New digital marketplace a ‘game changer’ for industrial market
16 September 2020 | Web Article Number: ME202020519
A digital marketplace backed by one of the world’s largest asset disposal companies is set to change the way local industrial companies can purchase or dispose of assets to a truly national, regional and International buyer base.
Allsurplus.com is an innovation of the global Nasdaq-listed Liquidity Services group, which is best known for its long-running disposal contracts with organisations like USA Department of Defence, Boeing, Mondelez, Chevron and Amazon amongst others. Its new marketplace is modelled on an online marketplace with assets in 500 categories on offer.
GoIndustry DoveBid South Africa which currently represents Liquidity Services in South Africa has been operating here since 2004. Managing Director John Cowing described the migration of its client sales to the Allsurplus platform as “a real game changer”, one that gives the combined portals a truly global appeal.
Sellers are now able to access over 3.5 million registered global buyers who regularly buy assets across the various online platforms within the Liquidity Services stable. Private sellers, business corporates, liquidators, lawyers, business rescue practitioners and banks are able to harness this buyer base when selling assets through the Allsurplus platform.
Cowing said Allsurplus.com, in Europe and the USA several months ago, “is the perfect marketplace for companies to list their assets. It is quick, easy and does not require extensive marketing campaigns to attract buyers to auctions or private treaty sales. The seller hub allows selected clients freedom of access to upload information, pricing, and images themselves, which we simply vet and upload to the portal.
“Once sales have gone live, each lot becomes infinitely searchable and buyers everywhere are able to start bidding. Buyers can save search choices linking assets by type, region or many any other selectable search criteria’s. The site will also notify bidders of impending closing bids and allow them time to place new bids or defend their bids if need be.”
He explained that all bidders are registered in their own countries and must abide by the terms and regulations of the subject jurisdiction. That means that bids are legally binding and gives sellers peace of mind that the bids are genuine. Due to the sheer volume of qualified bidders, sellers are also most likely to fetch genuine market related prices when they sell their assets through the portal.
Sellers simply need to sign a mandate for the sale of the assets they want to dispose of, upload the required information and images and set required reserve prices to ensure that the assets are not sold for less than the seller expects. Upon completion of bidding, and provided the reserve prices are met, the buyer can check out the items bought and pay via the selected payment method.
Once payment has been cleared the seller is informed and is required to release the assets before final payment is made to them.
“This is the most efficient way for companies to dispose of their assets in a transparent and responsible manner. Anyone can go onto the site and see the status of the sale, read the terms and conditions and view detailed descriptions and photos of each lot.
“It is also entertaining and an adrenalin rush for buyers and sellers who watch the bidding happening live over a period of days and culminate in a frenzy as experienced bidders log on to raise bids and compete for assets they want and need,” Cowing said.