Protecting aerial lift residual values, Genie intros Certified Pre-Owned program

Marcia Doyle Headshot
Updated Mar 13, 2018
Before and after: a reconditioned Genie aerial lift ready for market again.Before and after: a reconditioned Genie aerial lift ready for market again.

Forecasting a significant increase in used aerial lifts coming to the market, Genie has introduced two programs designed to maintain higher used residual values for Genie machines.

“The replacement cycle for aerial lifts is starting to come back again,” says Mitch Ely, Terex Aerial Work Platforms director of customer satisfaction and reconditioning. “Since we accept between 2,000 and 4,000 trade-ins each year for new equipment, we want to offer alternatives to putting these machines in auctions.”

Two programs, announced at the recent The Rental Show, are designed to reintroduce what Ely terms “pre-selected, high quality” machines into the market. Both programs are part of Genie’s Certified Pre-Owned Program.

  • Genie Certified Used Equipment, typically machines around three to six years in age, are sold on the Genie used equipment website, and come with a limited 24-month warranty. Each machine comes with an inspection report that details its current condition, which includes an in-depth structural assessment, full function test results, a guarantee the unit meets and/or passes the annual inspection criteria and a list of items that have been replaced.
  • Genie Certified Reconditioned Equipment involves older equipment, typically around six to 11 years of age. These units are inspected, with components repaired, rebuilt or replaced to original machine specs, as required. “It’s essentially a brand new machine,” Ely says, with the reconditioning involving all key structural components and systems, and the unit rebuilt on Genie’s aerial lift manufacturing line. Reconditioned machines have a limited 36-month/3,000-hour powertrain warranty on Deutz Xchange remanufactured engines (or a 1-year powertrain warranty on other engine brands). Genie estimates reconditioning extends the life of a machine by five years on a unit a customer already owns.

The certified used equipment program is designed to eventually feed machines into the certified rebuild program, according to Ely:  “They are two key parts of the puzzle, with one feeding the other, and keeping the value of the product in the market.” Depending on the age of the unit, the price of both certified used and certified reconditioned units should be about 60 to 65 percent of new, Ely says.

“Residual values are a key part of the equation when rental companies buy,” Ely says. “If we can make sure that number is healthy, it makes their purchasing decision easier to make.”