Second life for idle assets

ONLINE auction company BidMyAsset operates under the belief that one business’ depreciating asset is another’s treasure.

The Malaysian-based platform, which facilitates the sale of second-hand industrial machinery and equipment across various sectors, seeks to help businesses maximise value from their underperforming assets while advancing sustainability goals.

Established in 2022, the business was born out of its parent company Khoshee Auctioneers, which boasts over two decades of experience in land and property auctions.

Jeevan Muniandy, co-founder of BidMyAsset, tells StarBiz 7 that the business was founded to meet the significant need for better solutions in industrial and movable assets disposal.

“Over the years, we saw a growing volume of industrial equipment and machinery being decommissioned with little transparency or strategy,” he shares.

Often, companies would have idle or obsolete assets but not know what to do with them, leading to needlessly inefficient and wasteful results.

“The equipment would typically be scrapped prematurely, left to rust away, or sold without proper valuation.”

As a consequence, businesses “leave millions in value on the table” because disposal is seen as an afterthought. At the same time, smaller companies in need of machinery struggled to find affordable options.

BidMyAsset was formed to bridge this gap.

Leveraging the company’s traditional auctioneering expertise, it offers a platform for online auctions of used machinery, industrial equipment, manufacturing lines, and surplus assets.

The move to focus on second-hand assets was also a response to growing need for environmental, social and governance (ESG) based practices in businesses.

“We made a deliberate pivot towards second-hand equipment and circular economy practices, as the world was moving in this direction and sustainability became no longer optional,” Jeevan notes.

“We wanted to take the auction model we knew well and re-engineer it for industrial assets, with ESG built into the process.”

The online platform functions as a two-sided marketplace, connecting sellers who need efficient disposal with buyers looking for high quality used machinery and equipment.

Businesses can sell the assets they no longer need on the platform via auction or direct negotiation, and interested buyers can seamlessly place a bid or make a purchase online.

In addition, BidMyAsset provides services such as asset valuation, marketing, buyer verification and end-to-end transaction support for users.

The platform receives commission on successful sales, along with further monetisation through premium services such as valuation reports, dismantling and logistics support, and ESG reporting tools.

These enhanced service offerings have served as key market differentiators for BidMyAsset, Jeevan notes.

“While there are other auction houses and second-hand dealers, very few integrate digital technology, carbon tracking and lifecycle reporting the way we do.

“That’s what sets us apart.”

According to the co-founder, sellers on BidMyAsset comprise large corporations, manufacturers, plantation companies and energy providers that have upgraded or decommissioned their equipment, and want to dispose of assets in an efficient, transparent and ESG-compliant manner.

“On the buying side, our clients are often small and medium enteprises, contractors, and regional businesses who are looking for affordable, reliable equipment to expand operations.

“For these businesses, the priority is to access quality machinery at prices that are lower than new imports,” he explains.

Clients of the platform have included notable names like Ann Joo Bhd and Panasonic Appliance.

Since its launch, the company has managed assets worth over RM200mil across multiple industries such as plantations, manufacturing, and energy.

“We have built a buyer network that spans Malaysia, Indonesia, India and the Middle East,” he shares. “Each year, our transaction volume has grown by double digits, showing strong market traction.

“Critically, we’ve integrated carbon savings metrics into our reporting, allowing clients to quantify the environmental impact of their disposal choices, marking a first in the region.”

However, shifting local mindsets and helping them see the potential gains in sustainable asset management practices remains a top challenge for the business.

“Many companies still see asset disposal as a cost or administrative chore, not a strategic opportunity. Educating the market about the financial and ESG benefits takes time,” Jeevan says.

The practical logistics that come along with this field of business presents a host of unique difficulties.

“Dismantling, transporting and exporting heavy equipment requires coordination and compliance.

“We’ve built partnerships in these areas, but it remains a complex part of the business.”

Nevertheless, the company is committed to strategic growth, placing priority on scaling across South-East Asia in regions where demand for circular solutions is strong.

To better address needs for sustainability-driven business solutions, there are plans to deepen its ESG-centric offerings, so that clients will be able to report carbon savings and lifecycle impacts through BidMyAsset’s platform.

“We’re also enhancing our technology by integrating AI for smarter asset valuations and utilising blockchain for transparent tracking,” he adds.

“Ultimately, our vision is to become the go-to hub for sustainable industrial asset disposal in Asia.”