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Vocational Truck Prices up 35% in the U.S., Ritchie Bros. Reports

October 25, 2021, 07:05 AM
Filed Under: Industry News
Related: Ritchie Bros.

Ritchie Bros.’ October Market Trends Report continues to show positive pricing trends across all its equipment indexes, with vocational truck prices up 35 percent in the United States, while truck tractors and medium earthmoving are up 46 percent and 38 percent respectively (for the three months ending Sept. 30).

With this month's report, Ritchie Bros. has included a special focus on vocational trucks sold in the United States and Canada. When looking specifically at mixer trucks, mechanics trucks and flatbed trucks sold in the U.S. older units are selling for more money as many companies are holding on to equipment and trucks longer today because of the uncertainty in the supply chain for new assets. In Q3 alone, the median price for mechanics trucks in the U.S. is up 54 percent year over year and up 69 percent in Canada.

"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."

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 percent 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."

The free October report is now available for download here.

Ritchie Bros.' Market Trends application is an independent part of Ritchie Bros. Asset Solutions.

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