Challenge
When it comes to the value of your declared surplus, the buying audience often dictates its worth. This theory was proven in Madison County, AL, where the county needed to sell two Kenworth dump trucks from its fleet, a 2020 T880 and a 2007 T800.
They were originally offered a combined price of $220,000 from another auction platform but were unsatisfied with the offer. Seeking to maximize revenue, they decided to test the market and explore alternative options that could potentially yield a higher return. This led them to consider different solutions to ensure they achieved the best possible outcome for their surplus assets.
2007 Kenworth T800
2020 Kenworth T880
Solution
Madison County was in search of a solution that would allow them to essentially “test” the market. As long-time sellers on the GovDeals platform, Madison County already had access to the many features available on the recently enhanced platform including the “Approve All Sales” feature.
This feature enables the seller to approve or decline the highest bid on a sale. During the auction, bidders are informed before making a bid that the seller has the right to accept or reject at the end of the auction. After the auction, the seller has a brief window to review the highest bid and decide whether to approve or decline the auction without any charges if they decline any bid.
With greater flexibility, sellers can feel comfortable opening the bidding at a lower price – which usually generates more competition and higher final sale prices – without needing to rely on a reserve price.
Results
After their test auction, Madison County garnered $27,500 more than their initial offer. During the auction, the 2020 Kenworth T880 sold for an impressive $184,000, while the 2007 Kenworth T800 went for $78,600. These figures highlight the county’s substantial financial gains and underscore the effectiveness of GovDeals in assisting government agencies to generate more revenue and achieve larger returns on their investments.
Ben Weldon, the GovDeals account manager for Madison County highlighted the support provided: “We handled all the videos, photos, and listings for Madison County, and we can do the same for you.” The dedicated government agency marketplace helps sellers maximize their revenue and achieve optimal outcomes for their surplus assets.
If your agency is interested in learning how GovDeals can help you sell your surplus inventory and return funds to your budget, call us at 866.377.1494 or email [email protected].
