SRK Solutions was formally established in July 2016. Its head, Mr. Gopinath Manjunath, a businessman from South India, has been a player in India’s second-hand industrial machine tools industry since 1997. He has, in the last 20 years or so, established himself as a reputable reseller of heavy duty CNC equipment.
Even before SRK Solutions began doing business with GoIndustry DoveBid, a Liquidity Services marketplace, Mr. Gopinath Manjunath has facilitated the purchase of local used machines for various companies at an average frequency of 2-3 times a year.
Mr. Gopinath Manjunath shared how his personal satisfaction as a buyer taking part in a GoIndustry DoveBid sale event has paved the way for him to introduce and personally recommend that his own customers at SRK Solutions explore a direct purchase with the GoIndustry DoveBid.
“I purchased good machines at the best price. I feel it is value for money.”
Sometimes, one satisfying experience is enough to leave a lasting impact. Gopinath qualifies that the assets SRK Solutions acquired in its first purchase and participation in a GoIndustry DoveBid auction may well stand as “one of the best assets our company could have bought.” He adds, “The asset were exactly what SRK Solutions needed and they worked out as well as I thought it would”.
”transparency between the seller and buyer” – a premium value
In India, the purchase of new equipment may not always be viable to medium scale industries because doing so requires an investment of around US$850K. The huge investment, in addition to the country’s stringent tax policies, provides business opportunities for resellers like SRK Solutions.
Their customers fall within the category of medium scale industries, with purchases within the range of US$200K-500K per year. The second-hand heavy duty CNC equipment these customers acquire are used for a period of 5-8 years. Within this time, they are loaded for a period of 30% or approximately 10,000 working hours. Despite an expected shorter period of use, the condition of the second-hand machinery remains important to these buyers.
SRK Solutions understands that in online auctions, condition of the machinery being sold varies depending on the marketplace and individual auctions. It saw how GoIndustry DoveBid’s system offered ”transparency between the seller and buyer.” An astute businessman, Gopinath immediately leveraged the same value to the advantage for SRK Solutions’ clients.
“I made good profit and name in market”
SRK Solutions’ regular search for second hand machines does not compromise on providing quality machines for its customers. To stay in the game, SRK Solutions had a regular buying cycle of 2 to 3 times a year. However, in order for businessmen like Gopinath to make money, he needs to buy the merchandise low and sell high. He does not go into detail but qualifies, “Generally, profit criteria is changed from time to time depending upon market demand. I used to purchase local used machines and refurbish them to sell.”
“Our GoIndustry DoveBid sales contact supported us in all steps of our transaction before and after purchase.”
Gopinath explains, “Purchasing the assets has been a good experience and because my purchase cost was about 15-20% less than what it would have cost me before I tried this marketplace. As a result, SRK Solutions managed to sell these machines at a lower price than market rate. It is likely to become more frequent because GoIndustry DoveBid’s is also intuitive and “user-friendly”, making it easier for him to “focus on his goal of buying low for increased profit,” Gopinath adds.
Moreover, Gopinath grasps how critical it was that he got help and responses to his inquiries in a timely manner. “Our account manager is knowledgeable and professional in attending to our account”
“Many times, I ask my customers to buy directly from GoIndustry DoveBid”
“When we make our recommendations, we would need to consider a lot of things — from the lots being available within India, to the machines’ or machine tools’ actual condition”. In locating and identifying assets for its customer base, SRK Solutions does not always have the benefit of time to plan the acquisition of new equipment that meets the timeline of its clientele.
When this happens, “I ask my customers to buy directly from GoIndustry DoveBid.”