According to IBISWorld, the industrial equipment market in Florida is impacted by conflicting trends that have resulted in the industry experiencing decline in growth by -0.4% between 2012-2017. The industrial equipment market in Florida is expected to increase in demand as export activity is anticipated to grow in the coming years.In Florida, industrial equipment is used by a variety of companies in general-purpose applications; including, material-handling equipment, such as forklifts and hoists; metalworking equipment, such as CNC lathes and metal milling equipment; and, general purpose equipment, such as diesel engine and pumps.
Accordingly, there is a big industry segment in Florida that sells used metalworking equipment through online industrial auctions such as Aucto, which caters to businesses large and small, interested in selling used equipment.
As a result, this guide seeks to unfold the metalworking equipment market in Florida and explore industry and economic trends influencing metalworking equipment pricing:
- Importance of manufacturing industry in Florida
- Tax exemption for Machinery and Equipment in Florida
- Best Practice for Selling Metalworking Equipment in Florida
- Why Use Aucto to Sell Used Metalworking Equipment
Table of Contents:
- Manufacturing in Florida
- Tax Exemption for Industrial Machinery and Equipment in Florida
- Disposing versus Selling Used Metalworking Equipment
- How to Sell Metalworking Equipment in Florida
- Sell Your Used Metalworking Equipment with Aucto
- Contact Aucto to Start Selling
Traditionally, sale of industrial equipment is dependent on level of manufacturing activity.
Florida’s manufacturing industry is diverse and includes companies in traditional industries such as printing, plastics and food processing; and, those in specialized technologies; such as, electronics, medical products, aviation and aerospace. As the graph below illustrates, Florida’s largest industries as of 2015 are companies that specialize in manufacturing computer and electronic products, food and beverage products, chemical products, and fabricated metal products.
Top 10 Florida Manufacturing Sectors, in Millions of Dollars, 2015
Source: Center for Manufacturing Research
Manufacturing in Florida is extremely important in expanding the state’s economy. Manufacturing provides production diversification, high wages, stable incomes, and strong multiplier effects throughout the Floridian economy. It is one of the state’s Qualified Target Industries, a collection of industries that the state offers targeted incentive to in an effort to grow its economy.
In 2016, the Florida Legislature passed House Bill 7099 which makes certain manufacturing machinery and equipment exempt from sales tax.
This exemption is available to any business in Florida where the industrial machinery and equipment is utilized to manufacture, process, compound, or produce items of tangible personal property for sale as specified in North American Industry Classification System (NAICS).
- Be utilized more than 50% of the time in development
- Have a depreciable life of minimum three years
- Be used as integral part in recycling of metals in recycling industries
- central component in the manufacturing, processing, compounding, or production of tangible personal property for sale, or an integral part in the recycling of metals for sale
Exemptions on sales tax for industrial manufacturing machinery and equipment is beneficial to Florida manufacturers because now they can take advantage of reduced costs to expand and make additional capital investments. The sales tax relief is expected to save Florida’s manufacturers over $140 million annually.
As stated earlier, demand for machinery and equipment in Florida is expected to increase as export activity increases, with manufacturing goods already representing 85% to 90% of all Florida exports.
Eliminating the sales tax on industrial machinery and equipment allows Florida’s manufacturers to take advantage of reduced cost in order to focus on expansion and make additional investments and attract international companies to locate to Florida.
As production requirements evolve and manufacturing methods change, many individuals and companies find themselves with equipment that you may no longer need or that does not fit their current manufacturing needs. Letting unused equipment sit idle takes up floor space and leaves money tied up in useless capital.
Cost savings associated with buying used metalworking equipment compared to new can be major, although the savings depend on the purchasing method you choose. Buyers can find used equipment through private transactions made directly with the sellers, from used equipment dealers, and through online industrial auctions.
In an auction that is managed by a dealer or an exchange, equipment comes from various sources, who aren’t always credible because information regarding equipment is limited and thus, there is greater risk.
However, using a reputable online auction marketplace, such as Aucto, makes buying and selling your used metalworking equipment efficient and reliable. Aucto is an online industrial marketplace where sellers can market and sell their industrial equipment and where buyers can find and purchase equipment at liquidation prices.
Companies in the metalworking industry understand that they must be prepared to withstand changing market conditions. As a state that is heavily influenced by the economy, metalworking facilities in Florida must be prepared to take on projects as demand spikes. Accordingly, metalworking facilities are increasing their production capabilities to prepare for market fluctuations, and anyone interested in selling metalworking equipment now, stands to benefit.
The table below illustrates data collected on pricing of used metalworking equipment sold through online auction platforms. It reiterates the point being made above—that using online auction platforms are beneficial to businesses who want to get their money’s worth when sourcing their used metalworking equipment through online auctions.
Whether you're a seller interested in liquidating your metalworking equipment or replacing old equipment, you should use online industrial auctions to simply the selling process. Metalworking and Forming is one of the more popular industries on Aucto with an established customer following. Accordingly, Aucto offers one of the best online marketplaces to sell your used metalworking equipment without having to endure the hassle of locating qualified buyers.
If you're interested in selling your metalworking equipment but have struggled to find the right online marketplace to do so, then you must consider Aucto next. Aucto has an established buyer base, so you can find interested buyers you need easily in order to maximize the money you make from the sale.
For sellers, Aucto offers an easy-to-use platform and a wide array of marketing and selling tools to ensure that the equipment you're selling gets maximum reach. Unlike other online auction platforms, sellers are able to use Aucto to set up and monitor their online or onsite auction effortlessly.
If you’re interested in selling your used metalworking equipment using Aucto then get in touch with one of our customer service representatives to learn how you can get started today. If you have question regarding selling on Aucto, email us at email@example.com or call at 1-844-326-7339.