It’s hard to imagine, but remarketers of commercial trucks can actually be rewarded for doing less.
By leveraging an online marketplace for buying and selling used commercial trucks, sellers can skip the trip to the auction and handle all necessary transactions from the convenience of their office. In return, they can save time and reduce expenses, including the cost of transporting trucks to a physical auction. And, they’ll be selling to a worldwide online audience.
TruckPlanet is one such marketplace. Launched in May 2013 by parent company IronPlanet, an online auction house for used heavy equipment, the company sold more than $70 million worth of trucks and trailers in its first year, it reported.
It also boasts transactions with more than 900 sellers throughout North America and 2,600 buyers around the world. In addition to weekly auctions, TruckPlanet offers one-owner liquidations, the Daily Marketplace with reserve prices, full-service brokerage, and appraisal services.
“TruckPlanet is an efficient solution that helps sellers achieve more profitable sales through low transaction costs and better price realizations through a global audience of buyers,” said Randy Berry, TruckPlanet president. “The seller never has to transport equipment to an auction site, and, instead, sells the truck from its current location. TruckPlanet sells the truck and confirms receipt of the payment from the buyer. The seller is then notified to release the truck to the buyer, and the seller receives payment from TruckPlanet.”
Inspections Guarantee Quality
While online auctions may be more convenient for both buyers and sellers, some could be wary of purchasing a truck sight unseen. TruckPlanet takes steps to guarantee quality.
To ensure buyers get exactly what a seller has described, TruckPlanet sends an inspector to the truck’s location to look it over thoroughly. The inspector develops a detailed inspection report, which is then published online for buyers to read. The report includes a description of the truck and its key features/specs, a condition assessment, photos, and a fluid analysis.
The report is backed by TruckPlanet’s “IronClad Assurance,” a guarantee that the inspection report is an accurate description of the truck’s condition.
“TruckPlanet’s IronClad Assurance increases buyer confidence because buyers know the equipment has been thoroughly inspected,” Berry said. “This drives more bids and higher prices for sellers.”
Online Auction Advantages
With this process in place, Berry said online auctions offer a few advantages physical auctions don’t.
“Sellers can reach a global audience when selling online, enabling them to achieve a higher price. Physical auctions can’t attract the same audience because buyers are constricted by geography and budget. Physical auctions in a seller’s area also occur less frequently than online auctions.
Remarketers can convert a truck to cash more quickly using a site such as TruckPlanet, which offers weekly auctions,” he said. “Using an online marketplace is faster, easier, and more cost effective than a physical auction. The seller saves time and money because the truck doesn’t have to be transported to an auction site.”