Used Commercial Trucks – Proven Strategies for Private Sellers to Sell More Effectively and Quickly
In today’s climate you need to be a bit creative when it comes to selling used commercial trucks and equipment. Private Party sellers or For Sale by Owners find they are competing with hundreds of dealers when they list the equipment in trade magazines or online advertising sites. The only one advantage a dealer has over you is that they can offer finance options to potential buyers. The fact that most businesses do not have the capital to make cash purchases to acquire used equipment and that most banks do not lend on private party transactions or place age restrictions on equipment loans is the reason potential buyers seek dealers thinking they will get them financed and are even willing to pay more for the exact same truck or equipment.
You want to eliminate as many obstacles as possible and private party sellers can have an even greater advantage over a dealer because more than likely you are asking significantly less for the same equipment a dealer is asking due to the large overhead and markup fees associated with the dealers. Now to be on the same playing field as a dealer you need to offer competitive finance options that can easily be done without you holding any notes and you being paid in full at the time of the sale. The way you do that is by partnering with a credible finance company that specializes in Commercial Vehicle & Equipment financing that you can refer potential buyers to. Something you probably never thought of but works like a charm. The finance company should not charge you for this service because they make their money when they close the loan. You want to be sure that the finance company you are working with has plenty of experience and specializes in the truck or equipment you are selling. An experienced financier should be able to pre-qualify potential buyers over the phone to determine if he can go forward with the credit process. Once an applicant has been approved, accepts the terms, finance company is in possession of satisfied signed documents and proof of insurance, you should receive a bank check paid in full within a day or so. The finance company should keep you informed of the status throughout the process and be responsible for collecting any down payments, titles and necessary paperwork for a smooth transaction.
Once you know who you will be working with and know they will finance the truck or equipment you are selling you want to start advertising. Maximize your advertising efforts by stating the words “Financing Available” that should appear in all your advertisements and even in the title, you should include the contact information of the finance company so potential buyers can contact them directly or you can just refer buyers to them when they call. I can almost guarantee you’ll get more calls and sell your equipment much faster and not too much less than the asking price. You should hold off negotiations until the buyer is approved financing because he will be appreciative for all your help and be receptive to the near asking price.
Commercial truck advertising can get quite expensive to advertise especially on some of the more popular sites and publications. If you are on a tight budget you’ll want to find and post to as many free online ad sites that cater to private party sellers of commercial trucks & equipment to get the most exposure as possible.
Good luck with your selling experience.