Consigning Heavy Equipment

Whether it’s for agriculture, construction, or other industrial work, heavy equipment makes a million jobs possible. But sometimes we just need different equipment, whether the tools we have are old or our needs change. We here at J & J Auctioneers know the process of selling old equipment can be a pain, so we’ve put together a brief guide to consigning it instead. To learn more, contact our store in Albuquerque, New Mexico, today!

What Is Consignment?

In all honesty, consignment is a very fancy term for a pretty simple idea. Basically, instead of selling your heavy equipment yourself, you give it to a dealership or auctioneer and let them handle the nitty-gritty. You still own it until a sale is finalized, but the dealership does all the heavy lifting.

Benefits

There are a number of benefits to consignment. The first, naturally, is that this entire process is much easier on you personally. You don’t need to handle large preparations for the heavy equipment to get it ready for sale, or advertise it, or meet with potential buyers, negotiate with them, or sign any paperwork. Businesses like us at J & J Auctioneering do all that, letting you relax and get paid anyway!

The other primary benefit is that consignment makes the process of selling considerably faster. If you’re doing it all on your own, it could take months to even attract a single potential buyer, let alone finalize a sale. Dealerships and auctioneers, like us, already have an established and consistent customer base, as well as advertising and marketing infrastructure. We can easily draw in a number of customers and match them up to your equipment, no problem.

Preparation

That said, there are still a few things you’ll need to do before we can start the consignment process. You’ll need to remove any personal items you store on or in your heavy equipment and clean it to the best of your ability. While you scrub, look for minor maintenance issues and try to fix what you can. There’s a chance you can sell the equipment without it being in perfect condition, but that will impact the selling price or how long it takes to sell. If the business you’re consigning the heavy equipment to has a maintenance department, they might be able to handle the bigger stuff.

Finally, once you find the group you want to make the arrangement with, make sure you talk to the business about their process and terms. That includes:

• Get a handle on what tasks are yours and what they’ll handle.
• Examine the consignment fee, if there is one.
• Figure out if any insurance policies on the equipment cover it while it’s on consignment—and if not, if there’s specific consignment insurance you need.

We hope this helps you get the most from your sale! For more information, contact us at J & J Auctioneering. We proudly serve the people of Rio Rancho and Santa Fe, New Mexico—let us serve you today!