Issue link: http://read.dmtmag.com/i/340625
July 2014 | Construction Equipment Distribution | www.cedmag.com | 23 Sales 2013 in recognition of the need for an additional market solution to their unreserved auctions. Similar to eBay, sellers have several options for listing their items and greater control over the pricing and timing when compared to a traditional auction. However, unlike eBay, the Equip- mentOne marketplace offers an exclusive focus on equipment and has the complementary power of the larger Ritchie Bros. ecosystem. "The same people that are physi- cally going to Ritchie Bros. auctions, or bidding on auctions online are buying from EquipmentOne," said Chris Connell, president of Equip- mentOne. "Sellers get exposure to a huge buying audience. Ritchie Bros. sold more than $3.8 billion worth of equipment and trucks in 2013. EquipmentOne is a small part of this but growing rapidly, generating nearly $100 million in sales, including buyers' premiums, in its first year." According to Connell, Equip - mentOne dif ferentiates itself through its equipment focus, approach and process. "We're really focused on completed transactions and have a high success rate for an online marketplace," said Connell. Reducing risk for buyers and sellers is one of the key objectives. The company actually holds funds in escrow until the buyer confirms they picked up the item. EquipmentOne charges a listing fee of $50 and a commission based on the sales price, capped at $250. It offers a full range of services such as free shipping estimates through uShip, as well as financing and insurance. One new feature is an integra- tion with Assetworks, an enterprise asset management (EAM) software company. AssetWorks' customers can now seamlessly post assets to EquipmentOne straight from their EAM software, reducing the time and effort required to identify, list and sell surplus equipment. EquipmentOne is also working with manufacturers to use the Equipmen- tOne marketplace to facilitate trades within their dealer network, and then if items are not sold, post seamlessly to EquipmentOne. Iron Planet's allEquip – Launched just last month, Iron Planet's allEquip is the latest entry into the online used equipment "buy now" marketplace. allEquip manages the complete transaction between the buyer and the seller, from equipment listing on the site through final payment. Every item for sale has a guaranteed inspec- tion report, a "buy now, haggle-free price," and can be quickly purchased directly from the site. The Future of Private Sales Online Added control over pricing and timing is a powerful benefit that is driving interest in online marketplaces. And with buyers showing increased confidence in purchasing used equipment online, dealers need to investigate the new ways to facilitate private sales. Hawthorne's approach on eBay has been recognized by Caterpil- lar and will likely be emulated by other dealers. With the right online marketplace, now may be the time to finally find a new home for that attachment that's been sitting on your lot. We know you've got a place for the cash. JOANNE COSTIN is a freelance writer and marketing consultant focusing on the construc- tion industry. She can be reached at (847) 358-1413 or jcostin@costincustom.com. Visit www.ajaxtools.com to see our Post Drivers, Deck Busters, Frost Wedges, Tamping Pads & More! New From... HYDRAULIC MOUNTED BREAKER ASPHALT CUTTER s &ORGED BLADE s (IGH IMPACT ALLOY STEEL s 2EINFORCING RIB ADDS STRENGTH AND STIFFNESS TO MINIMIZE TWISTING AND DEmECTION LOADS We Make Pounding the Pavement Profitable! 30%#)!, ,%.'4(3 !6!),!",% 50 4/ &4 ,/.' info@ajaxtools.com MADE IN THE USA