Ritchie Bros. March Market Trends Report digs deep into Orlando, FL results

Rhea-AI Summary

The March Market Trends Report from Ritchie Bros reveals noteworthy increases in equipment prices following a recent US$213+ million auction in Orlando. Truck tractor prices soared by 63% over the past three months, while vocational trucks and medium earthmoving prices rose by 45% and 42% respectively. The report highlights strong demand and tight supply conditions, leading to a 2% retail price rise in February, and a 5% increase in auction values. Over the past 15 months, retail values have surged by 22%.

Positive

• Strong demand and tight supply driving used equipment values.
• Record bidder participation with over 26,000 bidders at the Orlando auction.
• 5% increase in auction values in February, the largest monthly rise during the pandemic.

Negative

• None.

Monthly price indexes also updated, with truck tractor pricing up 63% in the U.S. for the three months ending Feb. 28, while vocational trucks and med. earthmoving prices up 45% and 42%

ORLANDO, Fla., March 16, 2022 /PRNewswire/ - With its March Market Trends Report, Ritchie Bros. takes an in depth look at equipment and truck sales from the company's recent six-day, US$213+ million auction in Orlando, FL last month.

The March 2022 Report highlights Orlando sales of excavators, dozers, wheel loaders, motor graders, articulated dump trucks, loader backhoes, multi-terrain loaders, boom lifts, and cranes. The free monthly report also includes updated prices indexes from Ritchie Bros. and Rouse Services. To download the report, visit rbassetsolutions.com/market-trends-report.

"We once again set a new bidder record in Orlando—attracting 26,000+ online and onsite bidders, helping us drive strong pricing across nearly every asset category in the six-day premier global auction," said Doug Olive, Senior Vice President (Pricing), Ritchie Bros. "In particular, we achieved outstanding returns for articulated dump trucks, multi-terrain loaders, boom lifts, and truck tractors. For the past three months, truck tractor pricing has led the way—up 63 percent in the United States—while vocational truck and medium earthmoving prices are up 45% and 42% respectively."

Doug Rusch, Managing Director of Rouse Sales, added, "Tight supply conditions and strong end-user demand continue to drive increasing used equipment values. Retail values rose 2% in February and have increased 22% over the past 15 months. Auction values also continue to rise—up 5% in February, which is the largest one month increase we've seen during the pandemic—driven primarily by strong pricing at the recent Ritchie Bros. Orlando event."

Used Commercial Assets - Pricing Highlights Price change (±1.5%) year-over-year for the 3 months ending February 28, 2022
Categories	USA			CANADA
Composite	Δ	Increased ~	35%	Δ	Increased ~	39%
Large Earthmoving	Δ	Increased ~	19%
Medium Earthmoving	Δ	Increased ~	42%
Aerial	Δ	Increased ~	42%
Truck Tractors	Δ	Increased ~	63%
Vocational Trucks	Δ	Increased ~	45%

  Source: Ritchie Bros. transactional data. Canadian transactions limited, so only composite index available at this time.

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 were the key findings of the Ritchie Bros March 2022 Market Trends Report?

The report indicated significant price increases in equipment, with truck tractors up 63%, vocational trucks up 45%, and medium earthmoving prices up 42%.

How much did Ritchie Bros auction generate in February 2022?

The February auction in Orlando generated over US$213 million.

What is the impact of tight supply conditions on used equipment prices according to Ritchie Bros?

Tight supply conditions and strong end-user demand have driven up used equipment values significantly.

What percentage did retail values increase in February 2022?

Retail values rose by 2% in February 2022, contributing to a 22% increase over the past 15 months.