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EXECUTION Selling a specialty truck

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Itizn

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Sep 25, 2019
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The past few months I've been engaged in finding buyers and sellers for specific equipment within the oil and gas market.
It hasn't worked out well up to now, as I'm generally finding more sellers than buyers, but this thread will document my latest attempt:

Getting a specialty truck (2 in fact) sold for a large, publicly-traded, company.

Without drowning you all with the technical aspects, this truck is specialized to operate on the oilfield for a specific type of drilling activity, one which is not in the highest demand at this time. On top of that, they've been stripped of a few useful components, lowering its value and price point.

As of right now the sale for both trucks would be for approximately 60,000 USD.

Here's how I started and what I've already done:

- Cold called the company district responsible for all operations within the particular niche.
- Asked whether they were looking to either add or unload trucks to/from their fleet. They told me they were, but only the latter.
- Having built enough rapport, conversations took place with the district manager and VP, and I received photos and specs of the trucks to share with prospective buyers.
- I had one contact who specifically requested a few trucks like this back in late 2020. I wasn't able to locate said trucks in time mostly due to fixating on locating other types of equipment which I felt was more likely to be sold. After touching back with that contact, he told me the demand had dried up since then.

Back to the company for which this threads about:

- After about 10 days from receiving info and photos of their trucks, I was not seeing any real progress in finding potential buyers. But I got a follow up email from the company asking about any progress on my end which kickstarted me back into finding a way to get this done.
- Since that email, I've gone back to cold calling, targeting several (mid sized) competitors in the region. At first gaining insight on the industry conditions, but ultimately offering to unload the trucks to them. Level of interest has varied from, none at all, to somewhat curious. Shared specs and photos upon request.
- Have also reached out to companies that aren't within oil and gas, but work within a similar enough niche to where the truck might help them out. That has been a bit of a whiff thus far, with only one individual showing minor interest, possibly for down the road. They would most likely unload trucks if so.

I'm aware there are other options I can pursue, including marketing and ads, but as I've mentioned in a prior thread, I've depleted all my start up funds at this point. This is just my how I'm handling my last turn at bat, until I get back to the work force and have more capital to invest.

Also of note: Not sure how much time I personally have left to get this deal done. About a week ago, they asked if I was able to sell other heavy equipment for them, such as cranes and pressurized equipment. Fast forward a few days to my most recent talk with them, and I was informed that the other equipment was already sold.

Will aim to post twice a day in here for as long as I can.
One before the day starts to state what's on tap for that day, and another summarizing how that went and how to proceed for the next day.
 

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Itizn

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Sep 25, 2019
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Here's what happened today

Up until today, I went straight to the service providers, being direct and upfront early on with my intentions to sell our trucks. Switched it up today by approaching companies that work within the trucks niche in some capacity. These companies make and sell applications and technology, as opposed to just being service providers.

Started talks by asking about their tech and how it might work with a truck stripped of certain components. Most of them said it wouldn't work out. One business owner told me he was pretty interested in selling his own truck. Apparently he had been looking to do that for a while as well, and sort of confirmed what we already know by now. Market is dry. Also told me he is interested in other equipment. Not sure how to proceed with that, but looks like I have another contact in any case.

Going to research some other companies to call, similar to today, but for tomorrow.

Also someone called me after I made this post and put a unique spin on my perceived view of having a truck lacking certain components. In negotiations for a sale, some might argue that they would want to pay less than the asking price as a truck would be having components they'd replace for their own. That was an interesting point of view.

The more I think about it, the more I like my approach from today. I'm going to focus on discovering what patented technologies can be implemented with the truck as is, to create a unique bundle. Then test the market with that.
 
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Sethamus

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Kind of curious what service this is. I have been on drilling rigs since I graduated college(offshore and last 3 years on land). If you are willing to share more we might be able to give you a different perspective.
 

Itizn

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Sep 25, 2019
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Today's events:

Day started by seeing my inbox had an email from yesterday's business owner with histruck info, plus another truck type I'm not familiar with. Throughout the day I contacted companies who have developed proprietary technology which compliment the services my trucks are designed for. They all basically said they don't supply the tech as a turnkey solution, only offering it as a service. That put a bit of a crimp into my plans, but I did learn about companies who supply certain specialty tools which could ultimately create the turnkey package I'm looking to make, then bring that to the market. One of these calls resulted in a BDM with a prior 10 years in used equipment sales offering to put a flyer out for my trucks amongst his rolodex of contacts. Have to email him my trucks.

Also, a contact I made a few weeks ago reached out and told me he has trucks to sell and will send me info/photos this week, while also asking to see what type of trucks I have access to. My initial contact with him was to see if his company qualified for being able to purchase my truck, but it seems now he (like me) is looking for a way to get some business done, with the trucks being the common denominator.

