Whether you have moved out of a sector, changing your working practice or are upgrading, there comes a time when you need to sell some of your heavy plant machinery and, often, the best place to do this is at auction…
There is no magic wand to wave or fairy dust to sprinkle on your gear to make sure that it flies come auction day, but there are certainly some time-proven tips and tricks that will go some way to ensuring that your machinery reaches its financial potential on the big day of the sale.
This is 100% the single most important tip when taking anything to auction, but especially heavy plant machinery. You must be sure to take you precious lots to an auction where there are other pieces from your particular industry.
If you don’t you may find yourself going home with your kit, or worse still (if you fail to put a reserve) you could sell it to the one lucky buyer who happened to turn up and was interested in your lot, or a dealer who knows they can flip it for more.
Also, make sure that your auction house has an online presence and that they take the care and attention you would like when listing items. You can have a browse of their website to see whether they strike you as professional and have a good eye for detail and taking good pictures.
It stands to reason that as someone in the industry you appreciate that condition is king when it comes to auction lots. Would you be interested in paying top dollar for a piece of machinery that looks shabby and as if it has not been looked after properly?
The chances are you paid good money for your prospective lot and so you would like to get as much for your item as possible. Take the time to give it a good inspection and clean inside and outside. You may even be wise to pay to service the item just prior to the sale as the presentation of such paperwork can be worth a lot more than the cost of service.
If the item is fully serviced, working and looking fine then you’ll stand a much better chance of getting a good price.
In the age of price comparison if you are selling an item at an auction with an online presence (i.e. most auction houses) then you can be sure that any prospective buyer will have done a preliminary price comparison search, ordering results of the same equipment by lowest price.
If you are not competitive, you will not sell. It really is as simple as that. On the flip-side, if you price too low then you could be burnt having not done your own research when there is only one bidder.
When it comes to providing background information such as what your machinery has been used for and for how many hours; when you bought your machinery and how often it has been serviced, then there is no use skimping on detail.
The more you can show that the machinery has been well cared for the better and it always pays to be honest. Your reputation is more important than anything. Mention any additional extras or upgrades that your item has had as well.
If you have a good camera and some keen photography skills there is no harm in taking your own pictures to send on to the auction house.
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