In a year of uncertainty, with a health and economic crisis impacting most of the world, Ritchie Bros. made the shift to 100 percent online bidding in 2020, showcasing its investment in technology by driving record-breaking demand and strong pricing for equipment and trucks.
In fact, Ritchie Bros. latest Market Trends summary report, which is now available for download at rbassetsolutions.com/market-trends-report, shows U.S. truck tractor pricing up 15 percent year over year, while vocational trucks, lifting and material handling, and heavy equipment are up 10 percent, 9 percent, and 5 percent respectively, compared to same time period last year.
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. The March 2020 special edition Market Trends summary report highlights equipment categories that performed particularly well last year, including truck tractors, excavators, MFWD tractors, telescopic forklifts, and more.
“When millions of businesses shifted to remote working, people started to shop more online, resulting in an uptick in shipments and a direct impact on the transportation industry,” said Doug Olive, Senior Vice President, Pricing, Ritchie Bros. “In 2020 Ritchie Bros. sold 18 percent more truck tractors than 2019 and median quarterly pricing was up in Q2 through Q4, with no signs of slowing demand. In fact, in December 2020, watch lists for truck tractors in upcoming events was three times that of December 2019. Ritchie Bros. also saw record volume and pricing for flatbed trucks, van trucks, and van trailers—all of which are tied to the ‘last mile transport’ trend which grew exponentially last year.”
Olive added, “We also saw a significant rise in residential real estate construction in 2020 as remote workers looked to move away from city centers and/or decided to focus on home improvements while in isolation. Not surprisingly this has resulted in solid to strong pricing for all different types of earthmoving equipment, including multi-terrain loaders, which saw more volume and better pricing than 2019; as well as excavators and dozers, both of which saw slightly fewer units year over year, but with much stronger pricing.”
Ritchie Bros. Used Equipment Market Trends summary report also includes mix adjusted used pricing indices, including comparison charts.