A new e-commerce platform appears set to become an Ebay for surplus and obsolete spare parts and promises to “disrupt the spare parts market for good”.
Machine Compare Marketplace, which has been launched in Beta format, claims to offer over £7m worth of electrical and mechanical spare parts in categories including semiconductors, capacitors, circuit protection, bearings, bolts and gears.
Machine Compare, started in 2014 as an online platform for machinery sellers to list capital equipment, has evolved to include an auction sales environment offering on-site personalisation and “tailored experiences for both buyers and sellers”.
Machine Compare estimates there is £5bn worth of unused, surplus and obsolete spare parts in manufacturing plants worldwide, and with the marketplace aims to allow companies to turn surplus parts into a revenue stream while promoting the circular economy.
Over 15 multinational manufacturers have partnered with the initiative to sell surplus stock, taking the number of individual brands available on the site to over 260.
Machine Compare’s Emily Dunlop said: “During the development of the Marketplace, something that became glaringly apparent was the sheer volume of spare parts being sent to scrap. There is a culture and mindset in the industrial sector that to buy new is to buy better. This isn’t always true. Marketplace proves that better exists – you just need to know about it”.
Alex Jennings, group chief procurement officer at multinational packing business DS Smith, a Marketplace partner, said: “The circular economy is an intrinsic part of our business model and the refurbishment of equipment and re-use of materials is a critical consideration. We want to support the wider manufacturing industry to reduce its need for landfill. By partnering with circular platforms like Machine Compare Marketplace, we have been able to release capital and create significant improvements in operational efficiency.”
With the Marketplace in its Beta stage, Machine Compare welcomes feedback to streamline the site, expand it, and add new features prior to the global launch this autumn.