When it’s time to sell your heavy equipment or trucks there are a few simple things you can do to get the best returns possible. Keep in mind that successful sellers make things as easy and transparent as possible for a potential buyer. It may seem counter-intuitive, but the more you focus on the buyers’ needs, the more likely you’ll get what you need out of a successful deal.
Whether you’re planning on selling at one of our unreserved public auctions, or privately via an online marketplace like EquipmentOne, these five tips can help you get the best returns possible:
1. Take and post detailed photos & descriptions.
Providing potential buyers with as large selection of clear, high-quality photos along with detailed descriptions allows them to do a preliminary inspection online, gives them confidence in the sales process, and helps reduce the amount of time a seller may have to spend answering questions.
If you sell through Ritchie Bros. Auctioneers, we take and post a large number of high-resolution photos and detailed descriptions on our 21-language website as part of our all-inclusive service. If you choose to sell privately on our self-serve secure online marketplace EquipmentOne, there is no limit to the number of photos you can upload. Photos should show the interior and exterior of the machine, any working or high-value parts (e.g. tracks and tires), and other areas of interest (e.g. the engine and odometer).
2. Make all records and paperwork available.
Before you sell, gather any documentation that allows a potential buyer to see the equipment’s history on paper – proof of ownership and clear title, maintenance records, repair receipts & reports, log books. The more information you provide about the usage and history of your equipment, the more confidence buyers will have in your equipment and you as a reputable, honest seller.
3. Allow full inspection and testing.
Buyers who can inspect and test your equipment at their convenience will have more confidence in what you're selling, so it pays to make your equipment available for buyers. At Ritchie Bros. Auctioneers, we allow potential buyers to freely inspect and test equipment during yard business hours (open 6 days a week at most of our 40+ auction sites) or have a mechanic or other qualified person do it for them.
4. Market your equipment to the largest audience possible.
The more eyes you get on your equipment, the more interest and therefore demand you’ll get for it. So it pays to do your research and sell your equipment on a platform that attracts qualified buyers from beyond your local market. And platforms that specifically target equipment buyers (like Ritchie Bros. auctions and EquipmentOne) will give you a huge advantage over an ad in your local newspaper or a free classified website with hundreds of categories.
Marketing effectively can require a large investment of time and money, so selling with a company that has years of equipment marketing experience and in-depth knowledge will save you countless hours, and get you the best possible returns.
5. Have your equipment refurbished.
Two machines of the same make, model and age with the same hours on the meter and the same mechanical condition can sell for radically different prices based on appearance. The way your equipment looks can make a big difference to potential buyers – they can take home a piece of equipment they’re proud to own, and put it to work right away. Having your equipment cleaned, painted and repaired is a small investment that typically helps net better returns.
Ritchie Bros. offers professional, full-service refurbishing at most of our permanent auction sites around the world. Read more about how refurb can help you net better returns.
About Ritchie Bros.
Ritchie Bros. is the world’s largest seller of used equipment. We conduct hundreds of unreserved public auctions around the world each year, selling a massive selection of new and used equipment with no minimum bids or reserve prices.
Find out more about selling with Ritchie Bros. or complete a simple form and a Ritchie Bros. representative will contact you to discuss how we can help you sell your equipment. No obligations!
Find this article helpful? Share it with your colleagues and contacts!