Moov introduces money back guarantee program
Marketplace for used manufacturing equipment Moov announced its money back guarantee program – “the industry’s first no-questions-asked,” program that covers 91% of all listings on Moov’s platform.
Purchasers – either end-users, equipment manufacturers or brokers – of Moov equipment who are unsatisfied after receiving it for any reason will be refunded by the company. Moov takes responsibility for the entire process of buying and selling second-source semiconductor equipment from purchase to delivery and return. It will encrypt applications to verify equipment prior to closing a transaction. In the event that faulty equipment slips by the verification process, Moov will refund the purchaser’s money.
“In an industry plagued with bad actors, Moov is leading the way by effectively removing all risk for second-hand transactions – a decision that will likely expedite the growth of companies’ used-equipment budgets within the broader $100 billion-a-year global spend on chip manufacturing equipment.” – Boyd Grubbs, CEO of Bridge Tronic Global, a California-headquartered provider of manufacturing equipment in the secondary market.
“Risk is the No. 1 factor in purchasing equipment on the secondary market. Anyone who has been in this industry for even as little as a year has experienced purchasing six-figure equipment where key parts were missing, misrepresented or damaged before they reached their destination. A lack of standards, transparency and accountability has been pervasive in buying second-source equipment. It is probably the top barrier to a healthy secondary-equipment market. Traditionally the market has been flooded with resellers, or entities with remarketing agreements attached to end-users with extremely one-sided terms and conditions where if there are any issues with the equipment it isn’t their problem. We fundamentally disagree with that premise, and aim to solidify our market leadership in trust” – Raymond Mahon, Moov’s director of customer success and head of the company’s Austin office.
