4 Ways to Sell Your Construction Equipment

If you are thinking of selling heavy equipment and trucks, you probably want to sell them quickly and get the best price. It may seem like a simple task, but with all the options available for the sale of equipment today, not to mention the constantly changing needs and demands of businesses, the endeavour can become extremely complicated and time-consuming.

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When you consider how much time (and therefore money) you can afford to spend on the process, carefully consider how you sell equipment and trucks. Identifying a buyer is only one small step in the process. Marketing, inspections, negotiations, insurance, vetting offers, and other factors must also be considered. That all adds to hundreds of hours and lots of money spent on the effort. Taking the potential return against the possible cost should be considered.

Selling heavy equipment can be done yourself or through a third party. All of them have their pros and cons. You can use this overview of the most common sales channels to make educated decisions on how to dispose of your assets.

Here are four heavy equipment selling methods.

1. Unreserved auction

If you have many items to dispose of, live or online, it is convenient to remove them quickly. Each item is sold to the highest bidder on the auction day with no minimum or reserve prices. The more potential buyers you can attract from various industries, the better your equipment will fare. These auctions are attended by buyers looking for equipment they can immediately use.

This type of auction can ensure a quick sale since the seller does not have to negotiate with buyers; however, with no reserve pricing there is no guarantee the sale will be profitable.

Pros:

There is increased competition and urgency when holding an auction, with both on-site and online bidding allowing more potential buyers. If there is high demand for an item, you’ll get better returns and increased certainty of a sale.

Cons:

You must rely on the auction company’s skills, experience, and market reach. Some added services may cost extra. Determine the value of the service. The final selling price is not guaranteed and it is possible to come out of this owing more than the equipment was sold for.

2. Reserved auction

Reserve prices are a common feature of auctions. Items are auctioned with a hidden reserve price attached to them. A seller reserves the right to accept or reject the highest bid if it is less than the price set by the seller (the reserve price). This means sellers won’t have to worry about their equipment selling for less than expected.

There is often little competition in auctions with reserve prices since buyers have no idea whether the equipment will sell. This results in lower prices.

Pros:

You can set a minimum sale value and ensure your costs are covered..

Cons:

If equipment excludes a large pool of potential buyers or is not priced appropriately, it may not sell. There are generally inspection or advertising costs that still apply regardless of equipment sale.

3. For sale – privately

Most people sell equipment through their network of equipment users, through ads in a newspaper or online listing site, or even by simply posting a sign stating “for sale.”. This method of selling equipment can be profitable if the market is right..

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Selling privately, however, can require considerable time, effort and financial investment on your part, depending on how you do it. In short, beyond price, the process is mostly out of your control, and the risks are high. Contacting potential buyers, arranging inspections, dealing with “hard-to-please” buyers and negotiating the deal can be tedious and frustrating.

Pros:

The seller receives high potential returns, pays little or no commission to third parties, and controls the entire transaction from beginning to end.

Cons:

It takes a lot of time and money, has higher risk, has no guarantee of sale, and has an unknown timeline for the process.

When it comes to selling heavy equipment, you need to consider your selling method carefully

4. Offering equipment for sale or consignment to equipment dealers

There are definite advantages when you sell to a dealer or have them sell for you. Their knowledge of the industry and the market will enable them to present your equipment in the best possible light. They generally have solid connections and can market your equipment effectively. You can often display your equipment at a dealer in a prime location.

Dealers like to maximize profits, just like any other business. As commissions are percentage based, they are working to sell your equipment to maximize your return, as well as theirs.

In addition to being motivated to sell, they can often offer buyers financing to facilitate the deal but cannot guarantee when your equipment will be sold or when you’ll be paid. Insurance, storage, and other services, including advertising, may incur extra charges or hidden costs at some dealerships.

Pros:

An understanding of the industry and the market, openness to trade-ins, and a comprehensive marketing plan.

Cons:

There is no guarantee of a sale or payment time.

Selling with Nors Equipment

Here at Nors Equipment, when we partner with somebody selling their equipment we consider it just that – a partnership. We have an extensive network of potential customers looking for all types of equipment across BC and the Yukon, as well as our dealership network across North America and online advertising that reaches local and international markets. We are also able to offer services that yourself or the potential buyer might require to finalize a deal including repair work, inspections, modifications and logistics.

We have a qualified sales staff that can help guide you through the sales process and a dedicated Used Equipment Manager monitoring the market every day to ensure you get the best value for your equipment.

Your Next Step Is to Decide Who Will Sell Your Equipment.

As soon as you’ve determined the right sales channel for your business – a dealer, auction or private sale – it’s time to select the best dealer, auction or listings service. The quality, cost, and experience of different vendors and services vary.

Contact us to discuss your requirements of Used Excavator For Sale. Our experienced sales team can help you identify the options that best suit your needs.

While what you suggest is probably the means of getting the most money for a particular item, its also very time intensive. Think about all the yahoos that will come out to kick tires and waste a person's time? As is mentioned above, most of the auctions i watch are liquidations. Company went belly up, or the original owner/founder is retiring and couldnt find someone to buy the business. Finally, you certainly can get lucky on some auctions and not have competition for a particular machine, but competition seems to be pretty steep these days. Frankly, i watch some machines sell for more at auction than i would pay on craigslist, and that isnt including the premiums and taxes! To that point, ive watched machines sell for New retail prices after premiums and taxes. In most cases, the owner can liquidate an enormous amount of 'stuff' for probably 80% of what they would get on the used market and do so in a month. Also, without lifting a finger.

Think about it. How many tools do you have in your shop that you thought you would use but are taking up space that could be used by something different? For a hobbyist you would just list it on Craig's list and then deal with people who could be a potential buyer. That includes the tire kickers and the low ballers who are just wasting your time. For a hobbyist it's still usually worth it to maximize the sale price. But if your a small business and have plenty of work do you even have time to deal with it? Probably not.

I know with a larger company it starts to get into the area of fraud. For example an employee is asked to sell a no longer used tool and figures he can sell it to his buddy for a great price. An auction company is a good way to remove that. Another is a surplus company. I know that the large company I work for doesn't even buy tools directly. Even though we have a purchasing department they feel it's cheaper to just request it from a supply company. We tell them we need a 5/8" and 3/4" combination open end wrench and they search out which brand would be best for our intended use. It could be from Snap On or Craftsman.

Then there's the possibility of someone either rejecting it or trying to return it. Who wants to deal with a guy who says "you told me it ran fine when you took it out of service yet the motor makes a noise. I want my money back." Auctions are final. When you place a bid often it comes with the commitment of paying no matter what if you're the high bidder.

With covid prices are higher than they have been but before there was plenty of deals to be had. My PM66 with a Bosch router came from an internet auction. I paid just over $200 (with buyer's fee, loading charges, and gas to pick it up) and put another $100 into it. Other than it's not a SS it's dead accurate. I bought several other pieces for prices I couldn't pass up and didn't bid on stuff simply because it was too far away and shipping charges would of made it not worth it.

For earth moving equipment, the cost of relocating it across the country to next job, often out weighs the cost of selling and buying new at future job site. Some times, a machine was purchased to do one job, and might not be needed again anytime soon. Get it off the books. Plus if it's been fully depreciated, the it's book value is the same as junk value. An auction brings more than the salvage yard pays. When a building is finished and there are materials left over, often it costs more to move them than to buy new delivered. When we built our house (), I was able to buy surplus foundation blocks from my employer for $0.10 each, that cost $0.55 each. To move them to next job site would have cost more than new delivered