With its auctions 100 percent online due to COVID-19, Ritchie Bros. drew record buyer demand in 2020. As a result, the company’s latest Used Equipment Market Trends report is showing price inflation across all majority equipment categories. For example, U.S. truck tractor prices increased 8 percent over the same time period (three months ending December) in 2019.
The December 2020 Market Trends summary includes a deep dive into multi-terrain loader sales, the versatile machine used across nearly every industry. In the United States, 2020 has been a particularly strong year for multi-terrain loaders. In fact, in the first three quarters of 2020 (Jan.-Sep.), Ritchie Bros. sold 2,750+ multi-terrain loaders for $64 million, which is just shy of total multi-terrain loader sales for 2019.
“Used across industry, the versatile multi-terrain loader was in high demand in 2020, with a record number of units selling through our numerous sales channels,” said Doug Olive, Senior Vice President, Pricing, Ritchie Bros. “There are a number of factors that have contributed to this record-breaking year for multi-terrain loader sales, including an uptick in residential construction, rental company fleet renewals, landscaping projects, seasonal work, and more. In the past five years, Ritchie Bros. has sold 14,000 multi-terrain loaders for $313 million!”
To learn more about equipment and truck prices, download the December version of the Ritchie Bros. Used Equipment Market Trends summary report at rbassetsolutions.com/market-trends-report. The December report also includes mix adjusted used pricing indices, including a comparison chart for the U.S. Ritchie Bros. Heavy Truck Price Index and U.S. Heavy Duty Truck shipments, plus a feature section on small construction highlights.
| Used Commercial Assets – December 2020 Summary Highlights (for 3 months ending December 2020) |
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| Equipment Category | USA | Canada |
| Heavy equipment | Prices increased 2% (± 1.5%) year over year | Prices increased 2% (± 1.5%) year over year |
| Truck tractors | Prices increased 8% (± 1.5%) year over year | Prices increased 2% (± 1.5%) year over year |
| Vocational trucks | Prices increased 4% (± 1.5%) year over year | Prices increased 4% (± 1.5%) year over year |
| Lifting/material handling | Prices increased 1% (± 1.5%) year over year | Prices increased 2% (± 1.5%) year over year |
The Market Trends application is an independent part of the suite of services within Ritchie Bros. Asset Solutions (rbassetsolutions.com), which is a complete end-to-end asset management and disposition system. This cloud-based SaaS solution brings together a suite of tools and services to help customers better manage, analyze, and sell their assets. From any internet-enabled device, customers are able to access a complete inventory management system, data analytics and dashboards, branded e-commerce sites, and multiple external sales channels.
For more information about Market Trends, email dataproducts@ritchiebros.com.