• News
  • November 2023

Krank tech powers Latin America’s largest 100% online mining auction, redefining used equipment disposal

Elebbre’s month-long Krank marketplace tech-powered auction saw a host of records broken, compared to traditional sales channels, including:Seven-fold increase in website traffic, with bidders from over 75 countries.47% of lots sold above their reserve.Double the sales success ratio compared to a traditional auction.Latin American remarketing experts Elebbre’s recent online auction of used mining and construction equipment on behalf of global construction giant Bechtel has been given an enthusiastic vote of approval. The month-long auction – the largest 100% online auction to date in Latin America – was powered by UK SaaS technology company Krank’s marketplace platform. Using the Krank platform allowed Elebbre to manage the entire auction and sale process itself, rather than relying on the support (and associated costs) of third-party auction houses.The auction generated total sales revenues of $2.8 million and drew bidders from over 75 countries. Of the 152 lots put up for sale – which included dump trucks, boom trucks, cranes and excavators – almost half (47%) were sold, roughly double the sales ratio of a traditional auction. Unlike with traditional auctions, even when Elebbre’s 30-day sale was over – that wasn’t the end of proceedings. The use of vital runner up data – information that Elebbre wouldn’t have access to if it had used a traditional auction house – allowed it to sell a further 24 machines. ‘The Krank platform exceeded expectations. The auction performance was excellent and helped to maximize the value of our used equipment.’“In the past we used traditional methods, including third party auctions and direct sales for disposals of this kind,” said Elebbre’s Co-Founder and General Manager, Moisés Nunez. “But for a range of reasons – including cost, lack of sale data provided by third party auctions and the carbon footprint of moving machines to auction sites, we decided to take a different approach.”Streamlined processes“For this sale we were attracted to Krank's reputation of providing cutting-edge and efficient platforms for equipment disposal,” Nunez continues. “We expected Krank's platform to enhance our selling process by providing a user-friendly interface, and it did attract a broader range of buyers. In fact, the Krank platform exceeded our expectations. The auction performance was excellent and helped to maximize the value of our used equipment.”Benefits for both buyer and sellerFeedback from bidders was overwhelmingly positive. The user-friendly interface and transparent processes on Elebbre’s Krank-powered platform were both cited as making it easier for bidders to participate in the auction. From Elebbre’s perspective, the buyer data it captured is proving to be valuable for understanding market trends and buyer behavior, information it can leverage in future equipment transactions.Cost savings ‘substantial’“With no auctioneer fees to absorb, the cost savings are substantial compared to traditional methods,” continues Nunez. “Krank's auction platform also eliminated the need and associated costs of transporting equipment to physical auction sites. This contributed to a significantly reduced carbon footprint compared to traditional auctions.”Valuable equipment disposal tool“Our overall impression of using the Krank marketplace platform to sell equipment has been overwhelmingly positive,” concluded Nunez. “Its effectiveness, user satisfaction and the financial benefits it offers make it an invaluable tool for our equipment disposal needs.”Elebbre is now preparing for its next auction which it will be launching in December and closing 14th December 2023 – please find more details here: https://www.elebbre.com/ 

Krank opens Karachi technology centre

Krank’s new downtown 3,700 sq.ft facility will be the engine house of development for the unique online marketplace.Rapidly expanding used equipment trading platform Krank has bolstered its Pakistan-based development team, opening a new technology centre at the heart of the country’s largest city, Karachi. Based in the newly built Fortune Tower commercial complex on Shahrah-e-Faisal, the quickly expanding team in Karachi has already grown to over 20 technologists, who together are crucial to the success in building, designing and running the platform’s complex tech stack. The team consist of Architects, Software Engineers, UI/UX Designers & Developers, QA Specialists, Mobile app Engineers and Project Managers.Krank is a SaaS platform that provides a new way to remarket used and new equipment, meaning customers can easily generate leads, sell more quickly, grow revenues and scale their businesses. With full control over sales data – plus Krank’s built-in analysis and forecasting – users generate actionable insights that can positively influence their buyer’s behaviour.With an abundance of talent, Pakistan is a growing hive of activity for technology development. The Karachi team works across multiple time zones, collaborating with colleagues and clients in Europe and the Americas.“Krank is a complex product and so the addition of a specialist office dedicated to the constant refinement and improvement of the platform will benefit customers as we expand our offering,” says Khurram Mumtaz, the company’s UK-based Chief Technology Officer. “The exciting city of Karachi is a hotspot for tech talent, and an ideal choice to base our technology centre.

Krank achieves ISO 27001 certification

Krank, a leading SaaS platform providing innovative solutions for the remarketing of used equipment for the likes of Liebherr and Maxim Cranes, has been awarded ISO 27001 certification. Recognized for being the gold standard of data security, the certification is a global acknowledgment of Krank’s  information security management system (ISMS).  Global technology giants, including Amazon, Google and Microsoft are all certified to ISO 27001, highlighting its elevated status and respect within the sector.  “Receiving ISO 27001 certification is a significant acknowledgment of our continuous efforts to provide secure and reliable services to our clients, customers and partners,” says Mark Turner, Founder and CEO of Krank. “This is another crucial step to growing the business, confirming that Krank is a diligent and responsible technology partner.” Information security ISO 27001 certification is a rigorous international standard that specifies the requirements for establishing, implementing, maintaining, and continually improving an information security management system within the context of the organization's overall business risks. It sets forth a risk management process, ensuring the confidentiality, integrity, and availability of information by applying a risk management process and providing assurance regarding the significant risks. Data security The process to achieving ISO 27001 is demanding, involving a meticulous process that requires organizations to demonstrate adherence to a set of detailed requirements, followed by a third party audit. It comprises of hundreds checks and controls, all aimed at safeguarding data security and integrity. The process is designed to vet and validate that the organization's information security protocols are not only in place and maintained, but are also effective and resilient against the changing landscape of cyber threats. Turner further commented: “Meeting the requirements of ISO 27001 is a substantial undertaking – Krank’s certification is a declaration of our commitment to the platform. It is a critical component in strengthening our services, positioning Krank as a dependable provider, prepared to exceed the expectations of the market’s major players.” 

