As an equipment manager or business owner, you’ll find yourself in situations from time to time where you need to sell one or more assets. The trick to making great selling decisions is to look at three key factors: effort, timing and returns. Thankfully, nowadays, there are plenty of options available to help you sell equipment. And each has its pros and cons.
Perhaps Ritchie Bros. is best known for its exciting auctions, but did you know we actually help our customers (tens of thousands every year!) sell in different ways? The good news is that there is an optimal selling solution for each situation.
Sell the equipment by yourself
Some businesses that sell equipment regularly need full control over the selling process. They handle incoming buyer inquiries by themselves, negotiate with potential buyers, and take care of the transaction’s paperwork. A listing solution like Ritchie List can be a great fit for you. Ritchie List attracts a large amounts of potential buyers, and it’s super easy to get started. You can create an account and start listing equipment immediately. Simply create a new ad, upload photos and videos, write a description, and publish your ad!
+ Easy-to-use, self-serve interface, automatic inventory upload
+ Access to powerful pricing & market data tools
+ No paid ad obligations, affordable monthly subscription
– Uncertain how long it takes to sell the equipment
– You have to do all the work
Sell your equipment with assistance (and a minimum price)
If you don’t have the time to be involved in the selling process and/or don’t have enough expertise for a successful sale, outsourcing the sale of your equipment can be an interesting option. At Ritchie Bros., we offer this service with Marketplace-E. You can set a minimum price and choose if you want to sell from your own location or one of our secured yards. Selling on Marketplace-E means we take care of the inspection, listing, buyer inquiries, negotiations, paperwork and payment. Our team of Marketplace-E Specialists is on top of it, and we use highly advanced advertising programs that target qualified buyers from the international market. Read about how Marketplace-E can help you sell.
+ Minimal effort for you. Our experts guide you and negotiate on your behalf.
+ You can set a minimum price and control the price
+ Professional advertising and international buyers
– It can take some time to close the deal (depending on the item)
– You pay a commission fee which is higher than a classified ad fee
Sell your equipment at an auction
Do you want to have certainty that your equipment will be sold at a particular time? Then selling at an auction might be the best option for you. Especially unreserved (or no reserve) auctions, like the ones we conduct at Ritchie Bros. and our online only selling platform, IronPlanet. Both solutions attract a lot of bidders online and onsite that compete against each other for each item. In both cases, your items always sell to the highest bidders. This way of selling and buying has become quite popular in the equipment industry over recent years, with hundreds of thousands of people placing bids and purchasing equipment every year.
+ Your equipment is guaranteed to sell on auction day. You get paid within 21 days.
+ Domestic and international buyers that can easily join from any country or device
+ Your equipment is sold from a secured Ritchie Bros. yard or from your premise when using IronPlanet
– You have no control over price: the selling price is determined only by competing bidders
– You pay a commission fee which is higher than a classified ad fee
Sell your equipment directly to Ritchie Bros.
Did you know that in some cases, Ritchie Bros. can buy equipment directly from you? For specific equipment types and situations, we offer the possibility of a direct purchase agreement. This is how it works: we inspect the equipment, estimate the value and make you an offer. Once we agree on a price, we pay you immediately – and you don’t have to worry about anything else. A mutually convenient agreement, just like that.
+ No hassle
+ Quick cash
– You could potentially get higher returns by taking the time to sell it yourself
Take the next step
Now that you’ve seen the possible selling options with us, which one appeals most to you? Don’t worry – you don’t have to decide now. Our representatives would like to listen to your situation, learn about your business and provide tailored advice.
looking to sell equipment because of retirement
Hi don – please get in touch by filling out the form at the end of the article. Thanks!
Good morning, I am entertaining selling my Cat 320 CL Excavator that I have on my farm . It is a nice machine with low hours. I just do not use it enough to justify owning it.
Have a JD410 L with around 600 hrs. Still owe on it. Will look up more information on it when i get farther into this. Im wanting to downsize from the backhoe and maybe look into a mini hoe. Winter is coming and its hard for me with the backhoe payment.