Cranes and trailers sold off by bankrupt mining contractors are proving a boon for auction group GraysOnline as it sells less consumer goods and focuses on machinery and equipment, targeting international buyers in Asia and the Middle East.
"I would like Grays to be to plant and machinery what Google is to search," chief executive Mark Bayliss told The Australian Financial Review. Australia currently has "an excess of supply" in mining and agricultural equipment, partially due to the resources slump which forced many companies into administration, he said.