CHICAGO (Sept. 19, 4:30 p.m. EDT) — BoneYardMarket.com, an Internet company that will allow firms to sell outdated or excess equipment, was unveiled by a 35-year plastics veteran during NPE.
The company was founded by Lyn Depew, who owns a consulting business in Reno, Nevada. He has owned a materials-handling and two injection molding companies in the past. Depew said he will not handle day-to-day operations, but will participate in forming the company's strategy.
BoneYardMarket.com has worked the past two years to develop a patented program that notifies buyers, sellers and their registered representatives simultaneously that a bid has been offered on a product. The process is not an auction, but rather a way for two parties to negotiate a deal.
The system will use existing capital equipment representatives to handle transactions Funds will be held in escrow until the buyer approves the deal.
“What we are trying to do is optimize the return to the seller so that he's getting much more than he does for scrap metal,” said Depew, who plans to offer the service to all firms, but is starting with plastics companies.
He said the program is being rolled out first in the U.S. and Canada, but the plan is to take it worldwide.