mjunction Conducts E-Auction of Auto Scrap for M&M
Mahindra & Mahindra (M&M) has decided to make a shift from offline to online for selling the automotive steel scrap generated by its component manufacturers. mjunction services limited, India’s largest B2B e-commerce company, has sold over 9,000 tonnes of scrap in FY19 on its platform for M&M.
Buyers from Gujarat, Haryana, Madhya Pradesh, Maharashtra, Punjab, Uttar Pradesh and Uttarakhand participated in the e-auction of steel scrap at 12 auto component manufacturers of M&M.
Through this transparent e-auction process mjunction was able to deliver market prices for the steel scrap, helping M&M and its component manufacturers get a substantial increase over what they were receiving from the offline process.
According to M&M officials, “The e-platform of mjunction is robust and the auction process is transparent and sustainable. This exceeds our expectations, encouraging us to extend this e-auction process of sale from the premises of our other component manufacturers as well.”
MD & CEO of mjunction, Mr Vinaya Varma said, “This is part of our continued efforts to digitise sectors that still use age-old offline methods. Extensive market research has gone into identifying the right buyers and developing a platform for M&M.”
Extensive market research, pan India exposure, a user-friendly platform and training for the buyers eased the online process for M&M and their suppliers.