Depending upon where you are at in the lease term and how critical the circumstance, there is almost always a way out. Sometimes you will enjoy “lease equity” and we’ll pay you the difference between the sale (less our fee) and the payout of the remaining residual value owed to the leasing company. In more dire circumstances, there may be significant penalties involved in breaking the lease. You will still be significantly better off employing DeWITT to assure the highest possible resale price. Where there is a significant hardship, we are happy to work with you on fees and payment to help assure the best possible outcome for your company.
Let’s start with a picture of the machine serial number plate, side view of the machine, operator station, and hour meter. With this we can determine year, specifications, cosmetic condition and estimate price range. We then inspect the machine and recommend any actions required to assure the best possible sell price. Once the final consignment price is agreed upon, we create a consignment agreement for your review and signature.
Most consignment agreements are for 90 days from the date of signature or delivery to our Bradford yard. The average time from signature (delivery) to payment is 75 days for heavy equipment and 45 days for compact equipment.
All things being equal, the more detailed the service history the more you can expect for your machine. Buyers fear what they don’t know about your machine. Much can be learned from the external condition. The service history helps assure buyers of the internal condition, making it VERY important.
Yes, if you absolutely need to use the machine, DeWITT can bring buyers to your job site. The machine will need to be made available for the purchaser’s inspection. Obviously the easier it is for a buyer to buy, the better the outcome.
Yes but generally you don’t want anyone but another end user buying your equipment. Because they want a good machine to produce for them, they are more willing to pay “fair market” for your machine. DeWITT provides an estimate of wholesale value and retail (fair market) value. You don’t want us or anyone paying you wholesale. Right?
We take a percentage of the retail sale price plus any costs (freight, cleaning, minor repairs or service etc.) agreed to by you in advance. The fee can vary based on dollar volume or package size and “We only do better when you do better”. Once we negotiate the deal on your behalf and receive payment, we get you paid immediately. If there is a lease or finance balance to pay out, we pay it out and provide you the net proceeds. Simple!
As the equipment asset remains your property until you agree to the sale price, we require our clients to maintain their insurance on any units consigned through DeWItt Equipment.
We use a number internet Remarketing strategies to get your used construction equipment in front of targeted prospective customers who’ve shown interest in similar construction equipment products.
We determine the fair market value based upon years of experience and using industry data factoring in model age, hours of use and condition.
Fair market value is the expected average sale price of equipment paid by the (end user contractor) buyer.
List is the advertised price, often much higher than what the machine will transact at.
Dealers often price machines 10%-15% over fair market value because they “can always come down but they can’t go up” in price. They also have a vested interest in assuring their various brands’ highest possible resale pricing.
The very nature of auction sees buyers looking for a cheaper alternative or a “steal” on used equipment. There is more risk for the buyer as well as the seller in many cases. Sellers will often drop problem machines in the auction in order to “wash their hands” of it. Consequently, buyers don’t go to the auction to pay a premium because of the increased risk. Simple!
Yes, we can for a reasonable service fee. We suggest that you clean and service your machine, just the way you might like to buy it. This will assure the quickest sale at the highest possible price.
The ONLY thing we do is represent your equipment for the highest retail sale price possible. Period.
History has proven the OEM dealers have a fairly low success rate in terms of customer satisfaction when it comes to consigning machines. This is primarily due to the fact that consignment inventory is less important than their own used inventory or new sales and market share. Consequently, the dealer sales force often has little motivation to sell customer units.
On average, our customers enjoy approximately 25%-30% over auction proceeds and around 20% more than dealer trade value.
Dealers will often use manufacturer programs or simply raise the price in order to pay more than “wholesale” or auction value for your trade. That’s why we recommend getting your best price before ever talking about a trade in. Dealers need to pay wholesale for their inventory in order to earn a “net” profit.
Not necessarily. Dealers are burdened with a lot of overhead costs required to stock parts, provide service as well as train their sales and service personnel.
They generally need to pay significantly less for your trade. Only in the rarest of circumstances will they pay real retail for a machine. Those are the rules.
The auction value can fluctuate significantly from week to week and there are no guarantees in a true “unreserved” auction. Jutt like Football on “any given Sunday” …on any given auction day there are no guarantees. When you consign with DeWItt Equipment you not only have our full attention, you remain in control and the machine isn’t sold until you say it’s sold.
Great question! Most used equipment sales organizations want to buy your machine as low as possible and sell as high as possible. Makes sense. At DeWitt our ONLY business is representing your equipment for sale for the highest resale price possible. That’s our whole business. SIMPLE.
