Online equipment auctions have been popular for years for sellers to unload items they no longer need. While the idea of an auction is great with your item being sold off to the highest bidder, it can be nerve-wracking when you’re selling a high-priced item like a piece of construction equipment.
At a live or online auction, you have no control over the final sales price, so you may end up settling for less than you think your machine is worth. Reserve auctions are different. At a reserve auction, you place a hidden minimum price on your machine. If the highest bid comes in below that price, it’s up to you whether to accept.
The advantage here is that you don’t have to settle for a price you feel is too low. However, your item isn’t guaranteed to sell so you might end up with a long buying process if you’re looking to offload quickly.
It is a seller’s market however and the demand for purchasing equipment has never been higher, driving profits way up. Here are some steps to take to get your
- Do Some Research: Your first step of the selling process should be to review recent auction results for equipment similar to yours. By doing this, you can see what a fair price should be. Online retail pricing tends to be inflated right now, but worth looking at if the machine is newer or low hour, as it can offer a baseline.
- Work with a Trusted Partner: As a trusted online auction service, you can use eBay to place your construction equipment in front of 150 million global users.
- Sell Confidently: Making sure you are getting the best price is important. To do this, add details of your equipment so the buyer is informed of the features and benefits of your machine. The more information you give your potential buyers, the more they will be interested in the purchase.
- Use The Buy Now or No-Reserve Process: This process gives you, the seller, an advantage of knowing the minimum price you will get if it sells. You set the reserve, or minimum amount you are willing to accept, and the item will not sell for less. Keep in mind the machine may not sell if the reserve is too high, but it’s a good way to test the market.
- Watch & Relax: One you have your equipment photos and details uploaded, all you need to do is wait and see what bids you receive. You as the seller are in total control of the final sale of the product.
Online auctions make it easy to sell your equipment and eBay has thought of everything a seller needs. As many sellers want to leverage a global market and prefer not to sell equipment and trucks back into their local markets, and sellers are in total control of who, and where, they ship the equipment.
