Ritchie Bros.' latest Market Trends Summary digs into excavator pricing

Rhea-AI Summary

Ritchie Bros reported selling over 2,300 excavators in the US during the first half of 2020, generating more than $134 million. The company acknowledged that used equipment values remain lower compared to last year, but the rate of decline is moderating. The August Market Trends report, outlining pricing trends by industry, shows a year-over-year decline in used heavy equipment prices by approximately 2% in the US and 1% in Canada. Ritchie Bros provides valuable insights through its Market Trends module, a part of its Asset Solutions suite, enhancing understanding of asset classes for customers and investors.

Positive

• Sold 2,300+ excavators in the US for $134+ million in H1 2020.
• Market Trends module provides valuable insights for customers and investors.

Negative

• Used equipment values declining, with a 2% decrease in the US and 1% in Canada year-over-year.
• Prices for truck tractors and vocational trucks decreased by approximately 6% and 3% respectively.

During the first half of 2020, Ritchie Bros. sold 2,300 excavators in the US for US$134+ million

VANCOUVER, BC, Aug. 11, 2020 /PRNewswire/ - With billions of dollars of equipment transacting via multiple sales channels each year, Ritchie Bros. has the data and in-house expertise to provide unmatched insight into industry trends. The company is now sharing this insight via its Market Trends module within its Ritchie Bros. Asset Solutions suite of tools, allowing customers, investors, and analysts to better understand the strength of an asset class through in-depth analysis of Ritchie Bros. transaction history, including market trends, equipment price performance, supply and demand geography, and mix-adjusted price indexes.

Each month, Ritchie Bros. publishes a free, high-level, downloadable report of these pricing trends, broken out by industry. The August report is now available for download here: ritchiebros.com/market-trends-report. The full Market Trends module is available by paid subscription.

"Used equipment values in general continue to be lower compared with the same time period last year for the US and Canada, however, the rates of decline continue to moderate as they have over the past few months," said Ken Calhoon, Vice President, Data Analytics, Ritchie Bros. "In addition to the latest price indices by industry, this month we dig deeper into 2020 excavator sales. In the first six months of 2020, we have sold 2,300+ excavators in the US for US$134+ million."

August 2020 Market Trends Summary Highlights
Equipment Category	USA	Canada
Used heavy equipment	Prices declined ~2% (± 1.5%) year over year	Prices declined ~1% (± 1.5%) year over year
Truck tractors	Prices declined ~6% (± 1.5%) year over year	Prices declined ~3% (± 1.5%) year over year
Vocational trucks	Prices declined ~3% (± 1.5%) year over year	Prices declined ~1% (± 1.5%) year over year
Lifting/material handling	Prices declined ~4% (± 1.5%) year over year	Prices declined ~0% (± 1.5%) year over year

"Used equipment experts, sellers, and buyers look to Ritchie Bros. transaction data as the industry gold standard," continued Mr. Calhoon "While others may try to scrape and repackage our data, only we have the full dataset, the understanding, and the ability to derive deep insights. Our team of data analysts and data scientists use machine learning and data visualization to create one of the best used equipment data products on the market."

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 were Ritchie Bros' excavator sales in the first half of 2020?

Ritchie Bros sold over 2,300 excavators in the US, generating more than $134 million.

What is the trend in used equipment prices reported by Ritchie Bros?

Used equipment prices are declining, with a reported decrease of about 2% in the US and 1% in Canada year-over-year.

What does the Ritchie Bros Market Trends module provide?

The Market Trends module offers insights into industry trends by analyzing Ritchie Bros transaction history and equipment price performance.

How much did used heavy equipment prices decline in August 2020?

Used heavy equipment prices declined approximately 2% in the US and 1% in Canada year-over-year.

What type of insights can customers gain from Ritchie Bros' data?

Customers can gain insights into market trends, equipment price performance, supply and demand, and mix-adjusted price indexes.