Unused or costly vehicles and equipment could be worth more than you think.
Unless you are adhering to best practices and your organization’s replacement model to a tee, you likely have a few excess trucks and equipment that are set aside or perhaps unnoticed, taking up space and depreciating day by day. Or you have a few vehicles that are no longer delivering optimal performance as an investment and will soon become a drain on the budget. Mid-to-late Q4 is the perfect time to look at what you have on the books and turn unused or costly vehicles and equipment into cash by the year’s end.
Ideally, you’ve established a replacement model that is not only keeping your vehicles in a strong, reliable operating condition but also gives you a dependable capital forecast. But if not, now’s the time of year to scan your fleet data—maintenance histories, costly maintenance trends and telematics data regarding vehicles’ current running efficiency—and look for vehicles that may be decreasing your revenues through:
- High maintenance costs
- Rental expenses
- Loss of fuel efficiency
- Resale value
What is your threshold for high-cost vehicles and return on investment? Hold tight to your policy and pull out of service the vehicles that are over the line. It’s clear to you “why” these vehicles need to be replaced—don’t question the “when.”
Don’t be that fleet that drives vehicles until the cost of repairs exceed the value of the vehicles. Now is your chance to take a calculated approach toward maximizing cash flow.
Yes, there’s still time in November to sell vehicles at auction before the year’s end.
Find a remarketing partner that can help you simultaneously promote your used vehicles and equipment in physical and online markets or who can simply offer you cash for your vehicles on the spot. Before the year is up, ensure you receive the highest returns for even your least attractive assets.