Published On: Thu, Apr 4th, 2019

Upgrading Your Arsenal: 5 Places Where You Can Sell Used Industrial Equipment

Are you out to sell your industrial equipment in order to buy better and more efficient machinery? Are you at a loss, not knowing where to start? Well, you have landed in the right place.

There is a growing demand for second-hand equipment because buyers and companies are out to save money, and so your worry is not whether your machinery can sell but rather, the best place and method to sell it. Just know that some types of equipment sell better using particular methods than others.

Before you sell your industrial equipment, it would be prudent to do a bit of research and see what kind of machines are in demand. This will help you manage your expectations.

Here are five places where you can sell your used industrial equipment.

Online Auctions

With online auctions, an auctioneer provides an internet-based platform that will connect interested buyers with what you are selling and allow them to bid for it. It goes without saying that the highest bidder takes the product home. Online auctions can be conducted in several ways. Check this out for more info.

With online auctions, the world becomes your market place, thus opening you up to a large number of potential buyers. The fees are generally affordable and it is a quick and easy way to sell – which is what everyone likes to hear. Auctions are good for selling the kinds of equipment that are highly sought after. This is because they are likely to create bidding wars amongst interested buyers, which can get you more money than you had intended.

Trade Magazines

Another option is to put an advertisement in a trade magazine. Trade magazines are publications that contain the most current news, products and developments in a particular industry. This makes them trusted sources of information. It may be hard to believe, but even with all the advertising options that are out there online, trade magazines are not obsolete.

Be sure to choose the publication that you know your target market will read. At least this way, you will know that most of the people that will go through the magazine will most likely take an interest in your advertisement. Research has it that such advertisements in trade magazines inspire about forty-five percent of the readers to actually make a purchase. Those are some pretty good statistics, don’t you think?

If you choose this option, though, you will have to pay for posting your advertisement. But you save on third-party fees because the middleman (for example, in online auctions or if you use equipment brokers) will be eliminated. You should, however, factor in how you are going to transport the equipment to your buyer, especially if you get a customer who is miles away from you.

Equipment Brokers

You could also choose to hire a broker to sell the equipment for you. Equipment brokers are middlemen with the connections you need. You will need to pay them a fee for their services as well as cater for storage, transportation, and maintenance of the equipment during the process. Insurance costs and losses from depreciation will also be chargeable to you. The advantage of using brokers is that they have knowledge of both the market and the products.

Online Marketplaces

There are two major online marketplaces where you can sell your used equipment, namely eBay and Amazon. eBay, being the most popular, has a wide global market reach of one hundred and sixty-eight million registered buyers and counting. It may not be the best place for selling those large, expensive pieces of equipment, though. This is because it is not that secure. Goods are not inspected and buyers can only go on the seller’s word. People should be cautious when it comes to parting with large amounts of cash where integrity is uncertain. You can, however, use this platform to sell smaller industrial machines and equipment which are not too expensive. The lack of specialization of products sold on eBay can also be a deterrent.

Amazon is also well known but is relatively new in the industrial equipment space. They are more experienced in selling books, electronics, and the like. Amazon also has stricter controls when it comes to sales presentation as compared to eBay, making it more restrictive.

Distributors or Equipment Dealers

Distributors are independent firms that usually have very few members of staff. Most equipment distributors sell second-hand equipment in the same space as brand new equipment. You can opt to sell to such a distributor but keep in mind that distributors buy at lower prices. This is it’s a business for them and they are out to make profits.

The kinds of products that will sell well through distributors are those that have a potentially large customer base. It is important that you choose the right distributor for the particular item that you are selling. The advantage with equipment dealers is that they are already in the market and therefore know the market well. The disadvantage is that there may be hidden costs such as storage, advertising, insurance, and so on. You will also not have a clear time period on when your equipment will sell and so you cannot really rely on that income as you do not know when the money will come in.

Actually,it is believed that the more time you give the distributor to sell your product, the better a deal they can get for you. This is because with more time they can garner up more consumer interest thus creating a competitive edge for the sale.

Conclusion

All the above five options have their peculiar advantages and disadvantages. Weigh them all out and then choose the option that best suits you. Consider your products and choose the sales method and channel that will work best for you. Because at the end of the day, what’s important is that you maximize profits on the sale of your equipment.

Another thing to keep in mind is that you might have to do a bit of maintenance to your equipment before you put it up for sale. Maybe a lick of paint here and there, or greasing of moving parts. Buyers are cautious when it comes to parting with their money. Give them a good reason to.

Most Popular Posts

Recent Post