{"id":10936,"date":"2021-05-02T17:13:24","date_gmt":"2021-05-02T15:13:24","guid":{"rendered":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/?p=10936"},"modified":"2021-05-02T17:19:35","modified_gmt":"2021-05-02T15:19:35","slug":"truck-at-auc","status":"publish","type":"post","link":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/2021\/05\/02\/truck-at-auc\/","title":{"rendered":"How Selling a Truck at Auction Works"},"content":{"rendered":"

Photo: Ritchie Bros.<\/i><\/span><\/p>\n

You want the end-user to buy your item instead of going to their local dealer. When preparing a truck, ask yourself, \u201cIs my truck ready to work today?\u201d<\/b><\/span><\/p>\n

Just saying the word \u201cauction\u201d likely brings to mind a picture of energy, excitement, and the booming voice of that fast-talking auctioneer.<\/span><\/p>\n

Utilizing auctions to sell used fleet units is an essential part of any solid remarketing plan<\/a>. It\u2019s important to understand the auction process to make the most of it for your truck fleet.<\/span><\/p>\n

Ritchie Bros. shares info and tips to get the most out of auctioning your truck fleet assets.<\/span><\/p>\n

Starting the Auction Process<\/span><\/h2>\n

Any truck fleet manager\u2019s goal is to attract end-users for your item, as they often have an immediate need and are willing to spend top dollar for a quality truck.<\/span><\/p>\n

\u201cTo attract end-users, make sure your equipment is detailed and cleaned, all maintenance and repairs have been completed, tires\/brakes are strong, and no warning lights (fault codes) are showing. Normal \u2018wear-and-tear\u2019 is acceptable but try to put yourself in the buyer\u2019s shoes. You want the end-user to buy your item instead of going to their local dealer. Ask yourself, \u2018Is my truck ready to work today?\u2019 \u201d asked Rob Slavin, senior valuation analyst for Ritchie Bros.<\/span><\/p>\n

<\/div>\n

Keep in mind, end-users also tend to have higher expectations because they want to put the truck to work as soon as possible so it can start producing money, Slavin warned.<\/span><\/p>\n

\u201cThe price range for truck tractors can vary widely, depending on a variety of factors, including make\/model, miles\/hours, condition, specifications, location, etc.,\u201d he added. \u00a0<\/span><\/p>\n

Once your truck is consigned to one of Ritchie Bros. sales solutions, high-res photos are take and if needed, a complete inspection report is provided, so Ritchie Bros. can start marketing your assets to the world.<\/span><\/p>\n

\u201cThe earlier an item is consigned, the more time we will have to market it to the world,\u201d Slavin said.<\/span><\/p>\n

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Remarketing Alt-Fuel Trucks Today<\/a><\/span><\/p>\n<\/div>\n

Readying the Trucks<\/span><\/h2>\n

Once a truck arrives at an auction, the start of the sales process begins.<\/span><\/p>\n

\u201cFor our full-service onsite unreserved auctions, we have a whole process we run through for each item, so potential buyers have all the info needed to bid. Once the truck arrives on site, we capture high-resolution photos and specification details for each truck and upload them to our website so that interested buyers can inspect them ahead of the auction. Buyers can also visit our sites to inspect and compare items in person,\u201d Slavin said.<\/span><\/p>\n

On auction day, each item is sold in lot number order. Due to COVID-19, currently, all buyers register and participate in the auction online, with an auctioneer calling out ask prices.<\/span><\/p>\n

\u201cEvery item in the auction is sold to the highest bidder on auction day, regardless of price,\u201d Slavin said.<\/span><\/p>\n

For Ritchie Bros. online marketplaces, IronPlanet and Marketplace-E, the truck, trailer, or other pieces of equipment will stay on the fleet\u2019s property and is accompanied by an inspection report, backed by IronClad Assurance.<\/span><\/p>\n

Once a truck is \u201cSOLD,\u201d Ritchie Bros. handles the escrow process and pays out sellers within 21 days.<\/span><\/p>\n

Choosing an Auction Type<\/span><\/h2>\n

Ritchie Bros. offers a variety of selling solutions to meet the many needs of fleet customers.<\/span><\/p>\n

\u201cOur unreserved onsite auctions, which are being held 100% online now due to COVID-19, offer certainty of sale. We have weekly online featured auctions through IronPlanet, where equipment is not required to be transported to a central location to be sold; and a reserved daily marketplace called Marketplace-E, which offers increased price and process control,\u201d Slavin said.If you have a truck to sell, Ritchie Bros. offers an Asset Valuator tool to help you get a better idea of what your truck may be worth.<\/span><\/p>\n

The Bottom Line<\/span><\/h2>\n

Ritchie Bros. sold more than 25,000 tandem-axle truck tractors in North America in 2020.<\/span><\/p>\n

\u201cLate in 2020, we also introduced an Asset Valuator tool that allows you to quickly search historical prices by make, model, year, and region. It\u2019s easy to use and will help you better understand the current market value for similar items,\u201d Slavin said.<\/span><\/p>\n

Ritchie Bros. issues a monthly Market Trends summary report, with price indices, data, and other analysis showcasing equipment trends by industry and equipment type.<\/span><\/p>\n

The most recent Market Trends summary report had truck tractor prices up 8% for the three months ending December 2020 (compared to three months ending December 2019).<\/span><\/p>\n

\u201cWith the rise of online shopping and last-mile delivery due to COVID-19, we see strong demand for trucks and other transportation equipment,\u201d Slavin concluded.<\/span><\/p>\n

 <\/p>\n

Originally posted on Work Truck Online<\/a><\/p>\n

by Lauren Fletcher<\/a><\/p>\n

Source: https:\/\/www.vehicleremarket.com<\/a><\/span><\/p>\n

CUT COTS OF THE FLEET WITH OUR AUDIT PROGRAM<\/strong><\/a><\/h3>\n

\"\"<\/a><\/p>\n

The audit is a key tool to know the overall status and provide the analysis, the assessment, the advice, the suggestions and the actions to take in order to cut costs and increase the efficiency and efficacy of the fleet. We propose the following fleet management audit.<\/p>\n

FLEET MANAGEMENT AUDIT<\/strong><\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

Photo: Ritchie Bros. You want the end-user to buy your item instead of going to their local dealer. When preparing a truck, ask yourself, \u201cIs my truck ready to work today?\u201d Just saying the word \u201cauction\u201d likely brings to mind a picture of energy, excitement, and the booming voice of that fast-talking auctioneer. Utilizing auctions…<\/p>\n","protected":false},"author":3,"featured_media":10937,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[18],"tags":[47],"_links":{"self":[{"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/posts\/10936"}],"collection":[{"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/comments?post=10936"}],"version-history":[{"count":2,"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/posts\/10936\/revisions"}],"predecessor-version":[{"id":10943,"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/posts\/10936\/revisions\/10943"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/media\/10937"}],"wp:attachment":[{"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/media?parent=10936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/categories?post=10936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advancedfleetmanagementconsulting.com\/eng\/wp-json\/wp\/v2\/tags?post=10936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}