Ritchie Bros. auctions, such as this event in Orlando, have shifted online during Covid-19. (Photo: Ritchie Bros.)
Canada’s used truck prices have dropped in recent months, but they are faring better than the prices in the U.S.
The findings emerged in the release of a market trends report from Ritchie Bros., known for its heavy equipment auctions.
Prices of truck tractors for the three months ending in May were down 5% year over year, compared to a 9% drop in the U.S. Vocational trucks saw prices drop 3% compared to those in the U.S. that dropped about 5%.
While used heavy equipment prices were relatively flat in Canada, those in the U.S. declined about 3%, Ritchie Bros. says. Lifting and material handling equipment declined 1%, but dropped 8% in the U.S.
“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.
Values are improving in the U.S. and Canada as the auction house continues sales through online platforms. During an Edmonton auction from May 11-15, for example, Ritchie Bros. sold 10,700 pieces of equipment, representing $184 million in online transactions.
“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,” Calhoon said.
The Market Trends report is available through services within Ritchie Bros. Asset Solutions.