So, you’ve decided to start selling your used metalworking equipment in Michigan, but you are not exactly sure where to start. This guide will walk you through step by step and provide you with everything you need to know about selling used metalworking equipment in Michigan. This guide will walk you through, why you should sell your metalworking equipment, the potential target markets in Michigan, Business incentives for selling metalworking equipment, and finally how to choose the best platform to maximize your return when selling metalworking equipment.
Used metalworking equipment that you have outgrown takes up space in your facility that could be better used for another purpose. Pieces that you no longer use can also easily be converted to additional capital. If you have metalworking equipment or machinery that is not being used, you are missing a chance to recover capital from your original investment. Selling your metalworking equipment in Michigan is surprisingly easy; the state is synonymous with cars and manufacturing boasting the headquarters of General Motors in Detroit Michigan, and the headquarters of Ford Motors in Dearborn Michigan.
Michigan continues to be a seller's market for used metalworking equipment, thanks to the abundance of buyers, the high quality of used equipment available, and the need to increase potential revenue while looking to reduce cost.
The primary benefit for selling used metalworking equipment is the added revenue on equipment that is no longer in use or needs to be replaced, that comes in as a result of the sale. As you pass unwanted equipment on to a new buyer, you'll be able to recover some of the initial cost once paid for the equipment.
Since most manufacturing and metalworking equipment take up large amounts of storage space, selling these items allows you to clear up floor space or storage space, resulting in more efficient use of your existing space while reducing the costly overhead of storing and maintaining the equipment. The capital gained from selling metalworking equipment can be reinvested into new equipment, used for upgrades or applied to other parts of your budget as needed.
Long known for being the primary location for automobile production in the United States, Michigan is home to a robust manufacturing sector; in addition to leading the nation in auto production, the state is fourth overall for manufacturing in the nation. 18 percent of the workers in the state perform jobs in the manufacturing industry, creating cars, boats, trailers, aftermarket parts and more for the best-known auto brands in the nation. While automotive brands lead the pack when it comes to both jobs and percentage of the market, smaller and mid-sized brands also make up a significant portion of the state's economy.
Mining, construction, consumer goods and other types of production are also evident throughout the state of Michigan. Michigan is also home to a number of recognizable food brands that are sold nationally, from Vlasic Pickles to Kellogg's breakfast cereals. Food manufacturers make up a surprisingly large section of the economy in Michigan; these items are created within the state and then exported to other parts of the country.
Since there is such a diverse number of products and industries served in the state, there is also an ongoing demand for both general and specialized equipment to create, package and ship items throughout the nation. All this manufacturing means there is plenty of demand for used metalworking equipment in all areas of the state.
Growth in the manufacturing sector shows no signs of slowing; according to figures from the Michigan Department of Technology, Management and Budget, (DTMB) manufacturing saw annual growth of 1.2 percent in 2018. The only industry in the state that is growing faster is construction; this sector is also a prime purchaser of heavy-duty equipment and tools, providing another opportunity for those hoping to sell metalworking equipment in the state. Mining, tool production, and other heavy-duty manufacturing all contribute to the growing economy in the state as well.
Buyers of used equipment in Michigan range from large businesses with specific or niche needs to small and mid-sized businesses that are trying to make the most of their budgets or expand their manufacturing possibilities. When you set out to sell metalworking equipment in Michigan, you'll find a variety of buyers ranging from small, artisan food brands to large, aftermarket vehicle and boat manufacturers. Since there is such a wide range of buyers and needs, most organizations find that used metalworking equipment can be sold swiftly on the secondary market, as buyers compete to get the pieces they need to expand.
Like most states with a focus on manufacturing and production, the State of Michigan offers a variety of perks for businesses of all sizes. From corporate tax breaks to incentives for smaller businesses and employers, here are a few of the ways that Michigan promotes business:
Like other states with a significant manufacturing sector, Michigan has a large and active market for used metalworking equipment. For sellers, the ongoing annual growth in the manufacturing sector, combined with the number of buyers actively seeking to invest in affordable equipment means that equipment moves swiftly. The main challenge for sellers is finding the correct market and location to list the items for sale.
Decide which pieces you have that are ready to move on; ideal candidates are those that still function well and have plenty of usable hours, but that you no longer use. If you have been planning on purchasing newer, more efficient equipment for your organization, then consider selling your older pieces to a new buyer. This added capital will increase the amount you are able to invest in new pieces of equipment.
Gather information about the pieces you will be selling, from the model numbers you have to your logbooks, hours of use and maintenance records. All these supporting documents can be used to accurately list your equipment and ensure your target buyers see the exact function and condition the equipment is in.
The next step to selling metalworking equipment and potentially most important step for demonstrating the potential value of the equipment is cleaning the equipment and photographing it for eventual listing.
While there are many ways and platforms for selling used metalworking equipment (we will go in depth on this topic shortly) one requirement is a constant across all options. This is allowing buyers to visually inspect images to ensure the equipment is exactly what they are looking for. We have previously written an in-depth guide on How to Make Used Machinery Look Great in Photos, here are some quick tips.
Since Michigan is considered a seller's state when it comes to selling metalworking equipment, the main challenge is finding the right place to list your items for sale. The more people that see your metalworking pieces, the more likely they are to sell swiftly on Michigan's active secondary marketplace.
Choosing a platform that already has buyers browsing and, in the mood, to buy streamlines the process; your buyers are more serious and focused when they are already shopping in an existing marketplace. Buyers can make a purchase with confidence, and you'll be able to see that they are serious and able to complete the transaction successfully. Failed transactions or buyers that fall through waste your time, your money and prevent you from completing a transaction as agreed. You don't have to worry about non-performing buyers when you use an established platform with a stellar reputation.
While there are many different options for selling used metalworking equipment in Michigan including onsite auctions and direct sales, the leading option is online auctions. Selling industrial equipment at online auctions have never been easier, these online auctions allow you to maximize the return while minimizing the amount of work required. For traditional auctions, there is normally a lot of heavy lifting required by the seller in hopes that a potential buyer may attend the auction. With online auction platforms such as Aucto, the process is streamlined and easy without the additional workload.
An additional benefit to selecting Aucto as your online industrial auction platform is the built-in audience Aucto has. While other online auction sites like eBay may have larger audiences Aucto’s buyers are heavily targeted and have a history of buying used metalworking equipment. By having more qualified buyers Aucto will allow you to sell your equipment faster without having to worry about marketing the equipment.
From increasing capital to investing in new equipment and even clearing up much-needed space from your production floor, selling the large production equipment you are done with can benefit your business in a variety of ways. If you know you have pieces that could be converted to revenue and want to discover just how easy it is to sell these pieces, contact Aucto today. You'll find abundant information and resources designed to help make the selling process as easy and seamless as possible. Our expert team is also ready to help you make the most of the experience and to ensure you get top dollar from your investment and sale.
Have a question about buying used industrial equipment or selling used industrial equipment online? Give Aucto a call at 1 (844) 326-7339 or email at firstname.lastname@example.org, and our team of experienced online auctioneers and customer support team will be more than happy to answer them.
Like this article? Check out some of our recent articles 6 Questions to Ask When Buying Used Equipment Online, Leasing vs Buying Used Equipment: Which is Better For Your Business, and How to Strike Gold In An Online Industrial Auction to learn more.
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