Maximize Your ROI When Buying and Selling Used Trucks Online
Paul Blalock, Vice President, Sales, IronPlanet
Every seller wants a great return on their truck investment and every buyer wants to get a good deal. Understanding when to buy or sell and how to take advantage of an online marketplace can make for a low-cost, safe and efficient transaction. Here are a few tips for maximizing returns:
Assess your Current Business Goals
Analyze your upcoming business needs and be sure your current fleet supports it. Will you need all of your equipment this season or down the road? You might find that you need to augment what you have or that it might be economical to sell today and buy again later. Disposing of unneeded units now means you’ll have funds at the ready for other investments. If you employ that cash better now, you can pick up a used truck at a later date.
Know the State of the Used Truck Market
Always keep current on the economy and the truck marketplace in general before deciding to add or subtract from your truck inventory. If selling, you want to ensure that there is solid demand. If buying, a soft market means more good trucks to choose from at competitive prices. You might buy before the need arises, but getting a good deal allows you to put the extra money into make-ready.
Appraisals & Good Record Keeping
To start the sales process you want to understand exactly how much your truck is worth in today’s market. Engage an experienced online marketplace that reviews item condition, age, features, global buyer demand, and other factors to give you a fair market appraisal. Use a professional appraisal service to give you a reliable valuation, and that is certified and able to comply with national standards. Used trucks for sale on IronPlanet or TruckPlanet are covered by our IronClad Assurance® equipment condition certification, which means each truck is thoroughly inspected so that you’ll have confidence in the condition of the truck when it shows up on your lot. Thorough maintenance records, even on older machines, help bring higher prices at market.
For Sellers: Reach a Broader Market of Buyers
When you’re ready to sell your aging trucks, look for a marketplace that can tap into the global buyer base. Keep in mind that there are buyers in markets online around the world who aren’t looking for the newest technology. Connecting to worldwide markets will help you get the optimal price for your second-hand equipment.
For Buyers: Equipment Condition & Geography
Buyers want to know exactly what they’re purchasing. Trustworthy inspection reports should be transparent by showing fluid analyses, system rankings and photos, plus video of the truck in operation. Knowing where you’ll operate your new truck will help inform if you need specialized emissions requirements, certain gear configurations for mountain hauls, or specialized coatings to alleviate rust from salt on winter roads.
How an Online Marketplace Helps
A trusted online marketplace like IronPlanet brings qualified, pre-approved buyers from around the world to truck auctions. Choose one with appraisals and guaranteed inspections so that bidders can buy with confidence. For sellers, trucks can be sold right from your lot, saving expensive transportation costs. A good online marketplace has integrated buyer financing, warranty and transportation options. Importantly, buyers and sellers can transact on their schedules without travel away from the office, road and their families.
Paul Blalock is a vice president with IronPlanet and heads our TruckPlanet sales team. This article first appeared in the August 2016 volume of UTA Industry Watch.