The best price for selling used transportation vehicles depends on many factors including supply and demand, brand awareness, marketing expertise and access to buyers. However, the condition of the vehicle also plays an important role in the final sales price. While you have no control over supply and demand in the market, there are steps you can take to maintain the resale value of your trucks. Here is how
1. Schedule regular and preventive maintenance
Regular and preventive maintenance is essential to keep trucks running at an optimal level. However, they also appeal to potential buyers about the value of a vehicle. And well-maintained trucks hold their value in the market better than one with a spotty service history.
Tip: Document all maintenance, service and repair work in a log book and keep your invoices. When it is time to sell, provide the buyer with the logbook. The more buyers know about truck maintenance, the more willing they are to spend top dollars on a properly maintained truck.
2. Respect the truck and its intended use
In other words, use the truck for the job it was designed to do. Always follow the manufacturer’s guidelines, including carrying capacity. Make sure that the drivers are familiar with and comply with the manufacturer’s guidelines. Only have properly trained drivers operate your trucks. Abuse and abuse are two recurring actors in rapid devaluation.
Tip: A small investment in a seat cover to protect it from dirt or cracks can pay off – its condition can tell a potential buyer a lot about the overall maintenance of the truck. Buyers, especially owners / operators, will be reluctant to submit offers for trucks that promise 8 to 12 hours of discomfort.
3. Let the experts take a look
Take your cue from Walmart. The retail giant makes it widely known that its heavy trucks are only repaired at authorized service centers. When a fleet truck breaks down, Walmart sends the truck to an authorized service center to ensure that only factory-trained technicians work on the truck and that only OEM parts are used. If you have a reputation for only allowing qualified technicians and mechanics to work on your trucks and the best parts, you are making sure potential buyers are aware.
Tip: Make a note of all work orders for each vehicle. When it’s time to sell, make the documents available to the prospective buyer.
4. Make sure your trucks look just as valuable as they are
A dirty exterior and worn interior can add thousands to the value of a truck. Make sure the exterior is cleaned regularly so that it not only looks good, but also shows any damage that can be easily seen. Also clean the interior regularly. When given a choice of similar makes and models of transportation vehicles with similar mileage on the meter, they typically choose a well-maintained, freshly painted one (and pay more for it).
Tip: Have your trucks painted, repaired, and overhauled before you put them on the market.
Founded in 1958, Ritchie Bros. is a global asset management and disposal company providing end-to-end solutions for customers to buy and sell used heavy equipment, trucks, and other assets. The company’s sales channels include Ritchie Bros. Auctioneers, the world’s largest industrial auctioneer offering live online auction events. IronPlanet, an online marketplace with weekly auctions; Marketplace-E, an online marketplace that offers multiple price and time options; Mascus, a leading online equipment listing service; and Ritchie Bros. Private Treaty, which facilitates privately negotiated sales.
The above article is sponsor generated content. To learn more about sponsor-generated content, click here.