Used construction machinery is a global commodity that is traded around the planet. Good, fresh, late, low hours machines are always in high demand and during Covid, with OEMs shutting down manufacture, used equipment values went through the roof. During that time, with dealerships unable to get new stock, heavy plant and machinery auctions came to the rescue, providing a ready supply of good used diggers, dozers, telehandlers, back-hoes, and whatever the market demanded.
Then, the world changed. Now smaller, Covid showed us new ways to do business, from the comfort of our own homes, online and on Zoom with some the major global big live machinery sales shutting down, instead choosing to conduct their business online only.
But one global player still values the thrill of sale day, with row upon row of machines lined up, looking majestic and regimented, awaiting their new owners. Welcome to the world of Euro Auctions, the world’s largest privately owned auction house for the used and unused machinery market, which now resides in Abu Dhabi.
So, why are Euro Auctions, one of the last large auction companies operating this type of sale, not just in the Middle East, but globally, when competitors are persisting with only the internet? Euro Auctions have always had extremely close relationships with its global clients, valuing these relationships and getting to know customers by name.
Euro Auctions sees great value in the effect that a physical plant and machinery sale delivers. Giving customers a great choice of machines, they can physically inspect, in one place. Creating a market buzz where the industry can gather, network, and interact. Where Euro Auctions’ country managers and sales managers can meet the buyers and sellers to better understand the needs of the industry on a face-to-face basis.
Euro Auctions are a trusted partner for buying and selling industrial plant, construction equipment and agricultural machinery around the world and the company are the market leader in Europe, holding more sales and selling more lots per sale than any other auction house. Euro Auctions hosts over 60 sales each year, in seven countries, on four continents at nine permanent sales sites, generating over $600 million worth of sales each year. With over 80,000 lots consigned to a Euro Auctions sale from 7,000 plus vendors, attracting over 70,000 bidders with over 10,000 buyers successfully purchasing, Euro Auctions remains the biggest family-owned construction and agricultural machinery auction house in the world.
The Live Sale
So, what does a typical auction deliver? What can sellers and bidders expect from a live heavy machinery sale? What are the thrills of the day? There are many parts to each sale and typically at any of the nine permanent sale sites Euro Auctions operates around the globe the run-up to the day and the actual sale delivers the following.
Set Up
Set up for sale day at every site is the same and can take weeks. Machines are categorised by type and laid out in rows, including excavators, dozers, telehandlers, site dumpers, back hoes, loaders, articulated dump trucks, man-lifts, and every type of machine available. Excavators are categorised and laid out in class, including mini diggers, up to 6-tonnes, up to 10-tonnes and 20-tonnes and over. Buyers can browse rows upon rows in classification by manufacture. In the UK, where Euro Auctions run Europe’s biggest live sale, where close to 7,000 lots of construction machinery are sold every six weeks, the yard starts filling up the day after the previous sale and at most sales in Leeds there will be more than 1,000 diggers waiting for buyers.
Preparing For Equipment for Sale
Clean smart looking machines sell much better than machines that look as if they have just come off a construction project, and they fetch far better prices. At some of the Euro Auctions site they help customers make machines ready for sale by providing a valet service, with onsite workshops and jet wash bays, where pre-sale repairs can be carried out. Whilst not all Euro Auction sites have this facility.
Marketing
Euro Auctions attracts buyers not browsers, by expertly marketing to a global audience. With extensive knowledge of the industry Euro Auctions ensures sellers’ machines are advertised in global markets where demand is highest. Euro Auctions’ free online bidding platform allows easy access to each auction from anywhere in the world. With over 50% of lots being exported, you can be assured equipment fetches true global market value. Each auction on average attracts bidders from over 100 countries. With over 40 territory managers across the globe, multilingual marketing and on-site and online bidding, sellers can be assured of worldwide exposure, with loyal buyers attracted to each sale.
Inspections
Before each sale, prospective buyers can inspect any of the machines on offer. A facility that Euro Auctions are rolling out across its site is live video inspection. For example at the Leeds sale in the UK, for buyers that cannot get to the live sale they can book a time slot on the website and receive a link to watch/take part in the inspection. Each time slot provides you with one hour with the inspector and you can ask for multiple on-site lots to be inspected, if it falls within this time frame. Inspectors are kitted out with state-of-the-art smart glasses, which will enable customers to see everything happening in real time, as if you were looking at the equipment yourself. Once the inspection is complete, you receive a full recording to watch back.
