Escrow.com and National Equipment Register recently announced a strategic alliance to help equipment owners and manufacturers better manage liability and risks associated with the purchasing of used construction and agricultural equipment from sources such as online auction services, equipment wholesalers, social media websites and individual sellers.
“Internet fraud has now become one of the biggest issues for the global economy,” said Brandon Abbey, president of Escrow.com. “It is estimated that more than a billion dollars has been lost to Internet thieves selling stolen and nonexistent equipment. Through our alliance with the National Equipment Register, we are in a position to significantly reduce the risk when buying and selling heavy equipment.”
“With transactional fraud and theft of heavy equipment remaining a problem, Escrow.com can help protect buyers and sellers during the sales process through the Escrow.com and NER IRONcheck service,” said David Shillingford, president of NER. “Escrow.com provides a crucial element to mitigate transactional risk in the used-equipment market.”
NER, a member of the Verisk Analytics family of companies, helps equipment owners manage equipment risks. In 2009, NER launched IRONcheck, a machine-history search for used-equipment buyers. For more information, visit www.NER.net. Headquartered in Rancho Santa Margarita, Calif., Escrow.com and its operating subsidiaries provide online escrow services that facilitate and accelerate e-commerce by assuring secure settlement.