Rate of Decline in Used Equipment Pricing Moderates

Although used equipment values continued to be lower compared to the same time frame last year, the rate of decline has moderated, suggesting used equipment values are now trending higher again.

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"The rate of decline in used equipment prices shows signs of moderation, though mix-adjusted values continue to be lower than the same time period last year," said Ken Calhoon, Vice President, Data Analytics, Ritchie Bros. "We are seeing relative price strength across all the geographies Ritchie Bros. operates in as buyers have quickly adopted fully-online purchasing. In particular, we are seeing steady improvement in values in both the United States and Canada with particularly strong buyer participation in North America from Texas, California, Alberta, and Mexico and internationally from Asia and South America."

June 2020 Market Trends Summary Highlights (based on data from February – May 2020)

Equipment Category USA Canada
Used heavy equipment Prices declined ~3% (± 1.5%) year over year Prices remained flat (± 1.5%) year over year
Truck tractors Prices declined ~9% (± 1.5%) year over year Prices declined ~5% (± 1.5%) year over year
Vocational trucks Prices declined ~5% (± 1.5%) year over year Prices declined ~3% (± 1.5%) year over year
Lifting/material handling Prices declined ~8% (± 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.