Truck tractors, heavy equipment prices rising: Ritchie Bros. report

VANCOUVER — Ritchie Bros., an auctioneer, has produced its Used Equipment Market Trends report which shows price inflation across all majority equipment categories.

For example, US truck tractor prices increased 8 per cent 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 US, 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 over 2,750 multi-terrain loaders for US$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 US$313 million.”

The December report also includes mix adjusted used pricing indices, including a comparison chart for the US Ritchie Bros. Heavy Truck Price Index and US Heavy Duty Truck shipments, plus a feature section on small construction highlights.

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 an 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.