Despite the downturn in the mining sector, companies still need to get resources out of the ground to make money, and to dig up these minerals, they need access to machinery.
While the boom time saw hire and rental companies flying on sky rocketing retail prices and demand that often times outweighed supply, the easing off period has seen the way the sector does business change.
Buying second hand machinery on the cheap makes perfect sense to mining companies who are looking to tighten their purse strings and has created a huge market in its own right worldwide.
Ritchie Bros, the largest seller of used industrial equipment, and is well known for its machinery auctions, recently celebrated the one year anniversary of Ritchie Bros. EquipmentOne, a secure online marketplace launched by the company in early 2013.
In its first year, EquipmentOne saw 580,000 unique visitors to the site and sold equipment and materials for both large corporate customers and private sellers.
Complementing the company's auction business, EquipmentOne is an online marketplace for the sale of equipment and materials where buyers and sellers can negotiate, complete and settle their transactions in a safe and transparent environment.
"We sold thousands of equipment items from a wide variety of industries on EquipmentOne in 2013," Chris Connell, president of EquipmentOne, said.
"From our core industries of transportation, construction and energy, particularly strong categories included highway trucks and trailers, earth-moving equipment and tubular assets such as line pipe and OCTG for the energy sector."
The site works by putting sellers in touch with a qualified audience that is strictly there to purchase machinery.
Negotiations take place using the 'Online Negotiation Engine' and buyers are able to make transparent offers for the seller's consideration during the listing period.
When the listing period concludes and the item is sold, EquipmentOne provides complete financial settlement services to ensure a safe and seamless transaction.
The chief strategic development officer of Ritchie Bros, Bob Armstrong says the amalgamation of the two business arms will continue to provide companies with the tools they require to get on with business, adding that both are growing at a steady pace.
"If a seller wants control of price and process, EquipmentOne can help. Or, if the seller wants certainty of sale and global market value, they can use our unreserved auctions. Ultimately, it's all about meeting the needs of the customer."