Qatar Energy Assets Auction
In summer 2019, a tier 1 oil and gas company in Qatar held a highly successful and unique asset auction on the Requis platform.
Highlights:
- Yielded hundreds of thousands of USDs in volume
- Blended off and online participation
- First successful auction of this kind in Qatar
- Introduced “Overtime” – the Requis anti-bid sniping feature for auctions
- Provided rich feedback to further enhance enterprise assets sales coming up in Oman, Australia, Canada, UK, and USA
The challenge:
A major energy company in Qatar had a large collection of unused inventory that it could no longer use and had been on site for years with no movement. The unused assets were taking up warehousing space and represented large annual storage costs.
The solution:
The Requis team organized an auction that accepted bids both online through the platform and on the ground in Qatar – this may have been the first successful auction held in Qatar of this size ever. Bidders could book inspections of the assets in advance, access supporting documentation, and even enjoyed free loading of purchased assets – these process steps are the norm in enterprise industrial sales of this type and why consumer based commerce sites just don’t meet the needs of enterprise users.
Impact:
The inventory is no longer a burden on the Qatari company’s balance sheet, and the auction earned hundreds of thousands of dollars. For one particular lot, Requis’ competitive auction environment ensured the customer received a 266% increase on their expected reserve. The auction went smoothly, which is a win for Requis considering that no one on the team lives in Qatar.
We also proved that our anti-bid sniping feature, Overtime, works for both buyers and sellers. The feature is activated if anyone submits a bid within the last few moments of the auction, adding time on the clock. This gives competing bidders a chance to bid again and the real market price to be determined.