Tips For Selling Your Used Industrial Equipment at Online Auctions

When it comes to selling used industrial equipment, manufacturers have a variety of options. You can try to sell equipment yourself, list it with a machinery broker, trade it in towards newer machinery, sell it outright to a used machinery dealer or try your luck at a machinery auction. An auction is one of the most common ways of selling your used machinery when you have multiple pieces to sell. Auctioneers are skilled individuals or companies that bring buyers and sellers together through a lot of hard work, proper setup and massive amounts of marketing, and once the auction sale starts, the highest bidder gets to walk away with the used machine. 

There are several reasons why you should sell your used machinery at an equipment auction. For starters, an auction allows you to liquidate your multiple used machinery quickly and efficiently. Also, the bidding process is competitive and flexible, and the most important thing is that auctions are cost-saving, and they offer the most appropriate price for your equipment.

You'll need to follow some tips if you want to get the highest value from your used industrial machinery.

Do Your Research 

One of the first steps in selling industrial equipment is to determine its market value. You should understand the market conditions and trends before you sell anything. Machinery prices do fluctuate depending on several factors so you need to understand the market trends before deciding to put your used equipment on auction and what a better way to learn about the existing market conditions than conducting in-depth and thorough research. You can visit online auction marketplaces and try to uncover the recently sold lots but be careful on sites such as eBay as they will tell you only what someone is asking for a piece of equipment and not how long they have been asking it nor what like machinery has actually sold for in the past. Having reliable market information will help you make a wise decision and determine if it is the right time to auction your piece of used equipment. 

Price it Right

Pricing your equipment correctly is essential in selling it quickly and at a profit. It's important to do research and determine the fair market value of your equipment. Overpricing can turn off potential buyers while underpricing it can result in a loss of profits. Make sure that you have factored several attributes such as the machine's age, condition, features, warranties (if any), and depreciation. However, always try to be realistic with pricing.

Clean or Refurbish the Equipment

When selling used machinery, always make sure they are cleaned and are in working condition before putting them up for sale. So before you list your used industrial machine with equipment auctioneers, make sure that you have dusted and cleaned it to perfection. Making it look worth the money or more goes a long way in getting your asking, or expected price. If necessary, you can perform a few repairs and refurbish some critical components such as noticeable touch pieces, like keypads, stickers, or covers. A small investment such as re-painting can also immensely increase the attractiveness of your item.

Provide as Many Details as Possible

When making a purchase, customers want to know everything about a product. You should offer detailed photos, videos, technical specifications, warranties, service records, and any spare parts, consumables or tooling available. You can also submit appraisal and inspection reports, and remember to be transparent to avoid disputes once the used machine is sold. Provide as much information as possible to ensure customers have the right information in front of them to quickly make a decision. It’s also important to be as transparent as possible to avoid disputes and issues from arising in the transaction. 

As online equipment auctions continue to grow each year, you can feel confident before, during, and after an auction that you have successfully sold your equipment with minimal hassle. Not only will you have the knowledge of what to expect when selling your equipment, but you’ll have a better chance at securing the best price for your equipment .