A private sale is likely the first option that comes to mind when there is a need to sell heavy equipment. However, it might be difficult to reach a vast number of potential equipment buyers. The results might be limited to buyers in the local area or individuals who travel through it. This is because many private sales involve strategies such as positioning equipment in high-traffic areas like shopping centers and using for-sale signs to advertise. Despite the locations of the placements being considered as high-traffic areas, most people frequenting these areas are likely not shopping for equipment. This can hinder results. Private sellers who resort to listing in advertisements will have to compete with others who are selling equipment, and their ads could get buried in the myriads of posts. The following points identify other options to attract qualified used equipment buyers.
There are two types of auctions that may be attended by used equipment buyers. They are referred to as reserved and unreserved auctions. Reserved auctions allow sellers to decide on prices for their equipment. Buyers bid on the items. If the highest bid is below the reserve price, it does not sell. However, if a bid is a match or exceeds the reserve amount, it is considered sold. A reserve auction allows sellers the chance to get more than their asking price with the potential to get more since buyers do not know the reserve amount. Unreserved auctions are solely based on bids. This means that the equipment will get sold as long as buyers bid. The highest bid wins and the buyer gets the equipment.
This is an option that some dealers offer to individuals who have not been able to sell through private sales or don't have the time to locate used equipment buyers. The business agrees to store the heavy equipment with their stock. Interested buyers will be shopping for equipment, and it might sell sooner than it would with individual efforts. The consignment agreement allows for both parties to get paid when a buyer chooses to purchase.
These represent the most common ways to get used equipment buyers interested in buying from you. The option best for you will depend on your individual preferences and needs. A quick liquidation might mean that you have to be open to accepting a lower payoff. You also have to take into consideration that getting assistance will result in you paying a commission. The condition and age of the equipment will also be important factors that affect selling prices. Some pieces of heavy equipment are in higher demand than others. If there is a high demand and few pieces for sale in your area, you can expect the used equipment pricing to be higher.