An Internet company that will allow firms to sell outdated or excess equipment was unveiled by a 35-year plastics veteran during NPE in Chicago.
BoneYardMarket.com was founded by Lyn Depew, who owns a consulting business in Reno, Nev. The firm developed a patented program that notifies buyers and sellers simultaneously when a bid is made. The process is not an auction, but a way for parties to negotiate a deal.
The system is being rolled out in the U.S. and Canada first, and 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,'' he said.