So there are a lot of trucks looking to be sold, all coming from different parts of the country. Demand is not as high as the supply, which is why I'm looking to create a unique package for prospective buyers. Still got to find a way to make that feasible.

Tomorrow I will contact the people holding my two trucks which this thread is about, and tell them what I'm looking to get done for them (creating a unique package, testing the market) and offer a price for my services. Will also mention the possibility of using a google ad campaign and other marketing tactics.

This would be the first time I'd ever ask for money before delivering, but I believe I'm more than capable of getting this done, I just need some funds to work with. My initial plan of finding a buyer and then facilitating the deal for a cut just seems too unlikely at this point given market conditions.
 

Itizn

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Sep 25, 2019
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Talked with the company for this thread and learned they are more inclined to go with a broker, one I assume with more of a reputation.

Talked to the manager and he told me his boss (VP) have been behind with work due to the VP being sick for some time, so they're playing catchup with a lot of things. Selling the truck is a priority but not something they'll likely turn to me for in the immediate future. Gave my pitch but never got into details, including price and expectations from my offer, kind of annoyed about that. However the possibility for google ads likely resonated with him as that was his sign off message to me "if we choose to look at google ads, we'll get back in touch"

Will try and pitch this to another major company who I've spoken with. They have been hesitant to
A) share photos and B) decommit from their own broker. I'm wondering, if these trucks are still not being sold, despite the owners very much wanting them to be, why won't they consider other options?

Also, I sent an email to the smaller business owner and will look to offer him the same service when we get on a call.

I'm probably not doing a good job of explaining my ideas. I think I'm a creative thinker, which seems to be necessary for these particular sales, but I don't believe I'm the best communicator, with regards to effectively explaining these opportunities to the other person. Standard, non-hypothetical talks are where I am above average.
 

Itizn

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Sep 25, 2019
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So today was my toughest day of the week.
Basically got told no by both of my contacts in regards to investing in a google ads campaign, one of whom said I'm more of a backup or reserve option for getting the deal done.

I did find one more contact who is interested in trucks for purchase. I'll make a quick summary of contacts I have made and type their geographical location and whether they are interested in buying, selling, or a maybe.

MidWest/Northeast
Sellers III
Buyers 0
Maybe II

1 of the sellers won't commit to sharing info with me, for obvious reasons as I am unproven and he has a more reputable broker. However I know if I can get one truck sold, and bring him proof of such, he'd more than likely hear me out. The other 2 are the ones I mentioned didn't take to the idea of the google ads idea.

1 of the maybes is the gentleman who basically got this whole project started for me. I wrote earlier how he had told me his demand had tied up, but I'm still including him as a contact who can possibly buy. The other curious person was not the most interested due to the fact it lacks a valuable component but I still shared with him the info and photos.

Deep South/Texas
Sellers 1
Buyers 1
Maybe 0

Heard from one seller the other day and as was stated, awaiting photos of his truck, which is quite different from the ones I have up north. That truck just so happens to be the type that the buyer I met today is most interested in. Hopefully I can get some the trucks info and photos for him before week's end.

Funny, looking at this breakdown, I see I don't have as many people on the buying and selling side as I thought. A lot of people I've spoken to have agreed to help me out by putting the word out, I guess that kind of blurred my perception. While nice, and hopefully effective, I need to find more people in these regions who want to either sell or buy, with buying being the preferred option. Will be looking up some more people to call for tomorrow, right now.
 

Itizn

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Sep 25, 2019
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Made a new contact today who was interested in all types of products I have access to. Seemingly every day I form a new thread in this spiderweb of buyers and sellers across the country. Actually had to make a map using template and paint so I don't forget who is where, who is who, and whether they want to buy or sell. Also helps visually.

I've got to keep calling people and building up the list, as right now I don't even have a dozen "players" in this web. I figure at my pace, I should have a least a few dozen within a month, and at that point someone's got to have what someone else is looking for. But I can't afford to speculate too much.

Today I asked a few people what their experience was with purchasing equipment online, and most said they didn't or never have.....interesting.

Thinking of adding a better question around that topic for my future outreaches. Maybe something like
"what prevents you from looking for these products/tools online?"
 

Itizn

Contributor
Read Millionaire Fastlane
Sep 25, 2019
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Two more people interested in purchasing products.
One of my potential sellers hasn't given me any photos of their line, but at this point if I can find more interested buyers, I consider that a good thing.

I've also adjusted my introduction by focusing on tools within the trucks niche, not just the niche. The more I hear about what people are looking for is also a good thing.

Will spend this weekend compiling a big list of people to reach out to.
 

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