Negotiate online for used machinery, equipment

By Staff -- Industrial Distribution, 10/1/2000

A startup firm called eSprocket introduced an online negotiation engine for transactions in the $400 billion used industrial machinery and capital equipment market.

Negotiation Table ^TM , eSprocket's proprietary, patent-pending technology, is designed to facilitate negotiations by providing buyers and sellers with the information and resources they need to complete traditionally complex purchases of used capital equipment.

"Ninety-five percent of capital asset sales are completed through negotiation. Negotiation Table saves time, minimizes costs and captures all the elements of used capital equipment transactions in a robust online marketplace," says eSprocket CEO Ben Coes.

The firm offers customers the ability to conduct pre-sales negotiation and due diligence as well as arrange complete end-to-end fulfillment services including shipping, appraisals, financing, warranties and inspection. In addition, eSprocket partners with used equipment dealers through the Machinery Dealers National Assn., the Locator equipment listing catalog and a machinery appraisers association.

"B2B marketplaces must deliver to buyers and sellers technology that improves the way business is done. eSprocket's technology is unique, innovative, and enables buyers and sellers to migrate their operations online while preserving brick and mortar relationships that are vital to their growth," says Coes.

The firm estimates that more than 90 percent of used capital equipment sales involve an intermediary-a distributor or used equipment dealer. Through its partnership with the machine dealers association, eSprocket provides customers access to an extensive inventory of quality used capital equipment, with inventory that exceeded $1 billion last summer.

"In a market whose sellers want to turn equipment quickly but buyers aren't easy to find, dealers possess the knowledge and resources to address the timing of the market, often taking ownership of the equipment until the right buyer can be found," says Steve Wolf, vice president of dealer development.