In wake of the recent overhaul of the auction industry at large, there is evidence of changing behaviour patterns of both buyers and sellers as they look to the CPA and international markets for guidance. Following international trends, the market is seeing a demand for more legal compliance through tracking of bids, reporting structures back to sellers as well as wanting to maximise outreach into new markets such as Africa, Australia and the Middle East. In addition, prospectors, second tier miners and traders all want access to clean second hand stock from reputable sources as they cannot afford the more expensive new equipment. Enter the online auction platform, servicing both buyers and sellers in a more robust and professional capacity. ?
A new yet seasoned player identifying this gap in the industry is a specialised firm focusing exclusively on mining, maritime and aviation,solely using the online auction mechanism. The company, Clear Asset Pty Ltd, brings together a partnership of 16 years of dedicated online and physical auction expertise, international business acumen and niche moveable asset proficiency both in South Africa and North America.?Clear Asset is about offering clients an easy option to bid with minimal inconvenience for decision makers, offering them immediate access to information on the web and an advanced online bidding system. Not only can buyers bid online, but sellers are now able to regularly feed assets onto an auction themselves, regardless of volume or location,'' says MD Ariella Kuper.
Success in the online mining space was witnessed earlier this year with successful online mining auctions handled by Ms Kuper for Diesel Power (and again in March with Sentula) as reported by Mining Weekly in their February edition, with her pilot auction securing a 61% confirmation rate.''The concept of the online platform is to offer web access for buyers regardless of location, enabling them to inspect and bid on prime and secondary assets from respected suppliers looking to make room for new price OEM assets. It's like a car out of motorplan, still in good condition but the warranties can be onerous for listed companies,'' adds Kuper.''Clear Asset?s upcoming online auction on 27 September offers stock from the likes of Anglo Platinum (Bathupela mine), Lonmin (Marikane mine) and Diesel Power, all whom are looking to clear up their yards of surplus equipment, through a controlled and reputable mechanism.''
?Online auctions offer a transparent method of sale for sellers as we can provide auditable reports of bid activity to ensure maximum accountability. This is critical for listed mining houses from a compliance aspect. It also allows mines to dispose of assets from various sites at one time without stockpiling or unnecessary transportation to a central site. The result is that mines achieve maximum outreach with an expertly managed end-to-end process. For buyers, they can access the assets online, assess interest based on the due diligence online and then still decide if they need to send a technician out to verify the information through physical inspection if required?.
The online system allows bidding regardless of location and time zone and reduces time out the office for the decision makers. It is about ease and efficiency. Looking abroad, Canadian auction powerhouse Ritchie Brothers recently confirmed they have moved US$5 billion through online equipment sales. In a recent article Ritchie Bros. Chief Operating Officer Bob Armstrong attributed this to changing behaviour patterns. ''The recession actually helped turn some buyers to (our online) auctions as they realised they didn't necessarily need to buy brand new equipment. The vast majority of the online buyers are (still) doing inspections of the equipment before they bid, they just don't want to be there on sale day because they're busy, explained Armstrong.
It appears that online is the auction platform to watch in SA as 2nd tier miners, speculators and prospectors in SA and across Tanzania, Angola, Zambia etc are looking for reputable stock at second hand prices.
Source: http://africanminingexploration.blogspot.com/2012/09/online-auctions-gain-momentum-with-big.html
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