Rethink Your Used Equipment Search Process
One of the biggest mistakes contractors make when hunting for used construction equipment is doing all the upfront legwork themselves. Used equipment online search sites, auctions and the weekly trader magazine are where many start their searches. That approach is like shopping for a new house without a realtor — you end up wasting a lot of valuable time, run a higher risk of being scammed and, in the end, likely don’t save any money.
If you have been guilty of wasting your time, and exposing your company to unnecessary risk when shopping for used machinery, it’s time to change your ways. Your search process should start with enlisting the support of a quality independent used equipment dealer. A reputable dealer will save you time, as well as will help ensure you get exactly what you’re looking for at a fair market value price.
Where to find a dealer you can trust
Who you purchase used machinery from is one of the most important decision you’ll make during the buying process. There are a lot of equipment sellers out there looking to take advantage of contractors, including scammers looking to steal from busy contractors.
You need to do your homework and look for established dealers or qualified brokers that have been doing business for a while and have a solid network of industry contacts and knowledge. Next, you need to vet them: Find out how long they’ve been in business, discover who their other customers are, ask them pointed questions on how they operate and then contact their references.
One question you should also ask a potential dealer partner is if they are a member of the Independent Equipment Dealers Association (IEDA). Being a member of IEDA is an indication that the dealer has passed a strict code of conduct established by some of the most respected independent dealers around the world. To become a member of the IEDA, a dealer must pass a thorough background check and agree to operate under the IEDA’s contractors focused guidelines.
In addition, IEDA members will work together to help you get the machinery that you need. From tracking down specific equipment, performing inspections, checking for liens and providing third-party arbitration in the event of a disagreement between buyers and sellers, there are a lot of reasons to work with an IEDA member.
What information does the dealer need to get started?
Specify what you’re looking for — make, model, hours, what your budget is, what kind of time-frame and so on — and let them go to work for you. This approach lets you focus on your business by reducing the hours you spend searching, limits your exposure, and it saves you from having to check out every machine that may fit your description.
Still want to search for yourself
If you’re a person who enjoys the thrill of the hunt for a piece of equipment, you can still do that while having the assurance you’re working within the IEDA network. The IEDA used equipment site, IEDAUsed.com houses the current used equipment inventory of more than 130 IEDA members worldwide. You can search for equipment by category, manufacturer or location. The site also features a “Want to Buy” button that puts IEDA members to work for you. You specify what you are searching for and IEDA members help track that machine down.