Clear Asset holds successful online mining auction

The auction, conducted by Clear Asset, utilised advanced technology and a highly efficient bidding system to successfully sell a variety of mining assets to both local and international buyers.

"The results produced shows firstly that there is improved confidence in online purchases in South Africa, and secondly that international companies are looking to South Africa to purchase such mining equipment," says Ariella Kuper, co-founder of Clear Asset.

The way forward

The auction saw buyers coming from the UK and USA and over 2 400 viewings on the website including 245 from Australia, 54 from Nigeria, 42 from the UK, 25 from Zimbabwe, 20 from Tanzania, 13 from Kenya and 12 from Botswana. "It is clear that online is the way forward for sellers looking for a broader buying base," adds Kuper. Notable results from the auction include three Volvo A40 dump trucks that were sold to a European buyer for R770 000 each, an Atlas Copco drill rig 16 for R319 000, a 2005 Volvo L120 front end loader for R275 000, a 2007 36 seater Tata bus for R125 000 and a 2008 Toyota Hino which was sold for R273 000.

"The market is seeing a demand for more legal compliance and this auction was successful as a result of the analytics and systems we set in place, ensured accurate tracking of bids per asset and detailed reporting structures. Due to the nature of the auction, a wide geographical spread of buyers was achieved and each buyer was able to access maximum information with minimum effort," commented Kuper.

No transport costs

Online auctions are attractive, specifically in this sector, as buyers can search the site for technical information and images without having to incur unnecessary transport and flights to verify the assets. "Once they have reviewed full information online, they can then decide whether to send out a technician to inspect the goods," says Kuper.

Clear Asset was co-founded by Warren Schewitz and Ariella Kuper. Schewitz, a South African who spent 12 years in Canada, co-founded an online vehicle auction company that grew over ten years to be the largest online marketplace for used vehicles in North America. The company was selling several hundred thousand vehicles per annum exclusively over the Internet, when it was acquired by NYSE listed KAR Auction Services, Inc.