Should You Sell Used Farm Equipment As A Lot Or Separately?
Wednesday, December 30th, 2020
Selling used farm equipment at auction is a great idea because you are likely to get a good deal. Depending on how much you are selling, you may wonder if things should be sold separately or as a lot. The answer to this depends on a few factors.
How many items are you selling?
You could be adding a few pieces to a consignment auction in your community or getting rid of all of your equipment. This will have some bearing on how you sell each piece. If you have two that are related to each other, like a combine and a grain head, you will likely be better off selling them together. If you have twenty different pieces of used farm equipment, you have a little more freedom. You could sell some in lots and larger pieces individually.
What does the market say?
Before you decide to sell your equipment at an auction, check out local and national markets. Make sure to look at past sales as well as current market trends. For example, you may find that more recently, equipment is selling for more separately, but in the past, it has consistently sold better together. It can help to speak with your auctioneer to see what they think about market trends and what their own experience has been.
Does your equipment only function together?
If your pieces of used farm equipment will only work together, the answer is clear. You must sell them together. But, if you have equipment that does not require other pieces of the same brand, you could sell them separately. The auctioneer can help you decide what to do. Keep in mind that they may already have plans for how to organize the auction. If it is a consignment auction with equipment from many owners, they could have ideas for how to place the items. For example, they may want to list all grain heads together for a faster auction.
Tips for selling farm equipment at auction
It is important to know your options when selling your used farm equipment. This includes knowing whether to sell the pieces in lots or individually. Here are some extra tips to help you sell your equipment at auction.
- Figure out which type of auction will work best. There are live auctions, online auctions, timed auctions, and more. Speak with the auctioneer and see what they offer.
- Know the value of what you are selling. You should first know the basic values for each piece of equipment. Then, you can figure out if your equipment will sell better as a lot or separately.
- Prepare your farm equipment. Be sure to clean the inside and the outside. Also, if there are small maintenance or repair issues that you can take care of, that could help your chances of getting more out of the auction
- Advertise the auction. You will want to have as many people as possible bidding on your farm equipment. The auction house will likely take care of advertising, but you can help too! Make sure people in your professional circle know that you are selling. You can share on social media as well, especially if the auction is offered as both an in-person and online event.
Used farm equipment auctions in Texas
If you are looking to Sell or Buy used farm equipment, High Plains Auctioneers can help. We offer a variety of auctions throughout the year including consignment, equipment, and antique auctions. You can call us at (806) 244-6776 and check out our Upcoming Auctions to see what we will have available.