“Heavy duty equipment” performs jobs which are difficult for humans to do. These machine-like-vehicles have to be maintained regularly, by checking if there is any wear & tear, and by oiling it effectively, etc. The more they are maintained the better is their lifespan.
But after a certain period of time, these cannot be maintained, rather repaired, as newer technologies and machinery become available in the market, which people prefer to buy & use.
You cannot buy a HDE (Heavy Duty Equipment) every month. As they are not inexpensive. On selling your heavy duty equipment, you must make sure that everything is fine and in working condition. You need to check if everything well at its place. You might have repaired some or the other parts of your machine, and you need to tell the same to your customer to whom you are going to sell.
You must have all the legal documents of your heavy duty equipment and personally show them to your customer while selling.
Unreserved or absolute auctions
An unreserved auction whether live, online, or both is a convenient method of disposing off large numbers of items quickly. There are no minimum bids or reserve prices, and every item sells to the highest bidder on auction day. That helps attract the most potential buyers possible from a diverse range of industries and therefore creates the greatest demand for your heavy duty equipment. Buyers participate in these auctions with the intent of buying equipment they can put to use right away. As a result, they typically bid more aggressively on the items they need which generally leads to higher returns for the seller. An auction company usually offers different consignment options, depending on the numbers and types of items a seller wants to dispose off.
Auctions with reserve prices are a commonplace. Sellers place hidden reserve price on each item. If the highest bid is less than the desired price set by the seller (the reserve price), the seller reserves the right to accept or reject the highest bid. The main benefit for sellers is knowing their equipment will not be sold for a price below their expectations. However, they also put a lot of time, effort and money into the auction, with no guarantee that their equipment will be sold. Many buyers avoid auctions with reserve prices, because they do not know if the equipment will be sold; that means there is often less competition, resulting in lower prices.
This is probably the most common way to dispose of equipment either by contacting your personal network of equipment users, by placing an ad in a newspaper or online listing site, or by simply putting a “for sale” sign on your machine. If market conditions are favorable, private equipment sale can yield the returns you’re looking for. There’s no middle-man controlling the process or setting the price for you. Depending on the specific channel you choose, selling privately can require large investment of time and money on your part. If you chose to sell via general classifieds or a free online listing site, there is potential for a lot of hassle and valuable hours spent contacting potential buyers, arranging inspections, beyond price, a lot of the process is out of your control and the risk can be high.
Selling or consigning to equipment dealers
Certainly, there are advantages of selling your equipment to a dealer or getting them to sell for you. They understand the industry and know the market well – what’s in demand and where – and will generally have good connections and will know how to market your equipment. Dealers can showcase your equipment in a prime location that’s accessible to the public, but as a result often have high overhead costs they must compensate for. And, as with any business, equipment dealers want to maximize their profit. That means they’ll often offer you the lowest price possible, or take a large commission. Dealers are also open to trade-ins, but again, the value you can expect will generally be low given that the dealer has to turn a profit on your old equipment. They’re motivated to sell and can often offer buyers financing to help facilitate a sale, but won’t be able to guarantee when your equipment will be sold or when you’ll receive payment. There may also be extra charges or hidden costs associated with insurance, storage or other services such as advertising.
Equipment brokers will use their industry knowledge and connections to help sell your equipment, and they’ll be experienced in facilitating inspections, negotiating on behalf of both the buyer and seller, and ensuring the sale is concluded – all of which will save you time. But their commission rates and the price you get for your equipment can vary greatly. They may or may not have a plan for marketing your equipment, and any costs associated with this can be charged to you. You’ll also still be responsible for your equipment’s storage, maintenance, insurance costs, and losses from depreciation while the broker finds potential buyers.
If you’re still not sure how to effectively sell your heavy duty equipment getting back sufficient returns, contact Heavy Duty Direct. Our team is equipped with essential knowledge about heavy duty equipment, vehicles and attachment parts; and we know exactly how to sell your heavy duty equipment getting the best price from buyers.