The world’s most comprehensive surplus asset management company breaks new ground with the OWN IT NOW online sales solution
EquipNet is a world leader and provider of surplus assets, including lab and analytical instrumentation, processing and packaging equipment, maintenance repairs and operations (MRO) parts, and more. As a diversified asset management company, EquipNet offers a wide range of technology solutions, for both buyers and sellers.
The OWN IT NOW platform is the latest offering from EquipNet that aims to provide users with a revolutionary technology to purchase equipment outside of a traditional auction format. OWN IT NOW is an exclusive concept that distinguishes EquipNet from the typical auction methods seen across the secondary equipment market.
The conventional and widely-used English Auction model involves entry of products into a timed auction. In this traditional model, interested parties bid on the item as the clock ticks down, and higher bids replace existing bids until the time limit is reached. A main objective of this auction model is to maximize the return to the seller by creating a competitive forum. At the same time, a motivated buyer is provided the chance to aggressively outbid others vying for the same product. The key here is that most products are unique or in limited supply and items cannot simply be priced with the option to warehouse unsold units. A major drawback with this method is that motivated buyers, who are ready to purchase at a given price, must wait until the auction concludes, creating a time (and stress) commitment which many are hesitant to endure.
EquipNet has redefined this traditional auction format with OWN IT NOW. By reformulating the way buyers and sellers connect, OWN IT NOW removes the uncertainties involved in securing a product at a given price and at a given time.
In this innovative process, items are listed at starting prices, which decrease incrementally at timed intervals. As the clock ticks down, so do the prices. Buyers can simply ‘OWN IT NOW’ at the desired price in order to secure the item. In this way, buyers are not competing to outbid each other, rather competing against the clock. In addition to buying at the current price, a proxy bid can be submitted that enables the system to automatically process the purchase when the chosen price is hit. Of course, another shopper could ‘OWN IT NOW’ in the meantime, prior to the product reaching the proxy amount. The platform maintains a competitive atmosphere, while offering flexibility to the buyer in closing the transaction immediately at an acceptable price, thereby saving time and resources.
EquipNet has recently implemented the OWN IT NOW platform for a wide range of assets. These include approximately 700 items lined up to be put into the platform over the course of the next month – ranging from lab, processing, packaging, mechanical maintenance repairs and operations parts, semiconductor equipment, and more. These assets total over $4 million USD in value.
OWN IT NOW focuses on inventory related to all industries, and the listed products span a wide range in terms of scale and applications. Lab listings include product manufacturers such as: Agilent, Mettler Toledo, Olympus, and Metrohm. Processing and packaging equipment manufacturers include Bausch and Strobel, ProCepT, and Bohle, while semiconductor and electronic test and measurement manufacturers include RECIF, Tektronix, and GE Healthcare, to name a few. The platform will be empowering to both end users and dealers, and EquipNet has seen both types of customers achieve successful transactions thus far in it’s debut.
The OWN IT NOW platform addresses the most common stigmas involved in traditional online auctions. This innovative sales channel brings new value to the second-hand equipment industry and provides companies with a new way to purchase pre-owned equipment.
A first of it’s kind in the industry, the OWN IT NOW platform is poised to become a highly popular online sales channel and another successful technology solution from EquipNet.
This article was written by LabX in conjunction with EquipNet Inc.
Massachusetts-based EquipNet, Inc., has become the world’s largest surplus asset management company. The company offers a range of tools that allow companies to take control of their assets. For example, a proprietary software platform ARMS™ (Asset Redeployment Management System), can be installed across a client’s enterprise, allowing that company to identify, track, appraise, redeploy and sell their idle and surplus equipment. EquipNet also runs the largest online marketplace for pre-owned laboratory instrumentation, manufacturing equipment, and plant utilities. The company is also one of the largest industrial equipment auctioneers in the world. Its main markets are in the biopharma, chemical, consumer packaged goods, and semiconductor sectors, where the company’s specialist knowledge of the markets is proven to deliver higher value than many of the generalists in the market.