Instant gratification
R
emember the beginnings of eBay?
The company, founded in 1995, was
originally called AuctionWeb and was,
from the start, meant to be a marketplace for
the sale of goods and services for individuals.
You’d search and find what you were looking
for, put a bid in and then hope that no one out-
bid you in the last seconds of an auction.
It can be a nerve-fraying ordeal for those not
interested in the outbidding process. That was,
however, until Buy It Now was introduced. Buy
It Now allows eBay users to purchase an item
immediately at a price set by the seller. No
price wars to be had.
For online auctioneer, IronPlanet, this
business model seemed smart, so the heavy
equipment auctioneer took a page from eBay’s
book and introduced allEquip (allEquip.com), a
fixed price marketplace for used equipment.
“Auctions can be daunting,” says Jeff
Jeeter, IronPlanet’s president of the Americas.
“allEquip gives sellers another option to sell and
brings better values to customers.”
How it works
allEquip listings feature “Buy Now” prices.
Similar to the aforementioned Buy It Now
eBay concept, the website allows customers
to purchase a piece of used equipment in just
a few clicks of a mouse or tap on a tablet —
without having to bid.
“We are trying to reach new and varied
customers,” Jeeter says. “Since it launched, we
feel encouraged in this short amount of time.”
allEquip manages the complete transaction
between the buyer and the seller, from
equipment listings through final payment.
Every item for sale has a guaranteed inspection
report, a “buy now, haggle-free price,” and can
be purchased directly from the site.
On allEquip.com, sellers will list used
equipment for a set period of time. If the
AUCTIONS
Online auction company
IronPlanet is changing
the way people can
purchase used equipment
online.
Lindsey Anderson
sat down with
Jeff Jeeter
,
IronPlanet’s Americas’
president, to talk about
the company’s new
allEquip solution.
equipment doesn’t sell, it then goes to auction.
All equipment is backed with IronPlanet’s
IronClad Assurance. According to Jeeter,
each listing is done under allEquip’s oversight
and each piece of equipment goes through a
detailed inspection. From there, reports provide
a description and photos of the equipment’s
condition and features. The inspection report
is listed directly below photos and pricing and
then viewers can see rates on a four-star scale
of the item’s condition from general appearance
all the way down to the chassis.
These reports are backed by allEquip’s
exclusive 100 percent guarantee, which
ensures the reports are a true representation
of the condition of the equipment. The allEquip
100 percent guarantee provides buyers from
around the world the confidence to purchase
equipment online, Jeeter says.
“Eighty-five percent of our first buyers were
end-users of IronPlanet,” Jeeter says. “Fifty
percent of those IronPlanet customers had
never bought from our online auction before.”
Ideally, what IronPlanet wants to offer its
users is a varied approach to buying used
equipment online. For instance, when bidding
ends on a piece of machinery, User 2 and
User 3 who did not win the auction, can be
steered toward a similar piece of equipment on
allEquip’s database. They then have the option
to buy immediately.
Mining databases
The launch of allEquip, which happened on
June 2, is another step in IronPlanet’s planned
29
JULY-AUGUST 2014
ACCESS, LIFT & HANDLERS
A 2006 Genie GTH-1056
telehandler on sale at allEquip’s
online marketplace.
During the first quarter of 2014, Ritchie Bros conducted 35
unreserved industrial auctions in 11 countries throughout
North America, Europe, the Middle East and Australia.
