While pricing remains up year over year, U.S. & Canada indexes show decreasing inflation
rates
VANCOUVER, BC, May 17, 2022
/PRNewswire/ - With its May Market Trends Report, Ritchie Bros. digs through farm equipment data
to showcase trends in tractor, combine, header, sprayer, and air
drill sales. According to Ritchie
Bros. agriculture index, equipment prices are up
approximately 14% year over year, for the three months ending
April 2022.
The free monthly report outlines decreasing inflation rates for
most U.S. and Canada price
indexes. Pricing is still up year over year, but the month-to-month
inflation rate is slowing. For example, in the U.S., truck tractor
prices in Ritchie Bros.' May report
are up approximately 52% year over year—they were up 58% YOY in
last month's report. However, the May report does show increasing
inflation for construction equipment prices in Canada.
To download the May Market Trends Report, visit
rbassetsolutions.com/market-trends-report.
"We have experienced unprecedented price inflation for equipment
and trucks over the past year, with record demand and
well-publicized supply chain issues causing significant tailwinds,"
said Doug Olive, Senior Vice
President (Pricing), Ritchie Bros.
"We are continuing to drive strong pricing across most equipment
categories and, as expected, the rate of inflation growth is
starting to slow down, especially for transportation and aerial
equipment. There continue to be pockets of price inflation
increases—for example, in Canada,
our large earthmoving index increased a further 2% in April, while
agricultural equipment and farmland prices have recently set new
highwater marks."
Doug Rusch, Managing Director of
Rouse Sales, added, "We continue to see tight supply and strong
demand for equipment across the retail market, with values
continuing to rise month over month. In April we saw retail values
increase 2%, making that an increase of 24% year over year."
Used
Commercial Assets - Pricing Highlights
Price change (±1.5%) year-over-year for the 3 months ending
April 30, 2022
|
Categories
|
USA
|
CANADA
|
Large
Earthmoving
|
Δ
|
Increased ~
|
18%
|
Δ
|
Increased ~
|
13%
|
Medium
Earthmoving
|
Δ
|
Increased ~
|
30%
|
Δ
|
Increased ~
|
29%
|
Aerial
|
Δ
|
Increased ~
|
30%
|
Δ
|
Increased ~
|
21%
|
Truck
Tractors
|
Δ
|
Increased ~
|
52%
|
Δ
|
Increased ~
|
43%
|
Vocational
Trucks
|
Δ
|
Increased ~
|
33%
|
Δ
|
Increased ~
|
27%
|
Source: Ritchie Bros.
transactional data.
|
About Ritchie Bros.:
Established in 1958, Ritchie
Bros. (NYSE: RBA) (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, mining, and forestry, the
company's selling channels include: Ritchie
Bros. Auctioneers, the world's largest industrial
auctioneer offering live auction events with online bidding;
IronPlanet, an online marketplace with weekly featured auctions and
providing the exclusive IronClad Assurance® equipment condition
certification; Marketplace-E, a controlled marketplace offering
multiple price and timing options; Ritchie
List, a self-serve listing service for North America; Mascus, a leading
European online equipment listing service; Ritchie Bros. Private Treaty, offering privately
negotiated sales; and sector-specific solutions GovPlanet,
TruckPlanet, and Kruse Energy. The Company's suite of solutions
also includes Ritchie Bros. Asset
Solutions and Rouse Services LLC, which together provides a
complete end-to-end asset management, data-driven intelligence and
performance benchmarking system; SmartEquip, an innovative
technology platform that supports customers' management of the
equipment lifecycle and integrates parts procurement with both OEMs
and dealers; plus equipment financing and leasing through
Ritchie Bros. Financial Services.
For more information about Ritchie
Bros., visit RitchieBros.com.
Photos and video for embedding in media stories are
available at rbauction.com/media.
View original
content:https://www.prnewswire.com/news-releases/ritchie-bros-digs-into-farm-equipment-trends-with-may-2022-market-trends-report-301549370.html
SOURCE Ritchie Bros.