TEMPE, Ariz. and AUSTIN, Texas—March 3, 2022—Moov, a data-fueled marketplace for used semiconductor manufacturing equipment, today announced its “Money Back Guarantee” (‘MBG’) program. It is the industry’s first no-questions-asked, money-back-guarantee program that covers 91% of all listings on Moov’s platform, which currently lists roughly $1.5B of available assets and growing.
Moov’s guarantee program provides peace of mind during an especially turbulent time within the industry. Equipment shortages, particularly for older nodes, and wait times exceeding 16 months for new equipment mean more buyers than ever are looking for secondary-market options upon which they can rely.
“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,” said Boyd Grubbs, CEO of Bridge Tronic Global, a California-headquartered provider of manufacturing equipment in the secondary market.
Purchasers — be they 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 will return the equipment to its inventory.
Moov is the first company in the sector to offer this type of guarantee, further solidifying its position as market leader in the pre-owned semiconductor manufacturing equipment industry. The new program augments Moov’s existing added services, insurance, tracking and supplier verification.
“Risk is the No. 1 factor in purchasing equipment on the secondary market,” said Raymond Mahon, Moov’s director of customer success and head of the company’s Austin office. “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.”
Hearing complaints reflecting such experiences prompted Moov to develop the program. Even customers working with billion-dollar market-cap public companies have endured these kinds of disappointments.
How the Guarantee Works:
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 unlikely event that faulty equipment slips by the verification process, Moov will refund the purchaser’s money — no questions asked. Moov also will tag that equipment with trackers, ensuring its safe arrival. Moov’s insurance will protect the buyer if an incident occurs while the equipment is in transit.
This set of procedures is a stark departure from the pre-owned semiconductor equipment industry’s standard terms: 100% pre-payment, as-is, where-is and no warranty. Today, little accountability exists when equipment is not marketed accurately. Obtaining compensation of any sort is rare, regardless of how egregious the misrepresentation of equipment might be. That current inefficiency results in wasted capital expenditures totaling millions of dollars.
MBG especially caters to end-users currently being forced onto the secondary market by original semiconductor equipment manufacturers’ long lead times on new equipment. End-user clients require equipment to perform immediately to expectations. They can’t afford to waste capital expenditures.
The company hopes the one-of-its-kind policy ultimately will put an end to the common practice of industry players hiding behind sales-agreement terms and conditions, regardless of the equipment’s state. Executives at Moov expect the guarantee to permanently improve the manner in which the market currently operates.
“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,” Mahon said. “We fundamentally disagree with that premise, and aim to solidify our market leadership in trust.”
About Moov Technologies Inc.
Headquartered in Tempe, Arizona, and Austin, Texas, Moov is a technology-driven marketplace and asset management platform that matches buyers and sellers of pre-owned semiconductor manufacturing equipment. Built by a team with more than 50 years of experience in the manufacturing equipment brokerage industry, Moov’s platform ensures accurate listings and faster transactions. CEO Steven Zhou and Managing Director Maxam Yeung co-founded the company in 2017. Moov employs more than 50 people, and also boasts a presence in San Francisco; Shanghai, China; and Taipei, Taiwan. To learn more, please visit Moov.co.
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Michael Kellner
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