Tag Archives: Auction

Do not keep old heavy equipment for long – Sell them off

To expect a re-sale value on a used commodity is not wrong but if you expect to get a good price on an item that has nothing left in it, you may become highly disappointed. When it comes to heavy equipment you will also come across people who do not believe in buying new stuff. They see profit in buying old machines, renovating them and make them new. In this way they get heavy equipment at a cheaper price. But these guys do not buy machines that are extremely old and has absolutely no use. You can’t do any modification on them nor are they compatible for installing any modern features. It is just scrap and needs to be re-built all over again. This means that the seller if tries to sell such a stuff will get nothing but peanuts.

List it in an auction site:-

There are plenty of online websites that deals with auctioning heavy equipment and its parts. You can select one such site which is popular with people and list your heavy equipment out there. Please do mention the model number and the year the machine was made. Do mention about the recent changes that you have made in the machine. For instance, if you have painted the machine or have replaced any critical part of it that needs to be stated. The members of the site should know about the improvements that you have made on the machine. It will only help them to gain confidence on you and your product.

Sell it to a friend or amongst your peers:-

This is perhaps the safest way to sell your used heavy equipment. Your friend might have a need for the equipment and he has a lower budget. You can help him by selling your stuff at a lesser price. In this way, you do not have to hang around looking for buyers when you have one next to you. Let your friend inspect the machine and if he find it worthy, he will make an offer. However, if you offer him to buy quite an old model, he might not show any interest. For that matter, nobody will show any interest if you sell machines that are way back in time. They need machines that can support the modern technology and are also less expensive.

Sell it to heavy equipment workshop:-

If you do not get any buyer for your heavy equipment, you can sell it to a guy who runs heavy equipment workshop/company. They might be interested in buying it but they will not be ready to pay you the price that you expect. Ideally, these guys are the last option that people go for and they also know that. If you have to really do away with your machine and are not getting any takers then you have to take this as an option rather to sell it as scrap. These guys will anyways pay you more than a scrap dealer.

Repo heavy equipment can be bought at a lower price

Be it for business or for personal use we are often reluctant to buy expensive items as it can put us into a financial mess. In order to buy expensive equipment a lot of planning needs to be done in advance. A company needs to set up a strategy where they will allocate funds to buy items needs for business and then will spend accordingly. They will never want to move an inch away from their budget but will do so only if it really requires. It is however tough to follow a stringent budget but does small companies really have an option. The answer is no.

In the construction sector, small companies have a hard time in dealing with their finances when it comes to buying heavy equipment. Heavy equipment are expensive items and small construction companies normally have to hunt for lenders who can lend them money to buy the machines. If the business runs the way it is expected then the company can pay off the loan without any hassle. But the reality is always different from what we plan and if your business does not perform the way you have expected it to then you are encountered with more grave issues. If you are unable to pay the monthly installments of your heavy equipment in time then the lender has every right to repossess the heavy equipment from you and sell it in auction.

Having said this, there is also a flip side to the entire episode. There are definitely lenders who have lend money to plenty of small construction companies and contractors and out of the many there may be few who could not end up paying the money. Quite evidently, their heavy equipment are repossessed by the bank and this gives you the opportunity to become a part of the auction and buy the machine at a dirt cheap price. Now the challenge here is that you will not be informed about such auction via any media. It does not come in newspaper or any such media. People want to keep it as clandestine at they can so that less people turn up at the event and the ones who are there can buy more machines at a cheaper rate.

What you got to do is keep your eyes and ears open to such auctions. You can even approach one such lender whom you know deals with lending money to small construction companies. They will be in a position to tell you if they will carry any auction in the near future. The next reliable source is the guys who tow heavy equipment from the borrower. They might give you a brief idea about the venue and the date.

Heavy equipment that are repo by banks are sold at a far cheaper rate. This is done so that the banks are able to recover the money that they have lent and do not run into loss.

