In a recent article by TruckInfo, statistics showed that there are over 15.5 million trucks available to operate across the country, but only about 3.5 million drivers are employed and driving, with one in nine working independently.
The result of the driver shortage is that surplus trucks are taking up space in company yards and draining corporate budgets with continual maintenance and related taxes and fees. In order to better leverage their businesses, these companies are selling their surplus trucks to help add to their bottom lines. This revenue stream provides the necessary resources to upgrade fleets with more sustainable or technologically advanced vehicles.
Whether you need to reduce costs or create more space in your yard for newer, greener models, here are three steps to maximizing recovery when selling surplus trucks.
1. Understand the Secondary Market
Businesses across numerous industries turn to the secondary market – a complete sector built around buying and selling overstock, unused, or nonessential equipment, products, and vehicles – for maximum return on their surplus assets. With the secondary market playing a vital role in the trucking industry, understanding this sector is critical.
Vehicles in good shape are in high demand on online secondary market channels.
Trucking organizations turn over approximately 20 percent of their fleets every year, and for a larger company, that could be up to 1,500 vehicles. If those trucks are well maintained, they signify a smart investment for secondary market buyers.
2. Adhere to Remarketing Best Practices
Once you understand the competitive nature of the secondary market, you need the skills to capitalize on it. Therefore, businesses start by enlisting a valuation partner to accurately appraise surplus vehicles to keep expectations reasonable and customers happy.
Next, these companies need to determine which sales channel best suits potential buyers. Work Truck Online reported that auctions are the best way to turn large collections of inventory into working capital quickly.
Once the proper sales channel is identified, an organization should tailor their marketing strategies in order to target the right buyer. Collecting detailed pictures and writing accurate descriptions helps potential buyers feel comfortable enough to bid.
To ensure success during every phase, experienced asset disposition partners are essential.
3. Navigate the Auction Process
After businesses construct the plan to dispose, it is time to start selling. A partner that can do the following is recommended:
- Offer convenient lots to store your vehicles, so you have more space on your property
- Inspect and perform maintenance (if required) to improve value
- Appraise trucks based on current market conditions
- Provide marketing and sales support
- Professionally handle all aspects of the process, from payment processing to buyer vetting
Live auctions have different results than their online counterparts.
Importance of an Experienced Provider
Often, it is difficult for companies to navigate the secondary market alone while still devoting the needed time and energy to the foundations of their businesses. Liquidity Services can help, as we provide leading organizations with access to the tools, best practices, and expertise that success in the secondary market requires. Assisting in the creation of long- and short-term strategies, Liquidity Services will maximize return on trucks and other vehicles, while freeing up internal resources.
As Work Truck Online reported, an auctioneering partner can save valuable in-house time and resources. All signs point to Liquidity Services, as the organization is experienced and dedicated to providing every piece of the disposition puzzle.
Liquidity Services increases the return on surplus trucks, reduces the time and revenue spent, and creates efficiencies for the future.
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