Positive pricing trend continues
Earlier this week, we issued our October Market Trends Report, which continues to show positive pricing trends across all our indexes, with vocational truck prices up 35% in the United States, while truck tractors and medium earthmoving are up 46% and 38% respectively (for the three months ending September 30, 2021).
Meanwhile, we are also seeing strong pricing in Canada this year, with medium earthmoving prices trending 27% higher year over year and vocational truck prices are up 23%.
"We continue to drive unprecedented demand across all our marketplaces, with our two most recent regional auction events in September registering more than 20,000+ online bidders combined," said Doug Olive, Senior Vice President (Pricing), Ritchie Bros. "Transportation equipment prices are hitting new record levels, while medium earthmoving, aerial, and vocational truck prices also continue to climb."
Dump trucks, mixer trucks, and more
With the October report, we have included a special focus on vocational trucks sold in the United States and Canada, including dump trucks (T/A and Tri/A), mixer trucks, mechanics trucks, flatbed trucks, and pickup trucks.
While looking specifically at mixer trucks, mechanics trucks, and flatbed trucks sold in the U.S. you will notice older units are selling for more money as many companies are holding on to equipment & trucks longer today because of the uncertainty in the supply chain for new assets. In Q3 2021 alone, the median price for mechanics trucks in the U.S. was up 54% year over year and up 69% in Canada.
Doug Rusch, Managing Director of Rouse Sales, added, "Used equipment is transacting at the highest price levels we've seen in five years at Rouse. In fact, the rise in retail values is accelerating, with values in August and September increasing at a more significantly rapid rate than the first half of 2021.
"Coinciding with the rise in retail values, which climbed an additional 3% in September, we have seen a moderate decline in used equipment sales volumes, as used supply remains tight across the industry and fleet owners carefully manage available inventory."
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