How to Maintain the Resale Value of Your Trucks
Getting the best price when selling used transport trucks depends on many factors, including supply and demand, brand recognition, marketing expertise and access to buyers. But the condition of the vehicle also plays heavily into the final selling price. While you have no control over market supply and demand, you can take steps to maintain the resale value of your trucks. Here’s how
1. Schedule regular and preventive maintenance
Regularly scheduled and preventive maintenance is essential for keeping trucks operating at optimum levels, but it also speaks volumes to prospective buyers about a vehicle’s worth. And well-maintained trucks hold their value on the market better than one with spotty maintenance history.
Tip: Document all maintenance, service and repairs in a log book, and keep invoices. When it comes time to sell, make the log book readily available to the buyer. The more buyers know about the maintenance of the truck, the more willing they will be to spend top dollar on one that has been properly looked after.
2. Respect the truck and its intended purpose
In other words, use the truck for the job it was designed. Always follow the manufacturer’s guidelines, including hauling capacity. Confirm that drivers are familiar with and will adhere to manufacturer guidelines as well. Only allow properly trained drivers to operate your trucks. Misuse and abuse are two reoccurring players in rapid depreciation.
Tip: A small Investment in a seat cover to protect from dirt or tears can pay off big - their condition can say a lot to a prospective buyer about the truck’s overall upkeep. Buyers, particularly owners/operators, will hesitate to make offers on trucks promising 8-12 hours of discomfort.
3. Let the experts have 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. If a fleet truck breaks down, Walmart dispatches the truck to an authorized service center to ensure only factory-trained technicians work on the truck and that only OEM parts are used. If you have a reputation for allowing only qualified technicians and mechanics to work on your trucks, and with the best parts, make sure prospective buyers are aware of this.
Tip: Keep a record of all work orders for each vehicle. When it comes time to sell, make the documents available to the prospective buyer.
4. Make sure your trucks look as valuable as they are
A dirty exterior and a well-worn interior can knock thousands off the value of a truck. Make sure the exterior is regularly cleaned, not only to keep it looking good, but to make it easy to see any damage in need of attention. Regularly clean the interior as well. When given the choice between similar makes and models of transport trucks, with similar mileage on the meter, buyers will typically choose (and pay more for) a well-maintained, freshly-painted one.
Tip: Consider having your trucks painted, repaired and refurbished before putting them on the market.
Company Overview:
Established in 1958, Ritchie Bros. is a global asset-management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. The company’s selling channels include Ritchie Bros. Auctioneers, the world’s largest industrial auctioneer offers live online auction events; IronPlanet, an online marketplace with featured weekly auctions; Marketplace-E, an online marketplace offering multiple price and timing options; Mascus, a leading online equipment listing service; and Ritchie Bros. Private Treaty, which facilitates privately negotiated sales.
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