Euro Auctions, auctioneers based
across three sites in Dromore (Northern Ireland), Leeds (United
Kingdom) and Dormagen (Germany), has been conducting industrial
auctions since 1998.

Having sold over 22,000 assets of
industrial, construction, commercial, agricultural and utility
plant equipment in 2008 alone, Euro Auctions is well placed to
comment on how the auction industry has been affected by the
current economic climate.

The major affect of the global
recession has been a decrease in hammer prices for equipment in
general. Prices fell considerably in the latter half of 2008, with
little new machinery being purchased, which has seen prices
increasing in early 2009 by as much as 10-15 percent. The UK has
traditionally been the leader in the second-hand market because of
its equipment renewal policies. This is further reinforced by the
strength of the euro with many new European customers coming to the
UK market place.

The company has also found the mix
of its customer base changing in recent months, according to Euro
Auctions general manager Jonathan Keys.

“The amount of distressed assets
from the financial institutions is increasing greatly, and many
plant hire companies have needed to downsize as utilisation figures
fall,” Keys says.

Export trends from the UK have
changed recently and Euro Auctions attribute the weakening of
sterling to the large quantities of Assets going to mainland

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With greater worldwide
participation, the internet bidding service has had a major
influence on business.

“We are finding that as times get
tougher we are attracting a lot of end-user buyers who are keen to
find the best deal and this trend is positive for Euro Auctions
consignors as it increases hammer prices,” Keys says

Euro Auctions works in conjunction
with larger manufacturers and dealers on residual values, an area
which has seen considerable growth.

“A growth area for the business
has been the underwriting or residual values which we have been
doing with manufacturers and dealers over the past three years,”
Keys adds.

Euro Auctions hold unreserved
auctions regularly throughout Europe and the results are a
reflection of current market value and the most up-to-date results
in the industry.

Increased interest in the upcoming
Leeds auctions (29, 30 April and 1 May) from both buyers and
consignors, coupled with an increase of 40 percent in website hits
from the same period in 2008, this shows that the popularity of
live auctions in the UK continues to grow.