Retiring and selling equipment

[Welder Dave]

I know I'll probably be shutting down my MX/oval tracks in the next few years unless some miracle happened and I was getting 50 riders a day. That's not likely but a couple other tracks have shut down so there aren't many options.

Anyway, I got a call from the gravel pit that has supported me almost from the beginning. They bought the farm across the road from me. Now they would like to buy my property the sooner the better. It's worth about $260,000 based on what similar properties in the county are listed at. I said I'd like to see how this year goes as it's my 20th year and I made some improvements. It is nice to have someone wanting the property.

If I sell the property I don't really have a need for my equipment or a place to keep it. I'm sure I could keep it on the property for awhile so I don't have to sell it in a big hurry. Wondering how others retiring or looking to downsize would sell their equipment? It's older equipment but in good working condition. I'd guess about $100K worth and then I have a lot of tools I wouldn't really need. Sell it private, farm auction, Ritchie Bros., reserve auction, consignment or something like Iron Planet? I'm not sure if trying to get the best price would be worth the effort or not. I'm also not sure what I'd do to keep busy if I sold everything. Just looking for opinions on what others would do?

 

[Acoals]

Unless you have to sell everything on a tight time schedule, I would just sell it piece by piece on FB marketplace or Craigslist, or whatever sales forum you guys have up there. I have never trusted auctions except for selling junk, seems like I remember you have had some sketchy experiences selling with them also . . .

 

[aighead]

Almost the end of an era for what sounds like a good run Dave! I imagine the emotions are tough.

 

[Old Doug]

If you want a fast sell and what you get out of it isn't a big deal a auction is the way to go . I think I am going to load a bunch of the better small stuff in a van trailer and rent one of the buildings around and have a auction to get rid of some of my Dads stuff.

 

[terex herder]

Down here we have a couple of local internet auction companies, Purple Wave and Big Iron. Either will come out to your place and photograph, list, host, and advertise your items. I have sold on Big Iron and bought from both. Cost is in the 10-20% range, depending on total sale price. Well worth the cost to me.

Surely there is someone similar on your side of the border.

 

[KSSS]

Watch the taxes, if you dump it all at once, you are going to have quite a tax bill. Dumping it piece by piece over a couple years may keep you from paying more in taxes. I am not a tax advisor obviously, but I would talk to your tax person on their thoughts.

 

[Old Doug]

Its a deal getting rid of stuff a person has to figure do i want get rid of it or do i want to make money? I want to get rid of stuff but i haven't found the easy way yet .

 

[Truck Shop]

Sell items that fit together as lump sum on FB market place.

 

[dirtworksequip931]

Start out listing on FB MARKETPLACE. Whatever you sell that way will probably be for cash. Maybe beat some taxes.

 

[suladas]

Ritchie's has a large auction here next month, but I trust them about as much as the government, their auctions are badly rigged, although most prices were strong last sale. I'm selling all my stuff right now and doing it on Kijiji, it's a absolute nightmare, but in the end you control the selling price, not some big company trying to rip you off. I've done ok prior at Michener Allen though depending what you're selling, not sure if they've changed since getting bought out by a bigger company. Clubbid is also a decent option, only sold really minor stuff there but there were good, I believe reserves are an option there.

 

[Welder Dave]

Thanks for the responses. I don't think I have to worry too much about taxes. I don't have a limited company and other than the skid steer I bought the other equipment outright under my own name. The tractor I inherited. It will be the hardest machine to let go. I think everything has been depreciated as much as it could several years ago.
The auction company I had issues with basically stabbed themselves in the back. Had they been even the least bit professional I'd talk to them when the time came. The owners eye's lit up when I said I had a grader... and other equipment. I'm not in any hurry to sell. I was thinking I'd try to sell stuff myself first. Tire kickers can be a pain though. Some on-site auctions get decent prices if they advertise heavily. I have to consider the commission too. Getting a little more money but then paying the commission negates the higher selling price. Reserve auction might be good compromise. My equipment being older is probably more geared towards farmers or land owners than contractors so maybe a farm auction would be the best bet?? Lots of things to consider.

 

[Welder Dave]

Almost the end of an era for what sounds like a good run Dave! I imagine the emotions are tough.

For sure! It's not easy to think about ending what was started as a dream. I'll feel bad when the few people who appreciated having a place to ride have to find somewhere else. I wish the guys interested in the oval track would make up their minds if they want to develop it further. I can't wait years for them to make up their minds.

 

[Welder Dave]

Ritchie's has a large auction here next month, but I trust them about as much as the government, their auctions are badly rigged, although most prices were strong last sale. I'm selling all my stuff right now and doing it on Kijiji, it's a absolute nightmare, but in the end you control the selling price, not some big company trying to rip you off. I've done ok prior at Michener Allen though depending what you're selling, not sure if they've changed since getting bought out by a bigger company. Clubbid is also a decent option, only sold really minor stuff there but there were good, I believe reserves are an option there.

I'm not sure about RB's. Why are you selling all your stuff? I thought you were pretty busy.

 

[CM1995]

I've had decent luck with Iron Planet Market Place. Sold several things through them.

 

[Welder Dave]

Is there much demand for older equipment in good running condition?

 

[Old Doug]

I hate trying to get rid of the stuff my Dad has . I bet I will be at least another year. So far if I sell something and break even I have done good. I gave one of the semi van trailers to a buddy that was a good deal. I am getting rid of some stuff I have too during this clean up. I fill like writing a book about getting older leaving a bunch of stuff for your family to have to deal with.

 

[CM1995]

Is there much demand for older equipment in good running condition?

Depends on what it is.

 

[cfherrman]

If you sell put some wording that you can park your equipment there for up to a year to try to sell it, then what's left auction

 

[Welder Dave]

I'm sure they'd let me keep it there for awhile but not in the pole shed.

Here's a list of the bigger stuff I have. The tractor is the oldest but a very desirable model. I also have various 3pt. hitch implements, some like new and a 94/95 Yamaha Big Bear 350 quad and trailer.

1965 ** 135UK. 3 cyl. Perkins diesel with working 12 speed multi-power trans., loader with blade and bucket and cab off an MF20 industrial tractor, very good rear tires, chains, 5000hrs.

1986 Cat 931B track loader with factory quick attach backhoe, 4 in 1 loader bucket with teeth and bolt on edges, approx. 1500 hours on new undercarriage, rebuilt engine with 3 ring IPD pistons, rebuilt steering clutches and brakes, 5800 hours.

1986 Champion 730A grader with ripper, like new rear radial foam filled tires, 16' moldboard (2' extension was welded on), new serrated blades, Cummins 8.3, new seat. Hours unknown but starts and runs excellent.

1994 Thomas T133 skid steer loader, Kubota V1902B, comparable to Bobcat 743/753, built in Canada, both drive motors replaced, new glow plugs, like new tires, 3 good buckets (smooth, tooth and snow), 1 bucket needing rebuilt, 4500hrs. Most service records, original owner, runs like new.

1994 Ford L9000 dump truck, Cummins M11, 9 speed trans., heavy spec. with 16K front axle and 40K Hendricksen walking beam rears, double frame with minimal rust and no rust jacking, dual steering boxes, 15' box with air trip gate, replacement speedometer, new steer tires, good rears except 1 has a patch.

1995 GMC Topkick with 16' grain box and hoist, 6.0L gas engine. Good tires, runs great with under 200,000 kms., used as a water truck with or without 2000 gallon poly water tank, box is rough.

 

[cuttin edge]

I take it you don't live on that property. Be expensive to pick up and move.