Challenge

A leading oil refinery company was faced with a unique situation. The company had a range of surplus assets that needed to be sold directly from a remote location in the Caribbean. With equipment ranging from capital-intensive construction cranes to kitchen and laundry equipment to vehicles and more than 100 portable buildings, the consignor was challenged to sell these assets in a new, overseas market with a short timeframe to complete the sale.

Solution

Though the oil refinery company had previously utilized other auction services, the company chose to reach out to the experts for asset management and disposition through online marketplaces for energy surplus, Liquidity Services. Tapping into its Network International marketplace and collaborating with other marketplaces and across the company, Liquidity Services launched a marketing campaign which included direct email blasts in Spanish and English to its qualified buyer base as well as targeted local and industry advertising to engage potential buyers for this sale. The team also provided comprehensive work, including field services — taking inventory of all equipment and providing exceptional descriptions and images — and the extensive compliance work around EH&S critical to the energy, oil & gas industry, to efficiently manage the online auction.

Results

Liquidity Services' campaign generated historic interest from the Caribbean island, with more than 57,900 page views on the online auction site. This buyer engagement resulted in a 328% increase in the average bidders per auction lot, and achieved auction sale totals higher than those typically netted in the United States. Thanks to the partnership with Liquidity Services, the oil refinery company was able to dispose of its surplus in a sustainable way that maximized the value of the wide range of assets in the auction.

The client received a greater net value for the sale of equipment from the Caribbean than had previously resulted from prior auctions.