Indoogoo launching world’s first social auction site

Unique new service aims to transform US$200 billion global used equipment trading market

THIS year will see the launch of the world’s first social online auction service from Indoogoo –the social trading network for heavy equipment.

Online social selling has revolutionized the trading process, and Indoogoo are aiming to further transform the US$200 billion global used equipment market with their unique social auction service.

Indoogoo auctions will give users the ability to list any piece of equipment, no matter how large or small, and as auctioneers users will have control of the timing and layout of their own auctions.

The service is designed to give users the ease and scope of an online auction with the networking and trading potential of a physical auction house, all contained within the framework of a social trading network.

‘With Indoogoo auctions, everybody is an auctioneer,’ explained Indoogoo chief executive officer Mark Turner. ‘Our motivation behind its development is that we wanted to give Indoogoo users the power to control their own equipment auctions.

‘This is also the first time the social network structure has been incorporated into an online auction service, and we feel it has the potential to dramatically change the way second-hand construction equipment is traded around the world.’

Available to anybody with an Indoogoo account, from individual traders to large equipment manufacturers and rental companies, Indoogoo Auctions will feature equipment from a range of industry sectors, including construction, mining and other heavy industries.

As auctioneers, users will control every aspect of the auction process and can choose from three types of auction: a timed 30-day auction with a ‘buy now’ price; a day auction with reserve; or a day auction without reserve.

The formal launch of the Indoogoo auctions service is set to take place during the second quarter of 2015.