Krank online auction feature allows companies to host their own auctions and sell equipment online. The secure system allows users to create their own private marketplaces, choosing who can participate in the auction agreeing on terms, with no commission or fees for buyer or seller, according to the company.
The B2B auction feature covers everything from inspection to compliance, documentation, and payment and delivery terms. The seller is in control of the sale, and the platform provides transparency, security, and unfettered access between buyer and seller, with no intermediary capturing the sale data, according to Krank.
Neither terms nor payment flow through the platform. Bidders must first request to connect with the seller’s network, and be accepted, before being allowed to participate in the auction.
The seller captures all the bidder details—not just the winning bid contact—so it is creating new private, company-to-company networks of interested potential customers for future machine disposals.
“The new B2B Auction feature puts the seller in complete control of the auction process,” said Emma Willis, COO, in a prepared statement. “Sellers know their buyers and the process is transparent and secure—and all this with no commission or fees. But perhaps the biggest benefit is not the lack of commissions but rather the future lead generation aspect of knowing all the bidders. This helps solve one of the biggest headaches in equipment disposals: ‘Where is my next lead coming from?’.”
How to customize an equipment auction
To host an auction, users upgrade from the basic free account on the Krank networking platform, create a 30-day sale or rent listing for the, and convert it to an auction listing by using the intuitive auction wizard to select a reserve or no reserve auction and determine the opening bid price, start date and other details.
In the absence of a third-party auctioneer involved in the deal, Krank-powered owner auctions provides the necessary seller declaration and purchase contract templates. These can be edited to suit individual company requirements and clearly establish sellers’ authority to sell, and the terms on which the sale is being made. Both documents are electronically signed by the seller and by each bidder before they can place a bid.
The UK-headquartered technology firm is initially targeting the crane, earthmoving, and aerial work platform sectors. Currently, the North American and UK markets are in beta trials, with a global roll out of the Auctions feature later this year.