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What Is The Best Way To Sell Used Heavy Equipment?

Monday, September 30th, 2019
common items sold at auction

When you need to sell your heavy equipment, your main concerns are probably how much money you can make and how easily you can sell. You have some options when it comes to doing this. These include auctions, private sales, and working with dealers or brokers.

Selling heavy equipment at auction

Auctions are great method for selling heavy equipment. Auction houses are experienced with generating excitement for their sales. Many also have experience in dealing with heavy equipment, so they know how to sell industry-specific items. Here are the two most common types of equipment auctions.

Unreserved auctions

At this type of auction, bidders do not have to reach a minimum bid, or reserve, which helps sellers move items quickly. If you choose an unreserved auction, the success of the event will largely depend on the auction house and how well they market and run the event. You will need to take part as well by providing pictures and as much information as possible about the equipment you are selling.

Reserved auctions

You can set a minimum price with this type of auction. The hope is that this bid will be matched or that the sale price will be higher. If the reserve price isn’t reached, you have the option of rejecting it. Reserved auctions are usually favored by sellers but may turn away some bidders.

Selling through heavy equipment dealers and brokers

Working with a dealer or consignment store has benefits. Like auctioneers, they are experienced with selling in the industry and they will have connections. They can also display your equipment in a prime location. Although these are great benefits, there are some downsides to choosing this option. They will want to make their portion of money, which is understandable, but there may also be additional fees. This means your returns will be lower than they would be when choosing a different selling method.

When working with a broker, you will experience the same benefits as working with a consignment dealer. They know how to sell heavy equipment and will facilitate the sale for you and the buyer. But, there may also be hidden fees with this method. Choosing to sell your equipment through a broker will save you time, but you should be sure to consider the fees.

Selling heavy equipment on your own

If you choose this method of selling your machines, you will have to take care of everything on your own. There are benefits and downsides to this method.

  1. This is the most common method of selling equipment. Whether online or in-person, many buyers are looking for private sales.
  2. Depending on market conditions, you can see significant prices from selling to an individual on your own.
  3. There are no middlemen (unless you sell online) so you shouldn’t expect many fees.
  4. You will have to conduct research to find the best site or paper to sell on.
  5. You may have to deal with too many potential buyers and handle the fact that they may back out.
  6. You will be responsible for everything from marketing to facilitating the sale.

Selling your heavy equipment through an auction in Texas

If you would like to learn more about selling your equipment through an auction, contact the professionals at High Plains Auctioneers. We have experience with estate auction, used equipment auctions, and more. Give us a call at (806) 244-6776 or Send Us an email to learn more about Selling with us. You can also check out our Upcoming Auctions to see what we will have available.