About Henry Equipment Appraisals

"USPAP" Uniform Standards of Professional Appraisal Practice

Henry Equipment Appraisals prepares all Machinery & Heavy Equipment Appraisals, in conformance with Uniform Standards of Professional Appraisal Practice ("USPAP") requirements. USPAP is a set of Standards that is applicable for most appraisals prepared in the United States. USPAP was developed by the Appraisal Standards Board ("ASB") of the Appraisal Foundation. There are 10 Standards associated with USPAP. Standards 7 and 8 establish requirements for the development and reporting of personal property appraisals and are therefore applicable to Machinery & Heavy Equipment Appraisals.

Appraisal Types

"Desktop"  Un-Inspected Machinery & Heavy Equipment Appraisals

Desktop appraisals are the most cost effective type of appraisal.  These appraisals meet the detail requirements for most heavy machinery and equipment related purposes. Desktop appraisals utilize client provided information such as manufactures name, model number, and other pertinent details along with photographs.  The entire process is literally done from our desk using client provided information.  The reporting for a Desktop Appraisal is virtually the same as a full Appraisal Report with the exception that we state the equipment has not been personally viewed or inspected.

A Desktop/Un-Inspected Machinery & Heavy Equipment Appraisal does not include an on-site inspection of the subject items. A Desktop/Un-Inspected Appraisal is a method of analysis which identifies and values the subject items without the benefit of inspecting them.

The appraiser specifically relies on information provided by the client and/or the subject company as the basis for this type of appraisal. The appraiser presumes the information to be accurate. By definition, a desktop/un-inspected appraisal may not contain the detail and content that would be normally included in a standard or traditional appraisal. In order to contemplate a desktop/un-inspected machinery & heavy equipment appraisal, the information provided must be considered sufficient to accurately identify the subject items for the purpose of developing credible appraisal results. If the information is not considered sufficient to ascertain credible appraisal results, a desktop/un-inspected approach should not be utilized.

"Standard Onsite" Machinery & Heavy Equipment Appraisals

A standard or traditional machinery & heavy equipment appraisal includes an on-site inspection of the subject items. By utilizing this methodology, the appraiser has the opportunity to physically inspect the subject items and gather requisite information relevant to the appraisal process. During an on-site inspection, the appraiser typically identifies and notes the subject by type, unit number, hours/miles, make/manufacturer, model, serial number, age, size, capacity, controls, associated components, observed upgrades or rebuilds, and opinion of condition.

The estimation of condition by the appraiser is an integral component and advantage of the on-site inspection process. Condition codes are subjective, and are based primarily upon appearance. The appraiser assumes no liability for actual condition and provides no warranty or guarantee therein. Typical conditions and definitions are as follows:

• New – item in new condition.
• Excellent – some use, but almost new.
• Very Good – in above average condition; low hours or miles, or recently overhauled or refurbished.
• Good – average or as would be expected for items of similar age and utility.
• Fair – in below average condition; has seen considerable use or is an older item.
• Poor – needs major repairs; may or may not be operable.
• Scrap – scrap value only with value adjusted to reflect any cost of removal.

Appraiser Qualifications

Mark Hockaday has worked in the construction industry for over 40 years. His experience includes 25 years at Branscome, Inc., during which time he bought and sold thousands of new and used construction-related items, equipment, and plants of all kinds, including the setup of Asphalt, Concrete and Crushing Plants.

Mark Hockaday owned and operated Henry Equipment Sales, Inc. and Hockaday' s Heavy Equipment Online Appraisals for 15 years. During this time, he had over 900 items listed for sale and sold an average of 400 construction items per year. He also manages and runs an online auction site, holding auctions for construction items regularly. He frequently attends heavy equipment auctions each year to keep up to date on the fair market value for all types of equipment and plants.

Virginia Auctioneers License

Mark Hockaday has held a Virginia Auctioneers License (License #2907002634) for over 20 years. He completed the Virginia Auctioneering School on January 15, 1999 and completes Continuing Education courses every two (2) years.

Uniform Standards of Professional Appraisal Practice

Mark Hockaday completed the Uniform Standards of Professional Appraisal Practice (USPAP) course on June 26, 2015.

• EAANA- Completed the (7) Hour National USPAP Course 01-28-16
• EAANA- Completed the (7) Hour National USPAP Course 01-26-17
• EAANA- Completed the (7) Hour National USPAP Course 01-25-18
• EAANA- Completed the (7) Hour National USPAP Course 01-24-19
• EAANA- Completed the (7) Hour National USPAP Course 02-06-20
• EAANA- Completed the (7) Hour National USPAP Course 08-04-21
• EAANA- Completed the (7) Hour National USPAP Course 01-20-22
• EAANA- Completed Reaccreditation For Certified Senior Appraiser Valid Through 07-28-2025

Equipment Appraisers Association of North America

Mark Hockaday has been an active member of the EAANA (Equipment Appraisers Association of North America) since 2015.

History

Henry Equipment Appraisals  has been providing independent, USPAP-compliant equipment appraisal services for heavy and construction machinery and equipment for many years, across the United States. Our heavy equipment appraisals are used for banks loans and financing, insurance, equipment and business sales, purchase price allocations, and for a wide range of other purposes.

Since our firm was founded in 2004, our accredited heavy equipment appraisers have completed hundreds of heavy equipment appraisals, earning the trust of a broad range of clients, including banks, government agencies, charitable organizations, business brokers, trustees, legal and accounting firms, private individuals, and business clients from single-proprietorships to Fortune 100 corporations.

Our equipment valuations are used for financing, insurance, equipment and business sales, financial reporting, divorce settlements, estate planning, dispute resolution and a variety of other purposes. Our certified appraisals meet EAANA and USPAP requirements.

We can provide an equipment appraisal for Fair Market Value, Orderly Liquidation Value, Forced Liquidation Value, Fair Value, or one of the many other definitions of value that might apply in an appraisal.

Whether you need an equipment appraisal for just a few pieces of construction equipment or for an entire fleet, we can help.