Here to Stay

Tracy Bennett

June 15, 2005 • Online auction giant eBay® has taken the brunt of our criticism on more than one occasion • in part because when it comes to lifting equipment, generalists (whether for used equipment, insurance, or information) don't know enough about this market to accurately represent it. (See “Made from Scratch Aerial Lifts?” and “Hot Wired”).

 

Although lacking the breadth and reach of a giant like eBay, many construction equipment owners instead turn to a handful of specialists when it comes to buying construction equipment at online auctions.

 

Ritchie Bros., which conducts hundreds of live auctions a year all over the world, allows prospective buyers to participate from remote locations. With rbauctionBid-Live, potential buyers can see an image of the equipment as it sells, hear the auctioneer call out bids, and place bids over the internet • live and in real-time. Other notable specialists include IronPlanet.com and FleetTrade.com.

 

Another take on the online auction comes from Auctio LLC, which was recently named a preferred provider for its members by the Associated Equipment Distributors. A key difference is that Auctio's auctions give first dibs to dealers selling to other dealers representing the same brands. Next in line are dealers of other brands, and finally, the general public.

 

But as more small businesses turn to online auctions for buying capital equipment, eBay acknowledges the growing importance of this category. In 2004, eBay's U.S. sales of capital equipment, such as construction machinery, grew by more than 88%. As a result, the company is taking additional steps to protect buyers of capital equipment. Last week, the online auctioneer announced the Business Equipment Purchase Protection program for items bought in selected capital equipment categories. The new program, offered at no cost to buyers or sellers, protects buyers for up to $20,000 against fraud and material misrepresentation on qualified capital equipment purchases made on eBay in the United States.

 

And today eBay launches a redesigned business website at www.ebaybusiness.com, where a variety of business products • from office furniture to heavy equipment • are organized together in one location. This is also where you will find information about their new Business Equipment Purchase Protection program.

 

Online consumerism is here to stay. It's just another sales avenue for reaching an additional group of customers. This premise is what lies behind our own philosophy at Lift and Access and Lift and Access 360. Our research indicates that among readers of construction equipment publications, some of us are online while others are in the field. By providing two unique mediums • print and electronic • we reach almost twice as many people.

 

I recall a time when publishers feared the Internet would be the demise of traditional print publications. Those fears have proved unfounded • just as equipment auctioneers have discovered.