Fuelled sets record for consignment listings
Fuelled’s energy equipment marketplace—which includes tank trailers—is growing rapidly, with 500 new consignment listings in October alone, the company reports.
The listings include entire gas plants, work camps, pumps, compressors, turbines, and a variety of clean energy infrastructure, such as CNG assets. This 500-listing record does not include the thousands of new self-listings that hit the Fuelled+ platform each month, as companies use Fuelled to organize and sell their equipment directly. It also does not include multiples and parts, which often have dozens of items included within a single listing.
“Crossing 500 consignment listings in a single month is a meaningful proof point for our model,” Fuelled CEO Raj Singh said in a news release. “Sellers want speed and certainty when they ask for help, buyers want transparent pricing and vetted assets, and our platform is delivering both."
Consignment listings include detailed photos, video, specs, and even a virtual map for logistics. This level of detail allows end users, who can often pay the highest values, to get comfortable with bidding on the equipment. AI-supported searches also allow buyers looking for specific characteristics to find the equipment they need based on minor details. In addition, many listings now have pre-approved financing terms, allowing buyers and sellers to close deals faster.
“The consignment model is working well in this market,” Singh added. “We catalogue the items, pay for ads, market to our end users, and provide an in-house sales and logistics team, all at our cost. All the clients need to do is let us know what they want listed and then we proceed with these steps and bring them offers for their equipment.”
The receptivity of sellers to the Fuelled model has made the platform even more appealing for buyers, by providing a public marketplace where buyers can find anything they need, with constantly growing supply. This has drawn more buyers to the platform in a self-reinforcing network effect, best evidenced by a >125% increase in tickets and clicks for the last two weeks in October.
Fuelled also recently was engaged by consulting firm PwC, in its capacity as the court-appointed receiver of Long Run Exploration Ltd., to act as exclusive sales agent and marketplace portal for the disposition of Long Run’s surplus oil and gas equipment as part of the receivership process, the Calgary, Alberta, Canada-based company said. This is expected to produce another record month of listings in November.