What does ‘Consignment’ mean?
Consignment is when a shop sells goods for an owner. The owner keeps ownership of his item until it sells. As the owner, you pay a small fee to the shop as compensation for them selling your item.
In the example above, Coast Machinery Group represents the shop, and you the owner. By selling your machinery through us, you retain complete ownership of your equipment up to the moment it sells, after which we take a flat consignment fee of 20%*.
What are the benefits of consignment?
Save on inventory costs
This is a big one! As a ‘consignee’, you don’t have to cough up the cash until the item is sold to the end user. In other words, the consignee doesn’t have to pay anything until the machine is sold, which improves cash flow and allows you to make use of all that newly free space!.
It gets the product in front of customers
No matter how good the machine, there are some pieces that need to be placed in front of the customer in order to sell. Sometimes customers need to see, touch & test before they purchase. Consignment selling makes it far easier for us to make that final sale and for you to pocket the cash.
You retain complete ownership
We can ship it, clean it & test it, but we certainly don’t own it! until the moment it sells you retain 100% ownership of your machines, and because we work on commission that means we are always highly motivated to get the best possible price every time.