TBAuctions' motivation for the proposed merger is based on the belief that the increase in auctions, the shift to online channels and the ongoing development of the auction market are favored by trends such as:
- Continuous growth in used equipment sales (driven by cost and sustainability trends);
- Channel shift from traditional sales channels to marketplace-type businesses;
- Auction as a channel becoming a trusted choice for voluntary sales as well as insolvencies across geographies yet penetration is still very low;
- A clear shift from offline to online auctions; and
- The benefit of economies of scale.
Together with Surplex, TBAuctions will build a digital auction platform that reaches nearly every European country, connecting local sellers with a global bidder-base, and helping to reduce waste and emissions by extending the lifecycle of assets. The combination with Surplex enables TBAuctions to achieve new milestones:
- 145 million annual site visits;
- Source from sellers in 30 countries;
- 2.1 million auctioned assets every year;
- Receive bids from 700k unique bidders from 175 countries;
- Generate hammersales of more than €1.5 billion; and
- Facilitate the careers of 1,200+ team members.