Norris Group Liquidation Auctions shed light on unbelievable market conditions
Australia is in the midst of a national asset shortage which subsequently created a bubble that is seeing used equipment sold for near new prices. Many Australian companies have seen the benefit of offloading their fleet to unlock equity while the market is in the midst of optimal conditions. Pickles is quickly becoming the first port of call for businesses in need of top-of-the-line valuations and sales experts. Given how frequently Pickles operates large-scale liquidation sales, we’ve seen the tremendous vendor results occurring firsthand in the last 12 months.
In May 2022, Pickles hosted the Norris Group Liquidation Auction, which included 12 live and online sales. This major sale event was the biggest and most successful post-COVID auction held by Pickles and totaled over $22.5M+ in sales. After clearing 96% of the assets taken to market, the liquidators were able to work with financiers to recover monies owed to creditors.
The sale was highly anticipated by a number of buyers across the country, due mostly to the wide range of assets that would be offered. Many buyers were drawn in because of the sheer size of the sale, which had to be broken down into several events across multiple days in order to showcase the variety of equipment available. The volume of buyers was immense, but unsurprising due to the national asset shortage. In total, there were 3,303 bidders and a total of 395 buyers.
View Norris Group Post-Sale Report
The Norris Group Liquidation Auction demonstrated how an extensive and varied digital strategy can achieve record-breaking success. The auction event spanned 10 online auctions, a live event, and an Expression of Interest (EOI) sale, demonstrating that multiple sales channels can play a big role in achieving desired outcomes. The sale’s marketing campaign achieved huge interest across Australia, with 2.2M+ impressions, over 200k page views, and 43K users through to the landing page. Pickles’ dedicated in-house marketing team, who use market insight and a huge promotional budget to reach a massive pool of potential buyers, implemented the highly-successful strategy.
The highlight of the sale was the earthmoving and waste equipment segment, which received a final sale total of $13.7M. This came as no surprise to Pickles, as assets from the industry have only continued to gain popularity throughout 2022. With a lack of available assets, used earthmoving and waste equipment has been fetching up to new prices on the market. Trucks and trailers were the second most successful aspect of the liquidation, with a range of vehicles up to 12-years-old fetching $4.6M by the end of the sale. Most impressive was the range of parts and accessories that sold for $2.3M at the 12 sale event. Which calls attention to just how short the Australian market is on most industrial items, when smaller parts and accessories are becoming increasingly popular and totalling millions in sales. Lastly, the small range of vehicles on offer received an impressive $1.9M and had a high clearance rate.
The Norris Group Liquidation Auction rounded out a hugely successful Autumn season that saw assets offloaded for extremely satisfying prices for Pickles’ vendors. It was the final confirmation needed to prove to Pickles that market leaders can easily and effectively maximise sales by leveraging advisory services amidst excellent market conditions. Pickles Advisory services are a key tool in creating asset realisation, which uses unrivaled data collection to ensure that vendors are getting the best prices for their assets.
Pickles experts have seen an influx of vendors looking to leverage the strong market conditions, and buyers looking to resource themselves from one of the largest pools of industrial assets in the country. For more information on the sale, check out the Norris Group Liquidation Auction post-sale report.