RealTime IT News

Cahners, uBid Launch Construction Equipment Auction

Business information provider Cahners and uBid.com launched a live auction Web site to buy and sell pre-owned construction equipment.

Pre-owned excavators, loaders, bulldozers and other heavy equipment are available at www.ironmall.com, named for the construction industry's use of the nickname "iron" for heavy construction equipment. Revenue sharing arrangements between the companies were not disclosed.

Forrester Research has projected that online trading for the construction industry will reach $28.6 billion in 2003.

"The launch of our Ironmall.com Web site will expand uBid's current business-to-business online offerings in what is largely an untapped industry, used construction equipment," said Greg Jones, chief executive officer of uBid. "We will continue to look for viable business-to-business sectors where uBid sees significant opportunities."

Under the terms of the agreement, Cahners brings market intelligence and marketing power to the partnership while uBid contributes its expertise in completing business-to-business transactions online. In all cases, the respective sellers retain title for the equipment auctioned on the site until the transaction is completed.

Ironmall.com will also provide links where buyers can access third-party testimonials about the equipment offered for auction; obtain financing and insurance; purchase extended warranties; and arrange for shipping via a national network of freight forwarders.

Equipment sales usually take six to eight weeks to complete. Ironmall.com can finalize deals within a few days, the companies said.

Cahners publishes more than 120 magazines and 120 Web sites. Visitors to ironmall.com can link through the Web site for Cahners' publication Construction Equipment, the leading industry magazine, at www.coneq.com.