Industry survey finds 83% of respondents would be more inclined to buy used equipment with money-back guarantee.
Moov, the largest and fastest growing global marketplace for used semiconductor equipment, today announced changes to its industry-first “Money Back Guarantee” (‘MBG’) program that will expand access to buyers by eliminating the premium previously associated with this warranty. Moov will now offer its no-questions-asked, money-back guarantee free of charge for end users (semiconductor manufacturers) who purchase semiconductor equipment and parts through Moov’s global marketplace, valid on over 90% of inventory. This announcement comes as Moov’s marketplace surpasses another milestone, exceeding $4bn FMV in active listings for pre-owned semiconductor manufacturing equipment.
Historically, reliability has been a significant barrier for semiconductor manufacturers looking to incorporate secondhand equipment in their procurement strategies. In fact, this problem has been so pervasive that 81% of industry respondents surveyed by Moov “strongly agree” or “agree” that reliability is a top barrier to purchasing secondhand semiconductor manufacturing equipment.
“Reliability is arguably the biggest barrier to the growth of the global secondary equipment market, and the growth of used equipment as a percentage of fabs’ overall equipment spend,” said Steven Zhou, CEO and cofounder of Moov Technologies. “In growing Moov to become the world’s largest marketplace for used equipment, solving the reliability challenge is at the core of just about everything we’ve built – from verified listings to digital inspections, white-glove logistics, and most importantly our no-questions-asked money-back guarantee.”
A money-back guarantee fundamentally shifts risk away from buyers and significantly impacts manufacturers’ willingness to purchase used equipment. Indeed, 83% of industry respondents agreed that they would be more inclined to purchase secondhand equipment if offered a 100% no-questions asked money-back guarantee.
Moov’s decision to offer its MBG free to all buyers reflects its commitment to quality.
“We eliminated the small premium on this program because Moov stands by the quality of our service and inventory on our marketplace,” said Raymond Mahon, Head of Customer Success at Moov. “All eligible purchases on Moov will now include our no-questions-asked, money-back guarantee so that buyers can fully leverage the secondary market as an integral part of their procurement strategy – without the risk historically associated with purchasing secondhand equipment.”
To learn more about Moov’s Money Back Guarantee program visit www.moov.co/services.
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. To learn more, please visit Moov.co.