Purchasing Used Lab Equipment with EquipNet

Purchasing Used Lab Equipment with EquipNet

EquipNet Surplus Asset Management

EquipNet Inc. is a global leader and provider of surplus asset management programs and solutions. Founded in 1999, the company is well known for its unique asset management platform, industry-revolutionizing equipment marketplace, and result-oriented project management services.

EquipNet has an extensive reach in the global market. With its headquarter located at 5 Dan Road, Canton, Massachusetts, the company has offices in 25 cities worldwide and conducts business in more than 170 countries.

From small businesses to multinational corporations, it has a wide range of clients, including pharmaceutical, electronic, consumer packaged goods, and R&D companies.

EquipNet has more than 1000 equipment categories. It is the most comprehensive resale marketplace for equipment related to manufacturing, packaging, laboratory, testing, electronics, and facility support.  

In this article, we will review the management and consulting services provided by EquipNet, its types of auction services, and the potential downsides of lab auctions.

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The Value of EquipNet Services

EquipNet’s services assist customers with a range of challenges, from providing solutions for assets that the organizations can no longer use to quickly and economically purchasing any equipment.

Below is a complete list of services offered by EquipNet.

  • Investment Recovery Solutions: EquipNet ensures the cost-effective operations of its customers with its world-class services, including ARMS, proactive asset sales, and project management or site closure.
  • Buy: EquipNet’s marketplace has a wide range of equipment fitting the buyer’s need and is categorized by idle equipment types, such as lab & analytical, plant utilities, and processing instrumentations; and by industry, including biotech, biopharmaceutical, chemical, and medical industries.
  • Sell: EquipNet’s project management team helps you choose the right channel for substantial financial return. You can list one or hundreds of surplus equipment at its marketplace by following the five-step approach: identity, post, plan, activate, and sell.
  • Outright Purchase Program: The program helps free up space in your facility by buying out your idle equipment, such as lab and analytical instrumentations, and also manufacturing and packaging equipment. It also provides immediate financial returns.
  • Worldwide Logistics: EquipNet Worldwide Logistics Program is a comprehensive and custom-built solution for crating, skidding, and packing services for a wide range of industrial equipment.
  • Auctions: EquipNet provides a range of auction channels, which include live/webcast auctions, SmartAuctions™, and sealed bid sales.
  • Lab Relocation Management: EquipNet has the fastest and most affordable lab relocation services, which involve only four easy steps:
  • 1st step: Site Assessment
  • 2nd step: Project Management
  • 3rd step: Pack and Ship
  • 4th step: Unpack and Place
  • Appraisals: EquipNet has the largest proprietary database of auction results and private treaty sales of its industries. Its team provides customers with cost-effective solutions, helping with facility closure, asset inventory for tax purposes, and acquisition and mergers.
  • Global Consignment: EquipNet has a simple solution for equipment storage. It ensures that your instrumentations and machinery are stored, organized, and secure in its facilities.
  • Asset Redeployment Management Systems (ARMSTM): EquipNet’s proprietary asset management platform allows its customers to identify, track, redeploy, post, and sell surplus equipment.
  • Proactive Asset Sales: EquipNet’s proactive sales solution makes it easy for you to sell your products. It has the largest online place for surplus processing, packaging, and laboratory and analytical equipment.
  • Procurement Program: EquipNet Procurement Program allows you to procure any desired equipment from name-brand global manufacturers. It saves you money, time, and effort when buying new equipment and cuts out the risk associated with purchasing used equipment.
  • Site Closer Management: EquipNet holds expertise in managing timelines, the industry, the market, and the buyers of surplus equipment. Over two decades, it has managed hundreds of projects and site closures.
  • Project Management: EquipNet project managers assist their clients with a range of project management challenges, including managing resources, coordinating buyer inspections, generating service quotes, and overseeing equipment demolition.
  • Own It Now: The EquipNet Own It Now platform allows users to win items at the indicated price the first time they act.
  • Computer Equipment Value Recovery: EquipNet’s Computer Equipment Value Recovery programs enable clients the ability to dispose of surplus computing equipment in their facilities in a sustainable manner.

Lab Equipment Auctions on EquipNet

EquipNet offers a range of auction services, which provide it an edge over its competitors. They are:

  • SmartAuctions™– SmartAuctionsTM enables the seller to accept the highest bid after or during the event, regardless of whether the bid reaches the reserve. The seller can set high reserve prices and revise its decisions, and the buyers can actively bid on their chances to win.
Figure: An illustration of status indicators at EquipNet’s SmartAuctionTM, showing the availability of equipment for bidding.
  • Live/Webcast Auctions– This online auction combines the flexibility and control of live auctions for a global audience with efficient reach.
  • Sealed Bid Sales– Sealed Bid Sales provide buyers with the opportunity to submit one hidden bid before the advertised deadline. Then, those bids are reviewed in private by the seller, and they have complete control over the decision to accept or reject each bid.

Interested in learning more about EquipNet, including case studies, FAQs, and platforms and services? Visit http://www.equipnet.com!

The Potential Downside of Lab Auctions

May leave without anything

Attending an auction for lab equipment doesn’t guarantee that you’ll be able to procure anything. It might occur that you’re outbid, the equipment is out of your budget, or any available equipment is not worth bidding on.

Poor quality and conditions

Old equipment means second-hand and outdated. Based on how it was used by previous people, you might face high repair costs and an unreasonable maintenance scope. Moreover, the equipment might not help you enhance your lab productivity and efficiency.

Issues with seller/unknown sellers

In auctions, you might end up bidding on a supplier with no trusted brand, credential, or certification. Moreover, you won’t know the exact condition of the equipment and how the equipment was used in previous labs. It’s better to ask questions because after purchasing equipment from auctions, no further assistance is provided.

Problems with maintenance

Procuring equipment from auctions comes with its own challenges. The equipment might not be in great condition. Even if it is, the significant repair and maintenance cost might not make it worth purchasing. Moreover, without in-person inspections, you might end up buying damaged equipment.

Lack of warranty or product details

Before bidding in an auction, do thorough research on your requirements, because purchasing equipment from an unknown supplier means no guarantee on the quality and condition of the product.

Possibility of being outbid

It might be possible that you go over budget, considering unrealistic prices quoted for the instrumentations and the demand for the equipment by the crowd. Also, if someone bids higher than you, in the spur of the moment you might end up bidding a lot above your budget.  

High-Quality Lab Equipment on Flexible and Affordable Lease

EquipNet is one of the leading platforms for selling your surplus equipment, returning or buying equipment through auction channels, or negotiating sales. It offers a range of services for buyers and sellers of surplus equipment, including investment recovery solutions, appraisals, asset tracking, lab relocation management, and proactive asset sales.

Equipment auctions can be a great option if you’re working with a small or fixed budget. However, despite plenty of options provided by auction platforms, purchasing equipment through these services can come with some risks. You might end up buying equipment over your budget, getting the equipment in poor condition, or leaving without getting anything you wanted with your time wasted on bidding. Which is why we think leasing is a better fit for most people.

Our leasing program offers branded, high-quality, fully functional, new, or manufacturer-refurbished equipment at an affordable cost. There’s no chance of going back empty-handed, maintenance and repair services are included, and shipping and handling are handled by the manufacturer.

Even if you do go with an online auction, you can still lease specialized equipment through Excedr, thanks to low monthly payments and flexible lease terms.  

Don’t have the budget to purchase lab equipment outright? Consider leasing through Excedr to save your lab time and money. Browse your leasing options today!