Want To Sell Your Used Heavy Equipment – Auction It

If you think that selling used heavy equipment is a big pain, then you should reconsider your thought because it has become lot simpler to sell it off with a good price. There are many buyers who are on a hunt for used heavy equipment at affordable rates may find your deal as a very good opportunity and may look forward to buy it. Nevertheless, something that is of real importance is how do you market your stuff and what platform you use to market it. If you have already decided the price of the machine and you want to sell it at nothing less than that, then you may give an ad and quote that price. Interested buyers who find that rate reasonable will flock in to check your stuff and if they like it, may close the deal. But if you are not certain about the price you want to sell the equipment and want to leave it for the buyers to decide, you may simply auction it. It leaves you with very good chance of selling the item with a price which is way above your expectation and higher than what you have imagined.

It is of due importance to select the right platform to auction the item as you need visitors who will come and check out the equipment. You can think of two most convenient ways to auction it. The first would be to post it on the internet (Bidramp.com) and the second is to leave an ad in a local newspaper and arrange the auction at your place or rent a suitable place for auction.

Few things that you should keep in mind before you put up your equipment in an auction. The first would be to ensure that your equipment is up to the mark and that you do everything to make it look new. Paint the stuff, put some stickers, change old or obsolete parts, and get it checked from a mechanic who is an expert in dealing with things like these. Once you are done with these things, the next would be to put it on a website (Bidramp.com) which is known to people and which also has good number of visitors flocking in to check stuffs on the site on a daily basis. Once you have identified such a site, you need to register yourself there and check the charges of the site. The charges ideally depend upon the kind of item you’re auctioning on the site or the bare minimum amount you keep on the item.

It is recommended that you keep the bare minimum price as the price you expect to get on the equipment so that once the auction begins and people starts placing their bids, the price of the stuff keeps moving up on its own and you end up making good money at the end of the auction.

The second option of auctioning the item at your place also has its own significance. There you’ll see the kind of bidders coming in and also see how they increase the price of the item by placing bids on it. Overall, both the options would turn out to be a wonderful way to sell the used equipment.

How Can One Auction Heavy Equipments

There are many big construction and mining companies who have plenty of heavy equipments meant for performing various works. These machines though have a long life are often used by such companies for few years and are then sold to small time construction companies or to the contractors who are always on hunt for such deals. The reason for selling them is not that the machines no longer work. They sell it because the machines are in proper condition and they can presumably get a good price for it. These construction companies have different forums to sell the stuff. They can make use of internet and post the item there on their web site or can make use of some online bidding portal to sell the item. Alternatively, they can also post their item on classifieds both on the internet as well as on local newspapers. These are few of the widely known and used options available to them to sell their stuffs.

We would be speaking in length about each of the mode one can use to sell the machine.

Posting it on internet:-  Internet has made the world come closer. It is no longer necessary for you to deal with people from your locality. With the help of internet you can simply spread your wings wide enough to reach out to as many people you want. People throughout the globe will have access to your listing and anyone who is interested can go for the deal. However, some has experienced difficulties in shipping their product to far off places. Keeping that in mind, you may take a call on it and if at all you have ways to tackle the issue of selling it to someone located in a far-off location, you may as well go for it.

Posting an ad on the internet is fairly simple. All you got to do is register yourself on an online portal and be ready to upload few pictures of your item. You may also have to key in the features and specifications of your item on the auction site. Once that’s done, your part of the work is over. The listing will be followed by people all over the world. They will start bidding on it and that will eventually raise the price of the item. In case, you want to close the bid in the mid and sell the item to the highest bidder, you can do that. However before you close the bid, please confirm with the highest bidder if they want to go for it. You may also want to check the feedback score of the bidder. A feedback score is a mere reflection of the way the bidder does his business. A good feedback score means the bidder is a good buyer and will not default. You can definitely go ahead with the sale.

Posting ad on local news papers:-  If you’re targeting bidders from your city, you can list the equipment in a local newspaper. That will allow men from your city to place their bids on it. You need to mention the date and venue of the auction in the newspaper so that people interested in buying your stuff can gather on that day and bid on it.

Both the above mentioned methods of auction have worked well with many sellers. It only leads to getting a good price for your product.