Repossessed dump trucks, like most heavy equipment and expensive vehicles, are typically re-sold after being repossessed. There are companies that sell this equipment, both in traditional forms and through auctions, due to the high value of the equipment that is repossessed.Continue Reading
When a loan is defaulted, which leads to repossession in the case of most vehicles and heavy equipment such as dump trucks, the lender or bank becomes the owner. Since the lender is no longer able to collect the capital loaned, they often try to make up for the loss in other ways; one of the best, and most common, is by selling the vehicle to a third party. The repossessed vehicle still retains most of its value; it depreciates similarly to most other used dump trucks. This is such a large market that there are companies based off of it; the method is popular because of the relatively large profits for sellers and low prices for consumers.
Auction houses that sell used and repossessed heavy equipment, such as dump trucks, are found in most major cities throughout the United States. The effort and costs associated with resale are more than compensated for by the large amount of money that buyers are willing to pay for the vehicle.Learn more about Buying & Selling