As an expert in the construction industry, you know you need to replace equipment when it no longer meets your needs. While another company can benefit from your used equipment that's still in good condition, you need to get it out the door first.
When you sell equipment yourself you may end up waiting a long time before someone offers to purchase it at a price you like. Used equipment consignment is a hassle-free, easy way to sell your well-maintained heavy equipment for maximum return with minimal risk.
Learn how heavy equipment consignment works, what you can expect from a consignment deal and why consigning your construction equipment is worth it.
What is Consignment?
When you consign heavy equipment, you partner with a third party who sells the equipment for you. Your seller receives a portion of the sale price under a consignment deal. Additionally, your equipment remains in your legal possession until someone buys it. It's best to work with an organization you can trust, especially when your equipment represents a significant investment.
At Empire, we offer consignment options along with regular sales. While we purchase your equipment directly in the traditional sales process, when you sell through consignment we act as an intermediary between you and a buyer. Here's how the process works:
1. Provide details: Tell us about the equipment you want to sell. You can consign one piece of equipment or liquidate your fleet — either way, we can accommodate your needs.
2. Get appraised: We'll send a highly qualified Equipment Inspection Specialist to conduct a thorough inspection of your equipment so we can determine the most accurate sale price strategy.
3. Get an offer: We'll respond with our best offer so you can make a quick decision. You'll have complete control over the sale price.
4. Establish an agreement: Our sales reps will consult with you to create a consignment agreement that benefits you.
5. Sell: We'll utilize our national and international dealer network to market and advertise your equipment. Until we find a buyer, you can keep your equipment in service to maintain productivity and minimize your risk.
Benefits of Heavy Equipment Consignment
One of the primary benefits of consignment is that you retain legal possession of the equipment until the final sale. Additionally, here are some reasons it’s advantageous to consign construction equipment with Empire:
- Less hassle: As your consignment partner, we will handle advertising, fielding inquiries and selling your equipment.
- Total control: You have the power to decide what price you are willing to accept and whether you will take offers. While we deal with logistics, the sale is ultimately in your hands.
- The Cat® advantage: People are often hesitant to buy heavy equipment from unknown sellers. With the Caterpillar name backing your listing, you'll inspire trust in your buyers and have a better chance at making a sale.
- Sell any equipment: We accept equipment of all makes and models. During the sales process, we treat consignment equipment with the same care we give our regular inventory.
- Best value: We provide accurate inspection and identification, and we appraise all equipment based on its current market price. You'll always get the strongest offer we can give.
- Find a buyer faster: Our worldwide dealer network allows us to reach more people faster, which gets more eyes on your equipment. We'll find you a buyer faster than an independent sale would.
- Agreement flexibility: We can customize consignment agreements to suit your needs. For example, we offer a re-rent program for equipment under full warranty that's less than 18 months old with less than 2,000 hours.
- Payment guarantee: We'll pay you within 24 hours of a sale for lien-free equipment, guaranteed.
How Consignment Can Save You Time and Money
Consigning construction equipment is fast compared to selling independently. When you sell on your own, you have to manage advertising your listing, fielding inquiries from potential buyers and giving interested individuals a walkaround of the equipment. It can be challenging to juggle all these tasks with your everyday operations — which is what makes consignment so convenient.
However, when you consign a piece of equipment with a trustworthy dealer like Empire, you can rely on us to do the legwork for you. Our main goal is to move as many pieces of used heavy equipment as possible and our team of sales reps are experienced in working with your specific equipment. We can expertly handle buyer questions and sales logistics and may even be able to offer financing, increasing the chances of a sale.
Consignment can also save you money. Since you maintain legal possession of the equipment during the sales process, you can keep it in use on the job site until your dealer sells it. This arrangement lets you maintain high productivity and minimize costs related to potentially needing new equipment.
Additionally, we’ll do our best to keep sales expenses low while aiming to get the highest sale price possible. You can set the minimum price you're willing to accept, so you can rest easy knowing you'll get the maximum return for your equipment.