Euro Auctions Group, operators of auction sites for industrial plant, construction equipment and agricultural machinery in the Middle East, UK, Germany, Spain, Australia and the USA, launched their first sale at the new, permanent auction house in Abu Dhabi
Earlier this month, on May 4, Euro Auctions, Europe’s largest auction house, held its first live and online, unreserved sale at the new permanent site in KEZAD, Abu Dhabi. With a sale inventory of 518 lots from 35 vendors from five countries, including the UAE, the UK, the USA, Seychelles, and Sri Lanka, the hammer total was $3.66 million, with a total from floor bidders of $2.33 million and $1.33 million transacted online, Euro Auctions Group said in a statement.
There was much interest on the day, with 365 registered bidders taking part, of whom 102 were bidding for the first time with Euro Auctions. The sale attracted interest from a global audience, with the top buying countries being: UAE, Iraq, India, the UK, Armenia, Saudi Arabia, and Bolivia.
Commenting on this Euro Auctions, General Manager for the UAE, Richard Sweatt, commented on this sale, “On sale day we saw plenty of familiar faces and our loyal clients commented that they were glad we are back! We had a good inventory of stock, with many late plate, low hours machines, for this first sale and we attracted new consignors and new bidders to Euro Auctions.”
He said the prices achieved at this sale pleased both consignors and buyers, and getting that balance right is the essence of a good sale. With limited space on site, due to construction work on the main office building, the crowds were impressed with the new facility.
Sweatt revealed, “With large development projects in the region, in the UAE, and KSA, including oil and gas, rail, hospitality, and domestic housing, new or late, low-hour excavators of all sizes were in great demand, as were telehandlers, skid-steers, commercial vehicles, and 4x4s. With major contractors preferring to acquire plant and machinery ‘in country’ rather than import, Euro Auctions, with its international network of auctions, and sales managers, sources machinery to bring to this site for upcoming sales.”
According to him, “As this new sale site is located in the Khalifa Economic Zone, Abu Dhabi, with easy shipping access to and from Khailfa Port, by collaborating with Abu Dhabi Customs and KEZAD Group, a proportion of the Euro Auctions yard is categorised as a ‘Customs Bonded Warehouse’ offering import and export customers the same advantages as a free-zone operation. As 60% to 70% of our customers are local, this site provides Euro Auctions with enormous strategic advantages in the region.”
He explained, the UAE customers no longer have the documentation requirements to deliver and collect equipment from the auction site, enabling them to have easy access to inspect the stock prior to the auction day. Inspections can be carried out in the yard easily and seamlessly, and the location provides cost-effective connectivity to major markets, with the Abu Dhabi facility contributing to growth in the UAE and the Middle East.
Explaining rationale to select Abu Dhabi site for the auction, he said, “Relocating from Dubai to this new site gives Euro Auctions scope for expansion, as this is the biggest auction site in the region. With over 43,000 square metres of yard, with facilities for handling all aspects associated with the sale of industrial plant, construction and agricultural machinery including transportation to carrying out minor repairs, Euro Auctions has plans to develop the business in the region, developing this site to become the number 1 in the Middle East.”
Whilst being the leading auction company in Europe for heavy machinery, Euro Auctions has operations worldwide, conducting more than 60 auctions per year and markets to an international audience from over 100 countries due to its strong online presence, he said while adding, “We plan on hosting four sales per year at the new site and the next sale will be on the 7th September.”