Challenge
A leading global package delivery and logistics provider received a large number of leased vehicle returns in its Truck Fleet Leasing division. Unlike many of the typical fleet vehicles received, this group consisted of custom refrigerated trucks for the food service industry. The leasing division followed its traditional sales channels via land auction but discovered the units were barely selling at the minimum bid levels established for the trucks.
Solution
The client approached Liquidity Services to assist with the sale of these custom trucks. In consultation with Liquidity Services, the company decided to switch from its traditional land auctions to online sale of the vehicles to determine how the overall bid value might be impacted. Liquidity Services assembled a series of online auctions for the trucks and conducted targeted marketing campaigns to prospective vehicle buyers with food service industry needs.
Results
With detailed descriptions and visually compelling photos plus the experience of the leader in the surplus assets online marketplace to support the initiative, the client experienced a large increase in its minimum bids for the custom fleet of vehicles. Auction bidding results were as follows for the refrigerated trucks:
- The majority of vehicle units increased 20% to 50% over minimum bids.
- Another group of vehicle units with heavier duty specifications came in at 220 to 300% over minimum bid.