There are various options for selling used industrial equipment, including online marketplaces and auctions. Some companies opt to hire brokers as an additional sales channel.
Price tags of industrial machinery vary significantly, so it is essential that you carefully assess your needs in order to obtain an ideal piece of equipment at the appropriate cost.
Online auctions
Online industrial equipment auctions allow bidders to participate from any location with internet access. Based on the platform design, bidding activity in an auction may range from business-to-business (B2B), consumer-to-consumer (C2C), or consumer-to-consumer.
Online auction sites feature professional photos and descriptions in English as well as the local language where the auction takes place. Some listings also provide specifications and measurements of equipment listed for auction. Buyers can add items they’re interested in to their watchlist and receive notifications if anyone outbids them or the auction closes down.
Sellers and platforms may accept various forms of payment, with credit cards offering buyers the most consumer protection. Some online auctions also accept personal checks, money orders and cash on delivery as payment methods; while escrow services provide third-party holding services until products have been received and verified as in good condition. Developing an auction platform requires digital product engineering that guarantees reliability and scalability across a range of users and activities.
On-site auctions
On-site auctions are an efficient and practical method for selling items near their respective locations. These auctions often coincide with real estate auctions and make an ideal option when liquidating an estate or company.
Buyers can register to bid either online before an auction begins or at its location prior to its start. Depending on the auction company, some require a bid deposit while others request credit card numbers which will expire after successful bidding.
At both online and on-site auctions, buyers should familiarize themselves with the Terms of Sale so as to understand their workings and details. Most auction companies allow purchasers to communicate with sales representatives during bidding processes, which enables buyers to stay level-headed and make smart decisions leading to an enjoyable buying experience – especially helpful when purchasing high-value assets that may be costly to acquire.
Telemarketing and inside sales
Industrial auctions provide an effective method of liquidating equipment that no longer meets corporate needs or acquiring machinery at affordable prices. Liquidating assets may be necessary if companies are restructuring, transitioning through turnaround processes or looking ahead to future growth plans.
Upstream remarketing strategies offer numerous advantages, including reduced days to sale, higher gross sales figures and greater product exposure to an even wider market. Furthermore, such approaches could potentially save costs related to auction fees, reconditioning and transportation charges.
Inside sales is a form of business-to-business (B2B) sales that uses sales acceleration technology to identify qualified prospects and close deals. While some may use the term interchangeably with telemarketing, true inside sales professionals might take issue when hearing that their work has been likened to it – sales acceleration technologies allow reps to engage prospective customers more personally, adding value for both buyers and sellers – thus many companies prefer more cost-effective options like inside sales as part of their B2B selling strategies.
Know what you are bidding on
Before placing bids at industrial auctions, it’s essential that you know exactly what equipment you are bidding on. Do your research on similar items before bidding; take note of VAT or sales tax fees, shipping costs and disassembly expenses before placing your bids.
Industrial auctions offer companies that need to liquidate assets due to downsizing, relocation or merger the opportunity to quickly obtain fair market values for their assets in a short period.
Auction processes may be complex and time-consuming, but they’re certainly worth investing in. Working with an established industrial auctioneer is key to avoiding bottlenecks and delays; plus you’ll benefit from targeted one-to-one marketing campaigns reaching a wider audience of potential buyers. Plus you have financing solutions such as Loeb to purchase equipment at industrial auctions without exhausting operating capital reserves.
