From 2019, the global used heavy equipment online market was on a growth trajectory. Then 2020 happened. Everything was online and multiple reasons channelled demand to used construction and heavy equipment machines. Kuwaiti company, Masaha Global also launched its online auction arm for used machines – Q8 Auctions – in February 2020.
Branching out into the online auction market was already on the cards for Masaha Global before the pandemic hit last year. Q8 Auctions was launched in February 2020 almost around the same time as widespread closures began around the world. Lots of original equipment manufacturers had to cut down on production volumes for the health and safety of their employees. Global supply chains were also impacted consequently. All of this led to a spike in the demand for readily available and affordable used machines.
Since every business process was disrupted and the move to online was overnight, the timing of the launch of Q8 Auctions couldn’t be better. Regionally, too, heavy equipment online auctions were also growing in popularity and since Kuwait didn’t have any, Q8 Auctions lost no time in establishing themselves as one of the first used equipment and machinery online auction companies in the country and held their first auction in its opening month. They managed to receive 300 plus equipment listings.
“We officially started operating in February last year, in the heavy equipment and machinery segment as it is the most lucrative category,” says Fahed Blan, Auctions Manager, Kuwait Company for Auctions Management. The company’s second online auction was held on June 29 and 30 last month. Construction machinery and heavy equipment have the most traction with real market demand as Kuwait’s projects and future development plans are resurrected. Plus, the curated high-quality machines for sale on the auction site means buyers also gain a top resale value asset.
Joining hands with renowned auctioneers Ritchie Bros. was an astute business call taken by Q8 Auctions. As per the agreement, Q8 Auctions handles operations, sales and after sales in Kuwait. Ritchie Bros. is providing their timed auction platform to Q8 Auctions to conduct their auction sales. The timed auction platform is a superlative channel which comes with an impeccable performance history as all of Ritchie Bros.’ in-house auctions are held on it. Ritchie Bros. is one of the top global online auction companies for the heavy equipment and machinery market catering to a wide range of industries. Their expansive customer base gives them another unique opportunity of analysing the user experience and behaviour to extract data which will guide their partners and equipment owners into running their businesses more successfully. Ritchie Bros. have recently acquired tech data firm Rouse. This acquisition will enable them to create tailored insights for their global customer base.
Q8 Auctions’ access to its most vital resource, Masaha Global’s existing network of regional buyers and sellers, is a handsome starting point to build upon. This network of clients and customers are key to the success of Q8’s future auctions and subsequent organic growth.
How it works
Q8 Auctions provides interested bidders with details of the items on sale. Customers can book viewing slots to inspect the machinery in person. If they want to buy the item, they need to register with Q8 Auctions and submit the requisite documents which will be reviewed as per the terms and conditions of the auction. After approval, the potential buyer then receives the catalogue from Q8 Auctions and is ready to place their bid online.
The recently held auction on June 29 and 30 between Ritchie Bros. and Q8 Auctions received 1,257 registered bidders that were a mix of local and international buyers. There were over 17 consignors participating and 300 plus items listed for sale. Q8 Auctions sees a huge potential for these numbers to continue increasing in its future auctions which are being planned for the months of September and December 2021.
