The global market for the construction industry is predicted to reach over 113 billion and America is the second biggest market for equipment of all kinds. Now is the time to sell those pieces of equipment and finally upgrade.
For seasoned and new sellers at auctions, it is important to follow these four strategies when it comes to selling your large construction equipment at any auction site or online!
1. Make them shine
This shows that the large construction equipment, farm equipment, earth-movers or any of the other equipment your company is searching to auction off has a long and detailed list of maintenance history and they shine a bit where it matters.
All equipment is the backbone of the project, and making sure they are properly taken care of improves the equipment longevity along with its worth in the auction industry.
What are some of our recommendations? It is important to utilize machinery for its exact purpose. Do not utilize machinery in different projects unless it is meant for that specific purpose.
This is because it can easily damage and increase the wear and tear on the machine. We also recommend that you lubricate the machinery as needed, and implement a cleaning schedule to decrease build up and rust potential.
From there, make sure that all items are double and even triple checked before you submit them to the auction.
2. Double check your items
As a seller, you have to think like a buyer, and if you have ever been to an auction, what were some key points of each piece of large construction equipment that caught your attention?
How are the fluid levels? Are they a bit low? What about maintenance history as stated above. Do you have all of that recorded? Is there welding that will make buyers skeptical? All of these questions and others are what buyers are going to be thinking about, so make sure you double check the “buyer list” as a seller!
3. Check out the competition
It is important to see what the competition is doing! There is nothing wrong with a little bit of competition in any industry. This provides you with a better insight into the appraisals, helps to set realistic expectations and what the buyers will be searching for at any auction.
In addition to understanding the expectations, it provides you with a better insight into how you have “a one up” on everyone else based on the information above. If you have a maintenance history, but Joe Smith doesn’t, then that is a competitive advantage that buyers will be searching for.
This is a competitive advantage that your company can bring to the table. This is because an appraisal helps buyers compare and contrast similar products and large construction equipment to make the best informed decisions.
It is very similar to purchasing a home! The more information provided to the potential buyer, the better, and the same can be said for large construction equipment or any equipment being auctioned off!
An appraiser can help you set the lowest price, the highest price it will go for and give you a better estimate on the selling price at the auction. While this may vary depending on the bidders at said auction, it provides a rough estimate on what the equipment’s lowest and highest selling price will be!
Even if you are selling online, these four strategies still provide an advantage in the auction. For more information on upcoming auctions, financing, transportation and anything else, please contact us today.