The Challenge
Our client is a leading civil engineering and construction group based in South Africa. Faced with a declining construction market, the company decided to increase efficiency and reduce costs by strategically consolidating business units. As is usually the case, this consolidation resulted in surplus and the need to sell it. The company identified 15 high-value surplus assets for which it urgently needed to generate recovery.
The Solution
The company selected Liquidity Services because our global reach could promote its assets internationally, a key priority given the assets’ high value. Liquidity Services was required to complete the sale in a short timeframe of just six weeks, with the client’s surplus scattered across several locations throughout Africa.
Liquidity Services handled all aspects of selling the client’s surplus, from preparing the assets for sale to managing and promoting the auction to handling payment and removal. We began by visiting the client’s locations to catalog all assets for sale, completing this process in just a week.
Liquidity Services then sought out buyers of surplus construction equipment, tapping our existing global network of over 50,000 buyers and reaching new prospective buyers via multichannel marketing strategies. Assets were then sold through an online auction on our GoIndustry DoveBid marketplace, exposing them to the most possible potential buyers. This comprehensive approach maximized views and bids for our client’s surplus, ensuring its recovery expectations were met.
The Results
Liquidity Services sold all of the client’s surplus for $1.7 million, exceeding the high reserve prices. We exceeded client recovery expectations for its mostly late-model surplus, completing the sale from asset identification through removal and payment within the tight six-week timeframe. Liquidity Services’ global buyer base drove maximum recovery for this sale, as we attracted registrants from the United Kingdom, Germany, and Saudi Arabia, as well as locally in South Africa.
Our consultative, efficient service; global reach; and ability to generate results via multiple marketing channels made this sale a success. Satisfied with our results, the client immediately secured our services for a follow-up sale.
