Ritchie Bros. dives into aerial equipment trends in October Market Trends Report

Rhea-AI Summary

Ritchie Bros. reported a strong performance in 2022, selling over 11,000 aerial equipment units in the U.S. and Canada, including 9,600+ units in the U.S. alone. While boom lift sales remained flat compared to 2021, scissor lift sales increased slightly, and telehandlers saw a minor decline. Prices for aerial equipment rose by 3% year-over-year in the U.S. and 4% in Canada for Q3 2022. Despite increased pricing trends, month-over-month changes have declined since earlier peaks this year, indicating a mixed outlook in the market.

Positive

• Sold over 11,000 aerial equipment units in the U.S. and Canada in 2022.
• Price increases: 3% in the U.S. and 4% in Canada year-over-year for aerial equipment.
• Strong sales volumes in retail market after a slow start to the year.

Negative

• Flat sales for boom lifts compared to 2021.
• Small decrease in telehandlers sales.
• Month-over-month price changes declining since earlier peaks.

In 2022 the company has sold 9,600+ boom lifts, scissor lifts, telehandlers in the United States

FORT WORTH, Texas, Oct. 19, 2022 /PRNewswire/ - With its October Market Trends Report, Ritchie Bros. takes a closer look at sales of key aerial equipment categories in North America, specifically boom lifts, scissor lifts, and telehandlers.

Traditionally the company sells more boom and scissor lifts than telehandlers, and that continues to be the case in 2022. In comparison to 2021, boom lift sales are relatively flat, while scissor lifts sales have seen a slight increase, and telehandlers a small decrease. In 2022, we have sold more than 9,600 boom lifts, scissor lifts, and telehandlers in the United States and approximately 1,400 units in Canada.

"We've sold more than 11,000 boom lifts, scissor lifts, and telehandlers in the United States and Canada this year," said Doug Olive, Senior Vice President, Ritchie Bros. "Aerial equipment is everywhere, on nearly every jobsite, so it's no surprise how much these assets trade through our online auctions and marketplaces. In Q3 2022, aerial equipment prices in the United States were up 3% at Ritchie Bros. year over year, while prices in Canada were up 4%."

After the main feature on aerial equipment, we turn to our individual industry indexes. While all indexes show increased pricing over the same time last year, month over month changes continue to decline since peak pricing earlier this year.

In the United States, Ritchie Bros.' mix-adjusted price indexes for the three months ending September 30, 2022, show truck tractor prices are up approximately 7% compared to the same time period last year, but down 11% compared to the three months ending December 31, 2021. Meanwhile, large and medium earthmoving equipment prices are currently up 6% and 4% respectively compared to the same time period last year, however that is down 1% and 3% compared the three months ending December 31, 2021. Vocational trucks are up 4% YOY (down 5% since Dec. 2021).

With regards to the retail market, Doug Rusch, Managing Director of Rouse Sales, said, "After a slow first half of the year, we've seen two consecutive months of strong sales volumes, indicating some easing of supply constraints that have gripped the industry for some time. Overall, retail values continue to be on the rise."

Visit rbassetsolutions.com/market-trends-report to download the report today!

About Ritchie Bros.:
Established in 1958, Ritchie Bros. (NYSE: RBA) (TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a number of sectors, including construction, transportation, agriculture, energy, mining, and forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's largest industrial auctioneer offering live auction events with online bidding; IronPlanet, an online marketplace with weekly featured auctions and providing the exclusive IronClad Assurance® equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Ritchie List, a self-serve listing service for North America; Mascus, a leading European online equipment listing service; Ritchie Bros. Private Treaty, offering privately negotiated sales; and sector-specific solutions GovPlanet, TruckPlanet, and Ritchie Bros. Energy. The Company's suite of solutions also includes Ritchie Bros. Asset Solutions and Rouse Services LLC, which together provides a complete end-to-end asset management, data-driven intelligence and performance benchmarking system; SmartEquip, an innovative technology platform that supports customers' management of the equipment lifecycle and integrates parts procurement with both OEMs and dealers; plus equipment financing and leasing through Ritchie Bros. Financial Services. For more information about Ritchie Bros., visit RitchieBros.com.

Photos and video for embedding in media stories are available at rbauction.com/media. 

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SOURCE Ritchie Bros.

FAQ

What did Ritchie Bros. report about aerial equipment sales in October 2022?

Ritchie Bros. reported that over 11,000 aerial equipment units were sold in the U.S. and Canada, with 9,600+ units sold in the U.S. alone.

How much did aerial equipment prices increase in Q3 2022?

Aerial equipment prices increased by 3% year-over-year in the U.S. and 4% in Canada.

What trends were observed in Ritchie Bros.' market report for October 2022?

The report noted flat sales for boom lifts, slight increases in scissor lifts, and minor declines in telehandlers, alongside declining month-over-month price changes.

What was the overall sales performance of Ritchie Bros. in 2022?

In 2022, Ritchie Bros. sold more than 11,000 aerial equipment units across the U.S. and Canada.