Popular eCommerce site eBay has partnered with and invested in bidadoo, a remarketing and auction company for trucks, equipment and capital assets, according to a press release.
The partnership will make use of eBay’s global reach and platform with bidadoo’s specialty selections of equipment, trucks, parts and attachments, the release stated. Bidadoo works with industries from agriculture to construction to transportation.
The U.S. boasts a heavy equipment market for used items that ranges between $50 billion and $60 billion, according to the release.
The industry has long been reliant on offline, in-person sales and auctions. However, online equipment marketplaces have been increasing amid the pandemic. As eBay has worked historically with cross-category commerce, with high-value buyers making purchases on multiple categories of items, the partnership made sense, the release stated. For example, there are 25% of equipment buyers on eBay also buying parts or attachments for the machines.
Bidadoo’s participation will allow for a wider breadth of equipment available, including from leading manufacturers, governments, rental companies, contractors and financial institutions, according to the release. The bidadoo transactions also come with a detailed condition report, photos and video demonstration.
Howard Hawk, bidadoo president, said in the release his company and eBay are “both centered around trust and transparency.”
“This investment will allow us to bring new solutions and capabilities that will add significant value to our customers and continue to grow our very passionate team,” he said, per the release.
“We are excited to deepen our partnership with eBay to expand our asset remarketing and auction solutions,” Hawk added in the release. “For over 18 years on eBay, bidadoo has been committed to delivering the best business and industrial buying and selling experience in the industry. From Day One, we chose to build our business on eBay. We share a similar vision and DNA: being passionately customer-centric and laser-focused on improving marketplace and eCommerce efficiencies.”
In August, eBay was facing challenges. Despite its active seller growth of 5% to hit 19 million, the company has also seen a decline in active buyers by 2% since last year, which leaders said was a result of the pandemic appearing to decline earlier in the year.
Read more: eBay Transformation Runs Up Against Increased eCommerce Competition
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