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

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) – 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


Increased ~ 5%


Increased ~ 2%


Medium Earthmoving


Increased ~ 15%


Increased ~ 5%


Aerial


Increased ~ 13%


Increased ~ 2%


Truck Tractors


Increased ~ 20%


Increased ~ 9%


Vocational Trucks


Increased ~ 16%


Increased ~ 2%

 

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(R) 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 multichannel sales solutions also includes Ritchie Bros. Asset Solutions, a complete end-to-end asset management and disposition 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.

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For more information, please contact:
Ian Malinski
Media Relations Manager
+1.778.331.5432
CorpComm@rbauction.com

For investor inquiries, please contact:
Sameer Rathod
Vice President, Investor Relations & Market Intelligence
+1.510.381.7584
srathod@ritchiebros.com