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Construction companies host commission-free equipment auctions on B2B app

Krank B2B worlds first B2B platform

Market network tech company Krank has released an online auction feature that allows construction companies to host commission-free machinery sales and build a lead generator at the same time.

The auction feature allows companies to host their own auctions and sell equipment online. The system is secure, with users creating their own private marketplaces, choosing who can participate in the auction and agreeing terms - all with no commission or fees for buyer or seller.

Covering everything from inspection to compliance, documentation and payment and delivery terms, the B2B auction feature puts the seller in control of the sale and provides transparency, security and unfettered access between buyer and seller, with no intermediary capturing the sale data.

Krank does not get involved in the deal flow and payments do not flow through the platform. Bidders must first request to connect with the seller's network and be accepted, before being able to participate in the auction. With both seller and bidder known to each other, both parties can go forward with the auction with confidence.

With the seller capturing all the bidder details - not just the winning bid contact - the seller is creating new private, company-to-company networks of interested potential customers for future machine disposals.

In the absence of a third-party auctioneer involved in the deal, Krank-powered owner auctions provides the necessary seller declaration and purchase contract templates. These can be edited to suit individual company requirements and clearly establish sellers' authority to sell, and the terms on which the sale is being made. Both documents are electronically signed by the seller and by each bidder before they can place a bid.

The UK-headquartered technology firm is initially targeting the crane market, earthmoving construction and aerial work platform sectors, and the North American and UK markets in beta trials, with a global roll out of the Auctions feature later this year.