Elebbre uses the latest auction technology to remarket mine and construction equipment in Chile

Global engineering, procurement and construction giant Bechtel chooses Latin American equipment remarketing experts Elebbre to manage major auction of its equipment from mega mines’ expansion and desalination plant construction – all underpinned by the latest auction technology from Krank.“The expansion of the world’s largest copper mine in northern Chile has prompted a renewal of a proportion of the mobile fleet based there, resulting in a surplus of used construction equipment for the mines’ expansion operators. The task of managing the sale of equipment such as dump trucks, boom trucks and cranes for one of the world’s top five construction companies – Bechtel – has fallen to Latin American equipment experts Elebbre. Access to high intent buyersThe sale of the machines is to be by auction with Elebbre adopting the latest online marketplace platform from UK SaaS provider Krank. Using the Krank platform means that Elebbre can manage the entire auction and sale process itself, rather than having to rely on the support of third-party auction houses. The platform connects construction industry peers by providing an innovative solution for building networks and connections, via which new and used equipment can be remarketed. Its platform is being used by major equipment OEMs, rental companies and others with equipment fleets, and gives users access to a network of high-intent buyers, which helps to convert into sales faster, with reduced costs and improved revenues.“The Krank platform has been customized to our needs and provides a seamless trading experience for ourselves as sellers, and for our buyers. It will be a key component in achieving favorable market prices for these assets, maximizing transparency in the negotiation process and accurately valuing assets, via certified inspection methodologies and reporting,” says Elebbre’s Co-Founder and General Manager, Moisés Nunez.“Elebbre has a strong reputation for using the most innovative thinking for the commercialization of equipment in Latin America; combining technology with extensive experience in the mining, agriculture and transport sectors,” says Krank founder and CEO Mark Turner. “It’s therefore no surprise that such a globally respected mining support giant such as Bechtel has entrusted the sale of its equipment to Elebbre. Adding in our platform to this mix allows Elebbre to independently trade heavy equipment under its own brand, run its own timed and live video auctions and facilitate greater customer engagement.”

Marketplace tech democratising used equipment sales

With major OEM brands embracing Krank’s online marketplace platform to remarket equipment themselves, the task of keeping ahead of the tech curve is no easy matter.When building a business, starting small is usually the way to go. But, as befits a market entrant that likes to rewrite the rules of how things get done, events are taking a rather different turn at Krank. In fact, it didn’t take long for industry giants like Liebherr, Sunstate Equipment and Maxim Crane to recognize the benefits of Krank’s innovative online marketplace, which allows companies to dispose of used equipment fleets using their own branded online marketplaces. So, Krank is starting Big – and intends to stay that way. “Most SaaS [software as a service] platforms initially target smaller firms and build up from there – but we’re doing it the other way round,” says Krank’s Chief Technology Officer, Khurram Mumtaz. “We’ve scaled the platform from the start to meet the needs of major players, which in turn reassures smaller companies to adopt it too. So, there is a ‘gravitational pull’ effect that is helping us penetrate the wider market, now and in the coming years.” Taking control of the sale processKrank has developed an innovative solution for building networks and connections among industry peers, via which new and used equipment can be remarketed. Through smart auctions and data reporting it enables customers to prime their sales funnels via hot lead generation information. As with early adopters like Liebherr, Krank offers a customizable high-tech platform that allows users to take control of the sales process and independently trade equipment under their own brands digitally. This has a number of economic and sustainability advantages beyond the usual routes, which include traditional third-party auctions.Staying on top of the techMumtaz, with more than 20 years’ experience delivering innovation and digital transformation projects for the likes of brands such as Toshiba and L’Oréal, now oversees a team of 15 engineers. His CTO duties are constantly evolving in order to respond to new technical challenges and the needs of the Krank solution. “We’ve been extremely proud to work with the likes of Liebherr and their experience in the industry has been brilliant in terms of informing how we approach our overall product development. But we are aware of the challenges that lie ahead if we are to optimize it for all our clients,” says Mumtaz. “However, we are prepared to meet those challenges – and as a customer focused platform, myself and everyone on the development team at Krank are constantly looking for ways to stay ahead of the game, while remaining focused on security, scalability and stability. Whether that means working on the latest architecture practices, such as micro services and containerization – or predictive analytics, so clients can identify their next sales opportunity.”Tech stack stacks upThis forward planning is set to pay off in terms of harnessing the platform’s potential for adoption by other industries. As Mumtaz points out, marketplaces are essentially similar the world over – people gather to buy and sell – and Krank’s platform can facilitate those interactions and trades. “For example, take the assets’ price tag out of the equation, and the heavy equipment and automotive industries are very similar; sharing the same sort of dealer and customer structure.“But right now, We’re focusing on the heavy equipment industry – there’s so much to scale up here. Where else can you find an industry where the legacy technology has so far to catch up with other sectors? This offers us the opportunity to be pioneers in this space. That said, as advanced as our tech is, there is plenty of scope for us to improve too – embracing AI for instance. We know where we are going and have a fat arrow pathway to the future. We’ve made a strong start, but there is a lot of work to do, and it’s my job to make sure the tech stack stacks up.”