Together, the top 50 construction machine manufacturing companies pull in 90% of the entire industry's revenue. That's a lot of heavy equipment changing ownership. It can be daunting to sell some of your old construction equipment, but having that option turns things sitting idly into cash.
Selling heavy equipment is a little more complicated than posting a Craigslist ad that says "Excavator for Sale". You might get some hits, but surely not what you're looking for. A lot of companies -- especially smaller ones -- find the machinery selling process difficult and time-consuming. We'll be honest, it's not a cake walk. However, a few simple kick off hints will have you feeling more confident as you prepare to part ways with your old, faithful machines.
Transparency: When selling used heavy equipment, buyers are automatically more wary of the condition, maintenance, or falling victim to some type of problem that has not been disclosed. That's totally natural because sellers like that are out there. Don't be one of them. Be completely open about all the positives and negatives of what you're selling. Put yourself in their shoes and be as honest as you'd expect in the same position.
Take care of your equipment: Buyers like seeing things in person and your advertising will be more effective with pristine pictures. If you have to spend a little extra money our time on making your equipment stand out, professional cleaners and refurbishers are a worthy investment. They'll make that beat up old wheel loader, excavator or telehandler look like it just came off a new showroom floor. People are more apt to buy a used machine that looks new.
Competitive research: The example used earlier is apt: too many are guilty of slapping an "excavator for sale" headline on their used machine and guesstimating a price because they want to get rid of it fast or squeezed for time. Don't be in a rush, do a little research.. Fire up Google, talk to buddies in the business, do your homework. Keep in mind that if the market is priced higher than you thought your equipment is worth you'll leave money on the table, Don't let that happen. Know the value of your machinery and sell it based on that current market research.
When in doubt, get the help of a professional. They know sales, marketing, and the construction industry inside-out. Another thing to remember is the construction industry is pretty tight-knit, so the relationships you build in something seemingly as insignificant as selling used equipment are a network worth building.