Are You Warehousing Decommissioned Equipment? Turn it into Cash
If your plant is warehousing decommissioned equipment, it’s costing your business money in more ways than one. Every square foot of space in your facility is valuable real estate. Could you be putting that space to better use? You could use it to house other operational equipment or reconfigure the layout of the rest of your equipment to improve the workflow. Storing unwanted equipment isn’t just wasted space, it’s wasted money.
The old adage “one man’s trash is another man’s treasure” still applies when dealing with industrial equipment. Just because you aren’t using it anymore, doesn’t mean the equipment has no value. Large industrial equipment comes with a big price tag and decommissioned equipment sitting idle in your facility is literally an asset collecting dust. While it may no longer be of any use to your operation, it could be the missing piece of equipment in another plant’s operations.
In most cases, broken industrial equipment still retains some value. It can be reconditioned and put back into service, either in your plant or another facility. If it is beyond repair, there may be parts that can be repurposed to build or repair other equipment or it may be sold for scrap. There are a few ways to get rid of decommissioned equipment and turn it into cash instead.
Equipment Auctions
One way to keep unwanted equipment from taking up valuable space is to sell it at auction. Other plant managers and owners participate in these auctions looking to save some money by purchasing pre-owned equipment. Putting equipment up for auction pretty much guarantees it will sell, especially if that particular equipment is in high demand. While some of these are on-site auctions, many of them are held online, making the equipment available to a larger audience. It’s important to do some research and choose an auction where buyers will be searching for the type of equipment you’re selling.
Direct Sales
Selling directly to the buyer is another option for getting rid of decommissioned equipment. While it also allows you to turn that equipment into cash, it can be challenging and time-consuming. With a direct sale, you have to identify and reach out to buyers that would be interested in purchasing the equipment. There will be inquiries from interested parties and on-site inspections requiring you to act as a salesperson. You will need to evaluate if you have time for that on top of your regular daily responsibilities.
Sell it for Scrap
If you can’t find a buyer for your unwanted equipment because it is either too old and obsolete or it is no longer functional, it can be sold for scrap. While it may not bring the same price as taking it to auction or completing a direct sale, It will provide you with some cash and free up valuable space in your plant. Recycling facilities and scrap yards will accept decommissioned industrial equipment and pay for scrap metals such as copper, aluminum, brass, stainless steel, and bronze.
Decommissioned Equipment Experts
When looking to sell off decommissioned equipment, it can be more efficient and profitable to hire an industrial service company that offers asset recovery to take care of it for you. In addition to determining the best method for selling your specific equipment, asset recovery specialists have relationships with reputable auction companies vet their bidders. This enables them to put your equipment in front of legitimate buyers who are genuinely interested in purchasing your equipment.
Heritage Industrial Services is a member of the Investment Recovery Association and provides expert valuation, appraisal, and asset recovery services. We work with a network of industrial auction professionals, scrap metal dealers as well as negotiate private sales. Our goal is to deliver the highest possible recovery value for your unwanted equipment.
Heritage is a turnkey industrial service provider able to handle every aspect of your project from removing and installing small individual machines to relocating huge industrial facilities. If you’re ready to turn your decommissioned equipment into cash or are in need of any of the other services we offer, contact Heritage for all your industrial service needs.