Registration & Deposits
Registering for all sales is relatively simple. To bid, all new buyers are required to pay a minimum deposit of £/€/$/Dh 1,000. The deposit paid dictates the maximum spend allowed. For example: a £1,000 deposit equals a £10,000 credit limit; a £5,000 deposit equals a £25,000 credit limit; and a £10,000 deposit equals a £50,000 credit limit. All new buyers must provide: Photographic Identification – (Driver’s License/Passport/National ID Card) plus a letter of Authorisation from a Company Director, on headed paper, if bidding on behalf of a company. A Company VAT Number should also be provided, if applicable.
The Parade & Dead Row
Each Euro Auctions sale operates on two principles, the Parade, and the non-rolling stock. The American style parade is a sight to behold, with a continuous stream of machines parading in front of the bidding crowd. In a big sales there can be over 1,000 diggers crossing over the ramp at a single sale, and other multiples may be hundreds of tractors, telehandlers, dozers and so on. This is a rare privilege to watch and for those in the industry, priceless intelligence can be gained as to what used machines are worth. Dealers typically send ‘watchers’ to every sale to catalogue the hammer price of all lots sold. As this real time/ in that moment data is the true value of what that machine is worth on the day. The crowd sets the price for all machines and the value of the sale and a good crowd, on any day, can push up the price.
Bidding
Buyers can bid on any Euro Auctions sale in one of three ways.
Bid On Site: register on the day to bid in the live auction, on the day, on the floor, as the sale progresses. This is popular with many buyers who like the thrill of the live sale, with machines going over the ramp and the rhythmic chant of the auctioneers.
Bid Online: You can bid online on all Euro Auctions’ sales, providing access to the machinery you need. To bid online you must create an online account and register for the auctions you are interested in. You must register to obtain a bidding number. Watch and bid live from the comfort of your own desk.
Pre-Bidding: Busy on the day of the auction, want to bid on multiple items in different Rings at the same time, unsure of your internet connection, not confident yet to bid online live? Then pre-bidding is a great alternative and allows you to secure your bid on an item.
Away from the live sales, Euro Auctions run ‘Timed Online Auctions’ where bidding is online only but doesn’t involve an auctioneer. As well as the Daily Marketplace, an online sale where every item is sold to the highest bidder. Before you can bid on a Time Online Auction you will need to sign-in to create an online account, then register for the auction, pay your deposit and you are approved to bid.
The Thrill of the Sale Day
All machine operators and dealers have got diesel in their veins. They thrive on the smell of oil, diesel smoke, hydraulic fluid, kicking the tyres and meeting their peers, who, like them have probably just stepped off a digger, to come and bid for their next machine, still with mud on their boots. There is nothing like sale day. It’s wild and noisy, with the chant of the auctioneer constant, planting a rhythmic ear worm inside your head. Visually the scale of the event is mindboggling as this is the biggest mixed plant dealership with every type of machine on offer. The crowds mill around watching the ramp, networking, catching up with old friends, checking prices, looking for a bargain, taking a punt on a new machine, acting on impulse, and making a snap purchase. It’s a cacophony of sounds and smells with the crowds jostling to see the action and for all attending it’s typically the best day on the calendar.
Transport & Shipping
Euro Auctions’ Transportation Department delivers equipment purchased from all auctions throughout the world, shipping machinery globally, every day. With a dedicated team to assist and advise from order conception right through to delivery, they have access to hundreds of haulage companies and shipping agencies. Euro Auctions does the hard work offering the best competitive rates.
Euro Auctions Launches New Sale Site in Abu Dhabi
On the 7th September, world leading heavy machinery auction specialists, Euro Auctions, hosts its second sale at the purpose-built site in Abu Dhabi. Located in the Khalifa Economic Zones, collaboration with Abu Dhabi Customs and KEZAD Group means a percentage of the Euro Auctions yard is categorised as ‘Customed Bonded Warehouse’, offering import and export customers the same advantages as a freezone operation.
To consign to this sale, or to register to bid at this sale, contact Euro Auctions direct:
Tel: 00971 2626 2898
Address: 123 Al Intifa’ St – Al Ma’mourah – Khalifa Industrial Zone – Abu Dhabi – UAE
