Truck tractors and heavy equipment prices on the rise according to Ritchie Bros. latest Market Trends report
With its auctions 100% 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% 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 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!”
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.