sales providing access to quality used equipment somewhere around the globe each week so buyers and sellers can now sell or acquire what they need with relative ease.”
Another auction in Hong Kong is now being scheduled for December with the date still to be confirmed, although equipment is already being consigned, according to Euro Auctions.