04/23/2021 | Press release | Distributed by Public on 04/23/2021 03:40
Montreal - The International Air Transport Association (IATA) has added a new functionality to its MRO SmartHub which allows users of the product to sell their surplus aircraft components and parts via online auctions.
MRO SmartHub is a neutral web-based platform enabling airlines, maintenance, repair and overhaul (MRO) providers, OEMs and trading organizations to gain a greater transparency into the surplus aircraft parts market, plus real-time access to fair market values (FMV).
The new e-Auction platform includes features such as:
'Many airlines are drastically restructuring their fleets and retiring aircraft due to the COVID-19 pandemic and the resulting slump in demand. This is driving up the inventory of components and parts, with the market for used surplus material (USM) expected to grow to US $7.9 billion by 2022. The new MRO SmartHub e-Auction functionality provides users with an additional, fast, efficient and secure way to market their inventory,' said Garath Harries, Product Manager IATA MRO SmartHub.
As a major long-time participant in the surplus components business, Lufthansa Technik will be the first customer to use the new functionality by holding an auction on MRO SmartHub from 26 April 2021, timed to coincide with MRO Americas being held in Orlando from 27-29 April 2021.
The MRO market is currently valued at US $50.3 billion annually, a significant portion of which is attributed to material costs. IATA MRO SmartHub creates efficiency gains in the supply chain and provides a more accurate assessments of FMV, eliminating the necessity for extensive and sometimes costly market research initiatives. Additionally, the IATA MRO SmartHub:
Full details on IATA MRO SmartHub can be found here.
For more information, please contact:
Tel: +41 22 770 2967
Email: [email protected]
Notes for Editors: