Unlike traditional auctions, Krank doesn’t take a cut of each sale. Because of this, Krank is just as interested in achieving the best sale price for the smallest item being traded on your auction platform as it is your largest. Krank is a facilitator of the deal, rather than a player in the process, meaning there are no brokerage conflicts in our business model.
Whether you’re a desk jockey or road warrior, Krank’s integrated platform and app solutions ensure that you’re able to stay connected and manage your transactions from wherever you are.GET STARTED
This is your platform and private marketplace for asset management, designed and built
with features that put you in complete control.
Choosing to host an auction with or without a reserve price provides you with flexibility and total
control, on your terms. Both options allow you to set your opening-bid prices and auction-start
dates. You can edit your opening-bid prices at any time before bidding starts.
With multiple privacy options you can choose to advertize your auction listings on Krank’s public
marketplace or to a bespoke audience of buyers, through selected networks or groups of networks.
By switching on your HIT THE BID function, you’ll be able to accept the highest bid at any time during
your 30 day auction cycle. The remaining auction time will automatically drop to 24 hours. All
bidders will be notified and will have to bid up to stay in the bidding.
We provide editable seller declaration and purchase contract templates. These clearly establish
your authority to sell and your terms to ensure everyone is on the same page at auction time.
Whether selling high-ticket items or smaller spare parts and attachments, a clear understanding
of the sales process and the constant need to search for the ‘win-win’ is welded
into the seems of the platform.
Krank’s ethos is simple:
Put the seller in control of the auction/sale.
Provide essential transparency and security to the buyer.
Help create a clear pathway to value on both sides of the trade.
B2B Auctions are a premium service payable through a
monthly subscription, with no other commissions or
fees to pay.
Networking with each bidder before they can bid
eliminates compliance risk, allowing you to know your
buyer and set your terms of sale.
Your auction-your buyers. Removing the buyer fee pricing
model removes one more barrier to entry and encourages
more buyers to come in.
Buyers are able to inspect items at the seller’s yard and
meet with the owners before deciding to bid.
Krank’s unique private networking solution dictates that every new bidder must first send you a network request, before being allowed to bid on your items. With each bidder now in a new, private network with your company, your sales funnel is fully primed e.g. If you have 10 bidders, you can only sell to one which leaves 9 unsuccessful bidders and potentially unfilled orders for your sales teams to target. As bidders are only privately networked with you, they can’t see each other.
Simple and secure lead generation potential which drives growth!
Krank is your communication tool designed to maximize your industry connections and the combined networking effect of all of your company employees.
You can create multiple-private networks with all of your customers and suppliers, with each one containing your company and one other customer or supplier only.
Once networked, employees of each company can connect, share product updates, news and listings in total privacy. Employees can also invite ‘private connections’ that won’t be visible to anyone else.
Convert your regular sale or
rental listings to auction
listings using the simple
Set your hidden reserve or
estimate prices, at a level
you’re comfortable with and
enable ‘hit the bid’ for
Invite your connections and
customers to come and bid.
Advertize on your social
networks and other channels.
Maximize your potential
Launch when you’re ready, post your listing and monitor
You’re in control
Yes, Krank is not involved in your deal flow whatsoever. Every auction will be commission free and, in addition will have no buyer fees. Your bidders will only need to be approved by you before they can bid on your items, with no other barriers to entry.
Krank’s auction module will be part of a premium service provided to premium account users.
Krank gives you the option to host either; ‘reserve’ price auctions and to determine the reserve (minimum) price you are willing to sell your item at, or to host a ‘no-reserve’ price auction which means that you simply commit to selling your item to the highest bidder without any minimum or
No, only you can see who is bidding in your auction. Each of the bidders are unable to see each other (even if they might be networked with each other independently of you).
Yes, when creating your auctions, you’ll be able to select from various privacy options and decide who can see them. If you want your auctions to be visible to everyone, you can simply select the ‘Show & Share’ privacy. If a bidder registers to bid on your auction but you would prefer them not to, you’ll be able to block them as a bidder – as long as they have not placed a bid up until that point.
Unlike traditional auctions where bidder data belongs to the auctioneers, Krank’s owner-auctions work only by potential bidders connecting and networking with you and your company first - ‘before’ being allowed to bid on your items. This not only means that you build your business networks, potentially with every auction but it also importantly means that you know who you’re selling to, and your buyers know who they’re buying from.
Each auction listing runs for 30 days and can be extended by the seller if it remains ‘unsold’.
Krank’s proprietary ‘HIT THE BID’ technology allows you to accept the highest bid at any time during auction regardless of the time left in the 30-day cycle. Once you ‘hit the bid’ each bidder will be notified that you’ve done so at the last, highest bid received. (This means that you’re willing to sell to the last bidder for that price, if no other bids are received.) All bidders will then be notified that your auction will expire within the next 24 hours and encouraged to carry on bidding if they’d like to. The auction will finally end at the highest price once bidding stops.
Once you’ve created your listing, you’ll be able to share it across all of your social media platforms, advertise it on Krank’s public auction marketplace as well as emailing the link. To do this, you’ll click on the copy link button in the share options, paste the link into your email body copy and broadcast it out to your email database. Your customers will click on the link and be taken straight to your listing.
Yes, your customers must first register and create an account on Krank before being able to bid on your auction. If they are registering through an invitation you’ve sent them, they’ll be automatically connected with you and privately networked with your company. Anyone can register on Krank for free and they will not need to have a premium account to bid on auctions.