bidadoo reported a 75% growth in sales for its first quarter (Q1), as the industry rapidly migrates from traditional auction models to online auctions and remarketing.
SEATTLE, April 10, 2024 /PRNewswire-PRWeb/ -- bidadoo reported a 75% growth in sales for its first quarter (Q1), as the industry rapidly migrates from traditional auction models to online auctions and remarketing. During Q1, bidadoo drove an 87% growth in unit sales, 74% growth in customer locations, and 56% growth in distinct buyers. Many more of the largest fleet and equipment sellers across North America are electing to remarket their equipment with bidadoo.
"bidadoo quickly became a source we could rely on to sell equipment through over the last year. We've partnered with bidadoo to sell over 200 units from our rental fleet in this timeframe when we had done no business prior," says Drake Dodd, Fleet Manager, Yancey Rents (The CAT Rental Store, Georgia). "This quick trust primarily stems from clear communication, on-time payment, and a high level of responsiveness from our bidadoo representatives. Our team loves the ease of the customer portal to track the progress of our sale items. We look forward to continuing our partnership."
Significantly increased costs of live auction models have attracted sellers to more efficient online marketplaces to maximize their returns. With traditional live auction models, customers incur rising costs of transportation and huge increases in buyer's premiums that come out of seller's return on assets. Due to additional fees and expenses, sellers frequently incur costs exceeding 20% of asset value when selling via traditional live auctions, in stark contrast to the more efficient bidadoo online model.
Extra Selling costs for live auctions:
- Buyers Lowering Their Bids: Due to increasing buyer's premiums (10% - 15%)
- Rising Transportation Costs: Often 5% - 12% of assets value
- Huge increases in Buyer's Premiums: A hidden cost to sellers
- Longer Holding Time: As critical mass of equipment must be staged to host a live event
Extra Buying costs for live auctions:
- Cost Of Time And Travel: Buyer's feel the need to go "kick the tires" prior to bidding
- Increasing Buyer's Premiums: Buyer's are often charged 10% - 15% of the sale price to the auction company
- Unanticipated Repairs / Expenses: When buying uninspected / unverified assets with no return option
- Internet Bidding Fee: Some live auctions charge an additional 2%+ internet fee to participate online
"We are incredibly proud of our team's hard work for our customers, which has resulted in a remarkable 75% growth during the first quarter. As the industry undergoes an incredible transformative shift toward online auctions, we remain at the forefront of the industry for our customer service, technology, and trusted marketplace in partnership with eBay. We are ever grateful for the trust and confidence our customers continue to place in the bidadoo team when buying and selling fleet and equipment ," reports Howard Hawk, bidadoo President.
bidadoo's Record-Breaking First Quarter (Q1) 2024 vs. 2023 Featured:
- 87% Growth in Volume
- 75% Growth in Sales
- 74% Increase in Seller Locations
- 80% of Machines Sold Sent to Out-of-State Buyers
- 56% Growth in Buyers
- 65% Mobile Participation
- Over 20x Views per Item vs. Traditional Auctions
- Global Participation From 165 Countries
- Over 100% Increase in Strategic / International Accounts
- bidadoo Featured to eBay's Millions Active Global Buyers
Below are some recent sales results by bidadoo, reflecting the trust, scalability, and reach of the bidadoo and eBay marketplaces:
- 2017 John Deere 944K Wheel Loader - $146,100
- 2008 Tadano ATF65G-4 75 Ton Mobile All Terrain Crane - $151,300
- 2016 JLG 1850SJ 185' Telescopic Boom Lift - $152,100
- 2021 John Deere 544P Wheel Loader - $122,100
- 2020 Hitachi ZW220-6 Wheel Loader - $159,800
- 2012 John Deere 300D Articulated Dump Truck - $133,500
- 2018 Mack GU713 10 Yard Dump Truck - $107,300
- 2016 Peterbilt PB348 4,000 Gallon Water Truck - $100,500
- 2018 John Deere 350G LC Hydraulic Excavator - $103,000
- 2017 Hitachi ZX300LC-6 Long Reach Excavator - $104,000
- 2016 Caterpillar D6N LGP Crawler Dozer - $95,100
- 2015 Komatsu D61PX-23 Crawler Dozer - $76,350
- 2013 Broderson IC-250-3D 18-Ton Carry Deck Crane - $75,700
- 2019 Kenworth W900 60" Sleeper Truck - $71,300
- 2018 Freightliner 114SD Knuckle Crane Truck - $92,100
- 2024 XL Specialized XL110HDGS 55-Ton Lowboy Trailer - $86,630
- 2016 John Deere 9520R Scraper Tractor - $86,000
If you are interested in selling with bidadoo this spring and taking advantage of the incredible pricing and demand, contact a bidadoo auction consultant today for an equipment and truck auction appraisal and valuation. If you're interested in viewing the full catalog of items available in this week's auction, or every Tuesday, please go to http://www.bidadoo.com/auctions.
About bidadoo
bidadoo is the largest and most trusted online auction company on the world's largest auction marketplace, eBay. With eBay's millions of active buyers around the globe, bidadoo provides equipment sellers access to the world's largest online auction marketplace, with its long-term partnership with eBay. bidadoo provides professional remarketing for used construction equipment, rental and municipal fleets, trucks, and other capital assets to many of the world's largest equipment and fleet companies. Check out our weekly online auctions at http://www.bidadoo.com
Media Contact
Doug Thayer, bidadoo, 2064429000, dougt@bidadoo.com, www.bidadoo.com
SOURCE bidadoo
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