Ritchie Bros. issues Market Trends Year-in-Review Report for Transportation Sector

Rhea-AI Summary

Ritchie Bros' February Market Trends Report reveals significant price increases in the U.S. truck sector, with truck tractor prices soaring by 65% year-over-year and vocational trucks up 44%. Despite this growth, the company notes a 37% decline in truck tractor sales volumes from 2020, attributed to ongoing supply chain issues like port congestion and workforce shortages. The report emphasizes a strong seller's market, with record bidder participation and steadily rising auction values since January 2019: 77% for used truck tractors and 27% for vocational trucks.

Positive

• Truck tractor prices up 65% year-over-year.
• Vocational truck prices increased 44%.
• Record number of bidders in 2021, driving strong pricing.
• Auction values for used truck tractors are up 77% since January 2019.
• Vocational truck auction values up 27% since January 2019.

Negative

• Truck tractors sold in 2021 dropped by 37% from 2020.

Truck tractor prices in the US are up +65% year-over-year, while vocational truck prices are up +44%

VANCOUVER, BC, Feb. 18, 2022 /PRNewswire/ - Soaring demand for truck tractors and other transportation assets caused unprecedented price acceleration in the sector in 2021. With its February Market Trends Report, Ritchie Bros. looks closely at used truck and trailer sales last year, with in-depth charts outlining volumes, median pricing, and more by asset category.

Mitigating factors such as port congestion, COVID-related reduced workforce capacity, and continued driver shortages have hampered the industry's ability to transport goods, while manufacturers faced headwinds producing trucks and meeting demand. For example, the volume of truck tractors (tandem axle) sold in 2021 dropped by -37% from 2020 levels – from more than 17,800 to over 11,100 trucks.

The February 2022 35-page Market Trends Report highlights sales of truck tractors (T/A & Tri/A), van trailers, pickups, van trucks, flatbed trucks, mechanic trucks, water trucks, dump trucks (T/A & Tri/A), lowboy trailers, stepdeck trailers, and heavy haul trucks. To download the free report, visit rbassetsolutions.com/market-trends-report.

"We attracted a record number of bidders in 2021, resulting in the strongest pricing we have ever seen," said Doug Olive, Senior Vice President (Pricing), Ritchie Bros. "Truck tractor pricing at the end of the year was up 65% year over year while vocational trucks were up 44% in the U.S. It's a seller's market and consignors around the world are taking advantage by turning their surplus trucks and trailers into cash."

Doug Rusch, Managing Director of Rouse Sales, added, "In mid to late 2020, used equipment pricing started to increase, and since then, we've seen a steady uptick in values month-in and month-out. Since January 2019, auction values for used truck tractors are up +77% and vocational trucks up +27%. The retail channel has also shown improvement for truck tractors, up +38% since January 2019."

About Ritchie Bros.:
Established in 1958, Ritchie Bros. (NYSE and 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 Kruse 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 truck prices in February 2022?

Ritchie Bros reported that truck tractor prices in the U.S. are up 65% year-over-year, and vocational truck prices are up 44%.

What caused the decline in truck tractor sales volume reported by Ritchie Bros?

The decline in truck tractor sales volume, which dropped by 37%, was attributed to supply chain issues such as port congestion and workforce shortages.

How many truck tractors were sold in 2021 compared to 2020?

In 2021, over 11,100 truck tractors were sold, down from more than 17,800 in 2020.

What is the trend in auction values for used truck tractors according to Ritchie Bros?

Since January 2019, auction values for used truck tractors have increased by 77%.

How did Ritchie Bros describe the market conditions for truck sales in 2021?

Ritchie Bros described the market as a strong seller's market with record bidder participation, resulting in unprecedented price increases.