The client is a global manufacturer, focused on advanced specialty materials and complex components. With a strong focus on sustainability, the company’s key industry targets include aerospace and defense, oil and gas, chemical and medical.
The client contacted EquipNet with 4,000+ assets across 3 plant locations that needed to be sold and removed within a 4-month timeframe. The inventory included a large range of MRO assets (Maintenance, Repair, Operations and Spare Parts) across 85 different categories of equipment include bearings, pumps, motors, valves and much more. The inventory was a moving target as all three of these facilities are operational, causing uncertainties in the full list of assets and a time management issue in regard to writing up all assets in the given timeframe.
After receiving a preliminary inventory list and gathering photos during a site visit, EquipNet’s team broke the asset list into saleable categories of equipment. These category-based lists were user to create bulk lots of equipment so our buyers could purchase inventory in quantities, which is the preferred buying method for MRO. Along with being cost efficient, the exercise of creating bulk listings contributed to meeting the extensive timeframe of the project because inventorying individual asset would be a timely task with 4,000+ MRO assets.
Following 8 weeks of marketing, all inventory was available to buyers through EquipNet’s Online Sealed Bid Platform. Each bulk listing became a lot in the sealed bid catalog, allowing buyers to submit bids on desired equipment. The platform allows buyers to submit bids on individual lots or the buyer can submit one aggregate bid for all inventory in the lot catalog.
EquipNet successfully managed and sold over 4,000 pieces of MRO equipment for the client within the requested timeline, bringing in over $400,000 in sales to the client. With over 50 bidders there was a competitive bidding war which resulted in 100% of the assets being sold to one buyer. The client was extremely satisfied and we look forward to working with them again in the future.