Related Links: Ten Minutes With Michael Kneeland, CEO of United Rentals Caterpillar Crawls Into Auction Territory Construction equipment dealers are increasingly bypassing third-party auctioneers to dispose of used machines themselves. The do-it-yourself auction strategy can both maintain valued customers and groom future buyers. It additionally enables dealers to forgo commission fees, which can run 12% to 15% of the final auction price although costs climb higher for smaller machinery and first-time clients, say industry experts. Equipment requiring pre-auction preparation and repair can increase total fees, too."Everyone wants to be in the auction business," says James J. Jeter, president IronPlanet Inc.,
The growing need to collect, store and analyze the huge volumes of data collected from infrastructure project stakeholders is generating a new growth area for construction-sector firms, IT vendors and professionals.