Since 2015, industrial equipment sales have been down or barely increasing. In fact:
- In the United States and Canada, farm equipment exports were down 14 per cent overall for the first three quarters of 2016 compared to the same period in 2015
- The region with the largest drop off was Asia, down 44 per cent from last year
- Australia/Oceania was down 30 per cent, South America dropped to 28 per cent while Africa decreased to 21 per cent
- Only Central America and Europe reported increases
In contrast, as organizations are becoming more comfortable selling their surplus and buyers more accepting of purchasing used equipment, the secondary market for used and surplus industrial equipment is growing. While used equipment sales data is limited, we know:
- In the United States and the United Kingdom, the amount of used and surplus equipment entering the market has increased by 15 per cent increase
- By 2021, used and surplus equipment demand in emerging markets, such as China, Brazil and India, is expected to grow by 20 to 30 per cent
The data suggests that purchasing used and surplus equipment is becoming a more viable option for a number of industries, especially when compared to alternatives such as purchasing new or leasing equipment.
How do I begin selling used and surplus equipment?
To help amateur used and surplus equipment sellers, we prepared a five-step guide to help get started. More seasoned sellers may use this guide as a benchmark to measure their on-going success.
- Know what you’re selling
Used and surplus equipment sales are largely driven by trust between buyers and sellers. For this reason, detailed information on used equipment is vital for success. Before listing an item, to begin with, know the manufacturer, model number, time used, and any service records or documentation. The more information, the better.
- Research your equipment’s market value
If you have the make, model, serial number and documentation for your item, you should be able to get some idea of it is worth through research. It’s also important to establish the date your machine was manufactured. We prepared a thorough guide explaining the different factors that influence price.
- Clean or refurbish your used machinery
When a seller has used manufacturing machinery, construction equipment or farm vehicles, they should always have them cleaned before putting them on sale. This shows the value of the item to buyers. If items are heavily used, sellers often will have critical components refurbished and any damages repaired. A small investment can help increase the price of any item on the used machinery market.
- Photograph your equipment
You don’t have to hire a professional to take photos. Almost everyone these days has a digital camera, and you can take your own photos. Before you whip out your camera, consider these 8 tips for taking great photos to sell used equipment online.
- Select the right marketplace
When selecting an online marketplace, finding the right one is crucial to success. In a previous blog post we outlined the factors you should consider: size and reach, specialization, buyer base, and cost. Taking these factors into account, you will be able to sell your equipment on time and for maximum value. We also compared the top-three used and surplus equipment market places.