F&M Mafco’s online auction29 June 2020
F&M Mafco will host an online auction in July using the new feature from the industrial networking platform Krank.
Founded in 1945, F&M Mafco sells, rents, repairs, and reconditions tools and equipment globally. The company is a dealer for over 200 manufacturers.
“We supply everything from cranes—which make up a large proportion of our customer inquiries—to welding equipment, winches, fabrication equipment, lifting accessories,” said Tim Fox, international equipment sales manager at F&M Mafco.
“At F&M Mafco we have not been big frequenters of live auctions in the past. We prefer to do deals through our website and dedicated sales teams. However, the current global situation has meant adapting and evolving as a business.”
This has led the company to host a Krank-powered auction. Among the equipment F&M Mafco included in the online auction are: mobile cranes, pedestal cranes, crawler cranes, forklift trucks and personnel hoists.
UK-headquartered technology firm Krank launched its B2B online auction feature in June. This 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,” said Krank.
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.
The auction feature covers everything from inspection to compliance, documentation, payment as well as delivery terms.
With the seller capturing all the bidder details —not just the winning bid contact —the seller is creating a new private network of interested potential customers for future machine disposals.
The 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.