When it’s time to sell your sell your heavy equipment and trucks, chances are you want two things: you want to sell it quickly, and you want to get the best price possible. That sounds simple enough, but with all the available sales options and the constantly varying needs and demands of businesses, selling equipment can become a complicated and time-consuming undertaking.
So it stands to reason that how you sell equipment and trucks should be given some careful consideration – it can have a big impact on your bottom line when you consider how much time (and therefore money) you can afford to spend on the process. Finding the right potential buyers is just one small piece of the puzzle. You also need to consider everything else involved – marketing, arranging inspections, negotiating, vetting legitimate offers, storage, insurance, and other costs. All those things can add up to big money and hundreds of hours spent on the effort. You need to weigh your potential returns against the potential cost of selling.
Whether you take on the task yourself or hand it off to a third party, there are pros and cons to all the different ways to sell heavy equipment. Here’s an overview of the most common sales channels used for asset disposal to help you make an informed decision.
Unreserved or absolute auctions.
An unreserved auction - whether live, online, or both – is a convenient method of disposing of 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 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. Another big advantage of this type of auction is certainty of sale, and no time spent by the seller in negotiations with buyers. And auction companies usually offer different consignment options, depending on the numbers and types of items a seller wants to dispose of.
Pros: auction events create urgency and competition, more potential buyers - especially with both on-site and online bidding, high demand, better returns, certainty of sale.
Cons: have to rely on experience, skills, and market reach of the auction company; added services come at a price - make sure you are getting value for money; you cannot guarantee the final selling price for the equipment (but ask about contracts that guarantee returns).