Ritchie Bros. shows continued positive price performance in April Market Trends summary report

Rhea-AI Summary

Ritchie Bros reported strong price increases in the U.S. equipment market for March 2021, with truck tractor prices up by 20% and medium earthmoving equipment by 15% year-over-year. The company highlighted unprecedented demand and pricing across nearly all equipment categories, with significant upticks noted for excavators, dozers, and articulated dump trucks. The April 2021 Market Trends summary reflects extensive sales activity, including approximately 15,000 equipment items sold across three regional auctions, attracting 11,000 bidders each.

Positive

• 20% year-over-year increase in truck tractor prices.
• 15% year-over-year increase in medium earthmoving equipment prices.
• Strong demand and pricing trends observed across multiple equipment categories.
• Successful regional auctions with approximately 15,000 items sold.

Negative

• None.

U.S. truck tractor price index is up 20% year over year; medium earthmoving in the U.S. up 15%

VANCOUVER, BC, April 13, 2021 /PRNewswire/ - Over the last year, online shopping has hit new heights, positively impacting the transportation industry, while working from home has resulted in an increase in home renovations and an exodus to the suburbs, directly impacting the construction sector. According to Ritchie Bros. Market Trends, which is now updated with new data daily, U.S. truck tractor pricing is up 20% year over year (for the three months ending March 31), while medium earthmoving equipment prices in the United States are up 15%.

With the April 2021 Market Trends summary report, Ritchie Bros. focuses on U.S. and Canadian equipment sales in March 2021, using the RB Now! functionality in the RB Market Trends tool, which provides a snapshot of Ritchie Bros. transactions over the last 30 days. The company has also included new, updated price indexes in this edition, making them simpler and clearer. The earthmoving index has been split into medium and large, and a more narrowly defined aerial index has replaced lifting and material handling.

"March was a big month, with unprecedented demand resulting in strong pricing across nearly all equipment categories," said Doug Olive, Senior Vice President, Pricing, Ritchie Bros. "As showcased in our new indexes, we continue to see positive pricing trends for earthmoving, transportation, and aerial equipment. Specifically, we saw a big year over year uptick in median pricing for excavators, dozers, articulated dump trucks, skid steers, truck tractors, and boom lifts last month."

Ritchie Bros.' Market Trends application is an independent part of Ritchie Bros. Asset Solutions (rbassetsolutions.com), a cloud-based asset management and disposition system with a suite of tools and services to help customers better manage, analyze, and sell their assets. Download the April 2021 Ritchie Bros. Used Equipment Market Trends summary report at rbassetsolutions.com/market-trends-report.

"Ritchie Bros. held a number of large events last month, including three U.S. regional auctions that sold approximately 15,000 equipment items from 13 different locations, and attracted 11,000 bidders each," added Mr. Olive. "We also held our largest-ever Ontario and Texas auctions last month and continue to see strong demand and pricing for all our online events through IronPlanet, GovPlanet, and Marketplace-E, selling more than 17,000 items in March."

Used Commercial Assets - Pricing Highlights
Price change (±1.5%) year-over-year for the 3 months ending March 31, 2021
Categories	USA			Canada
Large Earthmoving	Δ	Increased ~	5%	Δ	Increased ~	2%
Medium Earthmoving	Δ	Increased ~	15%	Δ	Increased ~	5%
Aerial	Δ	Increased ~	13%	Δ	Increased ~	2%
Truck Tractors	Δ	Increased ~	20%	Δ	Increased ~	9%
Vocational Trucks	Δ	Increased ~	16%	Δ	Increased ~	2%

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 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. 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 recent price changes have affected Ritchie Bros (RBA) stock?

Ritchie Bros reported a 20% increase in truck tractor prices and a 15% increase in medium earthmoving equipment prices year-over-year.

How did Ritchie Bros' auctions perform in March 2021?

In March 2021, Ritchie Bros held three regional auctions, selling around 15,000 equipment items and attracting 11,000 bidders each.

What equipment categories saw price increases reported by Ritchie Bros?

Significant price increases were noted for excavators, dozers, articulated dump trucks, and other equipment categories.

Where can I find Ritchie Bros' April 2021 Market Trends summary?

The April 2021 Market Trends summary can be downloaded from Ritchie Bros' Asset Solutions website.