When you specialize in a particular industry, you develop and learn as you spend time in that specialty. For instance, a dentist will know more tricks and procedures after 10 years working in their field. They grow as time moves forward, but they also had to learn the basics before starting out. A good dentist does not just wake up one morning and start working as a dentist. They study, practice and get licensed.
The buying and selling of heavy equipment is not that far off from any other specialized industry – like dentistry. True that an individual does not have to go through years of schooling before owning a company, however, the good ones, like Monster Equipment, learn the industry first, study and get licensed. Also, the longer they are in the industry the more they know.
You might be wondering why this is important to you as an equipment owner. Just like the dentist, you specialize in your industry – maybe that industry is signs, forestry or construction. Whatever that industry is, you have learned the trade and continue to grow at your specialty.
Companies like Monster Equipment (M.E.) specialize in the industry of buying and selling heavy equipment. They have years of experience, and the good ones study, learn and get licensed. This can be such a benefit to you when you decide it’s time to let go of your equipment. You don’t want your podiatrist to clean your teeth, in the same sense, why would you want to sell your equipment on your own, when you could work with a professional in that industry.
Let’s talk about consignments. A consignment is a physical contract between an equipment owner (that’s you) and a licensed dealer (like M.E.). Agreements like this can be setup in many different ways. I’m going to talk about the way M.E. handles their consignments, since I am familiar with that process.
When M.E. consigns a piece of equipment, like a truck, they ask for several things: