Ritchie Bros.' latest Market Trends Summary provides additional insights into truck tractor market

Rhea-AI Summary

Ritchie Bros. has released its July 2020 Market Trends report, indicating a moderate decline in equipment prices across key sectors in the U.S. and Canada. The report highlights a year-over-year price drop of approximately 3% for used heavy equipment in the U.S. and 1% in Canada. Truck tractors saw an 8% decline in the U.S. and 5% in Canada. Despite these declines, the rate has moderated, suggesting stability in the market. Major markets include Texas, California, and Alberta. This insight is part of Ritchie Bros.' comprehensive asset management solutions.

Positive

• Moderate price decline indicates market stability.
• Monthly downloadable reports improve investor insights.
• Top markets (Texas, California, Alberta) show strong buyer participation.

Negative

• Used heavy equipment prices declined 3% year-over-year in the U.S.
• Truck tractors prices fell 8% year-over-year in the U.S.
• Declines in vocational trucks and lifting/material handling sectors.

"U.S. and Canada markets showing stability across key equipment categories," according to Ritchie Bros. data and experts

VANCOUVER, BC, July 15, 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, asset valuation curves, and mix-adjusted price indexes.

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

"Similar to last month's report, while prices across the major sectors are lower than a year ago, the rate of decline has continued to moderate through the high-volume June time period," said Ken Calhoon, Vice President, Data Analytics, Ritchie Bros. "Both the U.S. and Canada are showing stability across key equipment categories, and Texas, California, and Alberta continue to be the top-three North American markets in terms of buyer participation."

July 2020 Market Trends Summary Highlights (based on data from April – June 2020)
Equipment Category	USA	Canada
Used heavy equipment	Prices declined ~3% (± 1.5%) year over year	Prices declined ~1% (± 1.5%) year over year
Truck tractors	Prices declined ~8% (± 1.5%) year over year	Prices declined ~5% (± 1.5%) year over year
Vocational trucks	Prices declined ~4% (± 1.5%) year over year	Prices declined ~2% (± 1.5%) year over year
Lifting/material handling	Prices declined ~6% (± 1.5%) year over year	Prices declined ~1% (± 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 are the latest equipment price trends reported by Ritchie Bros. for July 2020?

In the July 2020 report, used heavy equipment prices in the U.S. declined by approximately 3%, while in Canada, prices fell by around 1%. Truck tractors experienced a decline of 8% in the U.S. and 5% in Canada.

How does the Market Trends report help investors?

The Market Trends report provides insights into equipment price performance, market trends, and asset valuation, assisting investors in making informed decisions.

Which regions are the top markets for Ritchie Bros. equipment sales?

The top markets include Texas, California, and Alberta, which have shown strong buyer participation.

What is Ritchie Bros.' approach to data analysis in the equipment market?

Ritchie Bros. utilizes machine learning and data visualization to analyze transaction data, offering deep insights into the equipment market.

Is the Market Trends report free to access?

Yes, Ritchie Bros. publishes a free, high-level downloadable report of pricing trends each month.