Market Trends And Tips For Aging Equipment Management

Keeping ahead or matching the pace of equipment market trends is essential for retaining a competitive edge in the construction industry. Inventory management, particularly ageing inventory, is one area that needs continuous attention.

Equipment that has been lying in your yard and is unsold for an extended period of time is said to be an ageing inventory, and it can negatively affect your bottom line. As the market changes, the value of some pieces of equipment could go down. With time passing by, consumer preferences might change, making previously attractive machinery less appealing to buyers. These changes are particularly notable in the telehandler and skid steer markets.

Market Analysis

Telehandlers

The telehandler market has undergone significant change in recent years. Telehandlers with ages between 5 and 10 years and 10 and 25 years have slowly decreased equipment values. This decrease can be partly responsible for rental properties replacing their older machines with newer models, which led to an excess of secondhand equipment. Even if there are more of those ageing machines around, their value has decreased. This can be problematic because your outdated equipment may end up affecting your company’s bottom line rather than helping it.

Skid Steers

Similarly, the market for skid steers has seen a significant increase in inventory, with $21 million worth added from June to July alone. The fall in auction values, however, suggests that there may not be a match between the increased supply and the demand for this equipment. The difficulties experienced by ageing inventories in this category are further seen by negative year-over-year auction values.

Tips to Enhance Your Inventory Management

Identify Aging Inventory

The first step is to determine which items in your stock are getting older. Use the resources at your disposal, such as the cloud-based solution, to filter and arrange your inventory according to age. Equipment that has not moved in the past year or more deserves serious examination.

Examine and Improve Listings

Once these things have been located, examine the listings for them. Consider elements like your equipment’s image quality, your price plan, the description of your equipment, and whether or not it is prominently shown in marketing materials. By improving these features, you can attract more buyers to your ageing equipment.

Keep an Eye on Market Trends

Keep up-to-date on consumer preferences and market trends. Consider changing your inventory mix if particular models or features are losing popularity. Diversification can help avoid accumulating too much old equipment.

Promotion and Visibility

Use a variety of marketing tools, including publications, websites, and even films, to draw attention to ageing inventory. Renewing interest can be shown with interesting information that highlights the advantages and prospective uses of your equipment.

Flexible Pricing

Evaluate how you plan to price aged inventory. Strategic pricing changes can draw customers who are looking for good offers. It will be better if you keep an eye on the changing behaviours and preferences of buyers. Also, try to adjust your equipment value according to the buyer’s preferences so that they may be attracted seamlessly.