Supply chain shortages driving auctions

Lloyds Auctions is holding more auctions to counter the current supply chain shortage

Supply chain shortages driving auctions
Lloyds Auctions says more and more companies need transport equipment

Recent supply chain disruptions and product shortages has caused end of financial year (EOFY) auction sales to increase according to an auctioneer company.

Lloyds Auctions says it’s seeing a rise for demand in its auction which has resulted in increased prices on equipment and vehicles in the transport industry.

The company says supply chain shortages on heavy machinery and transport equipment has driven demand for EOFY auctions through the roof as businesses struggle to receive assets to complete projects.

Supply chain shortages are currently limiting global vehicle production and is expected to persist into early 2023 until the supply can catch the demand.

"Over recent months we have seen a massive demand from our bidders who are constantly actively looking to secure ready to work equipment in order to complete major projects and keep hard working Australians in jobs," Lloyds Auctions COO Lee Hames says.

"As we come towards the EOFY the demand for this equipment is skyrocketing as businesses are looking to claim tax benefits before June 30, so we have actually enlisted five heavy equipment and transport auctions across the country online right now."

Hames says many transport businesses are unable to wait until early next year for equipment to come in, as they need it now.

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The Lloyds Auctions COO says the company will continue holding auctions to help the community get the equipment it needs.

Lloyds Auctions says it’s holding online auctions in locations across Australia including Western Australia, Darwin, south-east Queensland, Mackay and northern New South Wales from June 27 to 29.

These auctions will feature equipment including dump trucks, wheel loaders, tipper trucks, utility vehicles and prime movers.

"Bidders can expect to get their hands on some ready to work machinery and transport equipment that they normally wouldn’t be able to get until next year due to the currently supply chain shortage around the world," Hames says.

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