Don’t Wait Till’ It Breaks – 3 Ways to Better Plan Equipment Replacement

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Ritchie Bros. Financial Services helps you get financing for equipment purchases

Ritchie Bros. Financial Services helps you plan your fleet and be prepared.

If the past two years has taught us anything, it’s that you never know what’s around the corner. In other words, you can’t plan for a pandemic. That said, the more information you have, the better your reactive decision may be when it comes to unforeseen events. Companies that are thriving right now were well prepared to make quick and informed decisions in the face of uncertainty.

While you can’t always predict when you may need to replace your equipment, planning can make it easier to manage when the time comes to change an item in your fleet.

How you can take the ‘surprise’ out of equipment replacement

Here are three simple reports or documents that can help you to be better prepared for whatever the coming years throw at you.

Health & Service Reports

Tracking the “health” of your equipment will allow you to somewhat predict when an item might need replacement. Keeping track of the service records, service findings, and any work performed on the equipment will be helpful.

It’s tempting to keep all this information in your head but jotting it down is useful for predicting and knowing whether it’s worth investing in that particular item in the future. For example, if that item typically needed a lot of service and repairs, you may decide to purchase a different type of machine moving forward.

Location Reports

Firstly, it’s important to know where all your equipment is at all times. For example, if you have an item exposed to the elements when it could be stored away during downtime, this could reduce the longevity of the equipment’s lifetime value.

Knowing which locations may need machinery upgrades also helps you plan for buying at our auctions. In a low inventory environment, it’s important to be able to jump on available used equipment in an auction location that’s suitable for transportation.

Utilization Reports

Usage reports are key because it can help you determine the cost-per-use. You will start to see a trend in terms of the lifespan of your equipment.

For example, you may get a lot of mileage out of a certain brand of equipment more so than others. Even noting down “guesstimate” usage will come in handy when you go to purchase again.

Ritchie Bros. Financial Services helps you get financing for equipment purchases

We’ll help you fund your way forward

If you want more information regarding planning your fleet for 2022, refinancing or getting a pre-approved financing, reach out to us today.

Our Purchase Flex pre-approvals are flexible, meaning it’s not tied to a certain type of equipment and you can use it almost anywhere to purchase.

Take advantage of our PurchaseFlex™ Financing – one approval and a wealth of buying options.

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