At some point in their businesses’ life cycle, most will need to sell equipment in order to make space for new machines or simply because they no longer require their current ones. Selling can be lucrative;
Businesses have two options for selling equipment to end-users or dealers. Each option has their own set of advantages and disadvantages; therefore, which one best meets a business’s goals will depend on which sales option it chooses.
Advertising
Recent factors have increased demand for pre-owned equipment, and as such buyers are readily available it should make selling heavy equipment easier. It is crucial that any potential purchaser possess both a business license and tax records as well as research their background and credit history prior to selling heavy equipment.
When selling equipment, it is vitally important to include photos from multiple angles of the machine in question. This will allow potential buyers to understand exactly what it looks like and its cost; also be sure to include any blemishes that might affect its performance or appearance.
Equipment brokers provide another avenue for selling industrial equipment, taking on tasks such as inspecting, negotiating and finalizing sales in exchange for a fee. Furthermore, these professionals offer expert advice about the most efficient methods of selling equipment as well as assistance with financing arrangements and logistics arrangements.
Online auctions
Online auctions are an effective way of selling equipment, as they have the power to reach an international market and draw in buyers from a wide array of backgrounds. Popular platforms for this kind of selling are eBay or Gumtree; however, you can also search search engines such as Google or Bing for items specialized auction sites dedicated solely to certain categories.
These sites often provide various payment options to buyers, such as card payments through secure gateways or bank transfers backed by escrow services ensuring that money will only be released to sellers once the item has been delivered and verified as in good condition.
Buyers could be in search of equipment they require for specific projects or may simply be downsizing their home, moving to another country, or liquidating their business. Many are also drawn to secondhand items and want to help keep usable items out of landfills.
Private sales
Private sales offer another solution for sellers unable to sell their equipment via auction or online methods, typically involving direct communication between seller and buyer; these sales require careful evaluation of both equipment being offered for sale as well as verification that the seller is trustworthy.
Businesses frequently find themselves under time constraints when selling equipment, whether due to an impending move, job loss, or loan/financing deadline with banks. Every day that passes without sales happening is more costly for a business. The longer a piece of equipment sits idle and accrues interest charges on loans/finance repayments/loans for financing purposes – and ultimately more costly it becomes overall for its sale!
When selling specialized equipment, advertising in trade publications or industry websites may be effective. Also, public auctions offer equipment for sale. However, these methods require a significant upfront investment and could take more time. Alternatively, selling to an equipment broker who specializes in buying and selling can be another viable solution.
Dealers
Dealers that specialize in selling equipment often possess an abundance of internal experience to draw upon when solving customer service issues. Larger dealers tend to employ multiple service technicians for vacation coverage and illness absences – as well as infrastructure that automates various functions like invoicing, meter reading and service calls – enabling them to manage a wide installation base and provide service calls at anytime of the day or night.
Though many of the keys to dealer success remain unchanged, the industry is experiencing various disruptions that affect dealership success. These include increasing competition from rental businesses, the trend toward larger manufacturers selling directly to customers and an ever-increasing demand for digitalized sales journeys. As a result, dealers need to identify opportunity areas in which they can better serve customers while creating competitive differentiators such as analytics use cases, lead enrichment or digital sales front ends that set themselves apart from their competition.
