Ritchie Bros. latest Market Trends report discusses impacts of online shopping on forklift and truck sales

Rhea-AI Summary

Ritchie Bros. achieved record sales in Q3 2020, with over 1,500 forklifts sold in the U.S. for US$10 million. In the past three years, the company has sold over 15,000 forklifts for an aggregate of US$99 million. This surge is attributed to increasing online retail demands and a gap in supply due to production halts during COVID-19. Additionally, the November Market Trends Summary highlights steady equipment prices in the U.S. and Canada, with some categories showing annual price increases. For more details, the report can be accessed via their website.

Positive

• Record sales of over 1,500 forklifts in Q3 2020 for US$10 million.
• Total of 15,000+ forklifts sold over the last three years for US$99 million.
• Increased demand for forklifts driven by online shopping growth.

Negative

• Production halts by OEMs due to COVID-19 may affect future supply.

In Q3 2020 (July – Sep) Ritchie Bros. sold a record 1,500+ forklifts in the U.S. for US$10 million

VANCOUVER, BC, Nov. 10, 2020 /PRNewswire/ - Online retailers are busier than ever, managing massive warehouses, and shipping items around the world. For Ritchie Bros., this has resulted in record numbers of forklifts and transport trucks going through its auctions. Over the past three years, Ritchie Bros. has sold 15,000+ forklifts in the U.S. for US$99 million, including more than 1,500 sold for US$10 million in Q3 2020 alone.  

"We're at an interesting intersection with the used forklift market in the U.S.," said Doug Olive, Senior Vice President, Pricing and Appraisals, Ritchie Bros. "When you look at rental companies, some of them ramped up their fleets—including forklifts—to keep up with growing demand in 2012, after the global recession. Now at seven to eight years old, those machines need to be replaced. But, this year with COVID, OEMs slowed or halted production altogether. Some were also impacted by disruptions in the supply chain. The increase in online shopping has also directly impacted the demand for forklifts. This juncture of supply and demand has contributed to recent stronger results in the used forklift market."

To learn more about forklift and other equipment sales at Ritchie Bros., download the November version of the Ritchie Bros. Used Equipment Market Trends Summary at rbassetsolutions.com/market-trends-report. The November report also includes mix adjusted used pricing indices and a new section for industry highlights, with info and trends for Ritchie Bros.' most popular equipment categories. This month focuses on the over-the-road transportation sector, including truck tractors, van trucks, flatbed trucks, and van trailers.

November 2020 Market Trends Summary Highlights
Equipment Category	USA	Canada
Used heavy equipment	Prices steady (± 1.5%) year over year	Prices increased 1% (± 1.5%) year over year
Truck tractors	Prices increased 3% (± 1.5%) year over year	Prices steady (± 1.5%) year over year
Vocational trucks	Prices increased 2% (± 1.5%) year over year	Prices steady (± 1.5%) year over year
Lifting/material handling	Prices steady (± 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, please email dataproducts@ritchiebros.com.

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, oil and gas, mining, and forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's largest industrial auctioneer offers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing the exclusive IronClad Assurance® equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company's suite of multichannel sales solutions also includes Ritchie Bros. Asset Solutions, a complete end-to-end asset management and disposition system. Ritchie Bros. also offers sector-specific solutions including GovPlanet, TruckPlanet, and Kruse Energy, 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 are the Q3 2020 sales figures for Ritchie Bros. stock RBA?

Ritchie Bros. sold over 1,500 forklifts for US$10 million in Q3 2020.

How many forklifts has Ritchie Bros. sold in the past three years?

Ritchie Bros. has sold over 15,000 forklifts in the U.S. for US$99 million over the past three years.

What factors are driving the demand for forklifts according to Ritchie Bros.?

The demand for forklifts is being driven by increased online shopping and a need to replace older rental fleet equipment.

Are equipment prices steady according to the November Market Trends Summary?

Yes, the November Market Trends Summary indicates steady prices for used heavy equipment in the U.S. and slight increases in Canada.