5 tips to help you prepare your heavy equipment for the best auction results

Do you want to achieve the best market selling price for your surplus assets?

That’s the objective of many business owners and fleet managers when looking to dispose of surplus heavy equipment or machinery using asset disposition options like used equipment auctions.

Pandemic lockdowns and international travel restrictions have created challenging market conditions in many sectors. Added to the mix are chip shortages, supply chain blockages, and OEM delivery delays that have led to an increased demand for used or near-new machinery and heavy equipment. This has also led to stronger pricing at Ritchie Bros. online timed auctions because equipment in the secondary market is immediately available and can be delivered without delay.

But, as with many things in life, first impressions count, so here are some top tips for sellers on achieving the best asset disposition outcomes. Let’s explore online auctions in more detail as they offer many benefits in terms of increasing your global reach and accessing a greater number of international buyers.

With items sold on an “as is, where is” basis at online auctions, it’s important to spend some time understanding buyers needs, as this can improve your chances for a successful outcome. Detailed machine information, photos, and inspection records increase buyer confidence in your equipment. Providing potential buyers with good quality photos, together with accurate information will build confidence in your equipment and increase the all-important incentive to buy or place a higher bid.

Here is a straight-forward list of top tips and actions that you can take to increase your potential returns:

1.????Cleaning your equipment

Clean and well-presented equipment attracts more bidders - it’s as simple as that. Deep cleaning using a high-pressure water jet cleaning machine is the most effective way to remove grit and grime. Don’t forget to clean the operator’s cab area and instrument dashboard as well - photos of these areas are included in online auction inventory listings and will be visible to potential buyers.

Other areas to pay careful attention to when cleaning can include:

Clean and well-presented equipment attracts more bidders - it’s as simple as that. Deep cleaning using a high-pressure water jet cleaning machine is the most effective way to remove grit and grime. Don’t forget to clean the operator’s cab area and instrument dashboard as well - photos of these areas are included in online auction inventory listings and will be visible to potential buyers.

Other areas to pay careful attention to when cleaning can include:

1.????

Tyres or tracks and undercarriage (polishing tyres is highly recommended so that they gleam and are dust-free)

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Engine compartment

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VIN tag must be in place and legible

If you don’t have time or access to cleaning equipment, Ritchie Bros. provides an optional deep cleaning service on request.

2.?????Repairs and painting

A new paint job and minor repairs can add additional value to your equipment.

Give your machine a boost by replacing broken glass, removing decals, replacing batteries, and making minor mechanical repairs. There are also facilities for re-painting machines that can make them more bright and attractive.

Buying a clean and well-maintained machine lets buyers put it straight to work, and for a seller, it means extra bids on your equipment.

Last, but not least, check that all attachments and accessories delivered with the original equipment are included. If not, provide an explanation as to why not or where they can be purchased if necessary. Failing to address this point could mean that your equipment sells for less.

3.????Preparing your paperwork

Ownership and maintenance records are critical to making a successful sale. It’s essential to have proof of ownership documents available. Repair records or certifications may add additional value to your equipment when it goes on the market.

4. Select your preferred selling channel and method

Choose the type of auction service that works best to meet your asset disposition goals. If you want to achieve maximum exposure for your equipment and allow the market to decide the price, then consider an unreserved online timed auction. As an example, Ritchie Bros. Online Timed auctions are held regularly in Dubai, servicing online buyers across the Middle East, Africa, and Indian Subcontinent regions.

Alternatively, consider another popular option – Marketplace-E.

5. 'Everyday' online listing sites

?If you want more control over the selling price and process, Marketplace-E is a 24/7 online listing site for both global sellers and buyers. In this online marketplace, items can be listed quickly and promoted to an international audience of online buyers. A key difference between unreserved online timed auctions and Marketplace-E is that sellers can set reserve prices. Equipment can also be sold from the consignor’s location or one of Ritchie Bros. local yards.

If you’re looking at going to auction, the key is to consign early to take advantage of maximum exposure through the auction company’s marketing efforts. The longer your equipment is visible on their inventory list, the more eyes on your equipment, leading to better price competition.

I hope these top tips will help you make the best decisions for selling your used equipment.

The key is to seek the advice and assistance of a professional auction company and act early to achieve positive fleet and asset management outcomes.

For more information, please visit rbauction.com/selling