Online shopping pushes sales of forklifts and trucks: Market Trends Report

Auction Results Comments

RBAS Summary Report Chart

‘We’re at an interesting intersection with the used forklift market in the U.S.’

Online retailers are busier than ever, managing massive warehouses, and shipping items around the world. For Ritchie Bros., this has resulted in record numbers of forklifts and transport trucks going through its auctions. Over the past three years, we’ve sold 15,000+ forklifts in the U.S. for US$99 million, including more than 1,500 sold for US$10 million in Q3 2020 alone.

“We’re at an interesting intersection with the used forklift market in the U.S.,” said Doug Olive, Senior Vice President, Pricing and Appraisals, Ritchie Bros. “When you look at rental companies, some of them ramped up their fleets—including forklifts—to keep up with growing demand in 2012, after the global recession. Now at seven to eight years old, those machines need to be replaced. But, this year with COVID, OEMs slowed or halted production altogether. Some were also impacted by disruptions in the supply chain. The increase in online shopping has also directly impacted the demand for forklifts. This juncture of supply and demand has contributed to recent stronger results in the used forklift market.”

To learn more about forklift and other equipment sales at Ritchie Bros., download the November version of the Ritchie Bros. Used Equipment Market Trends Summary at rbassetsolutions.com/market-trends-report .

November 2020 Market Trends highlights

RBAS Summary Report ChartEach monthly Market Trends summary report comes with updates on key pricing trends for equipment selling in the United States and Canada.

Equipment Category

USA

Canada

Used heavy equipment

Prices steady (± 1.5%) year over year

Prices increased 1% (± 1.5%) year over year

Truck tractors

Prices increased 3% (± 1.5%) year over year

Prices steady (± 1.5%) year over year

Vocational trucks

Prices increased 2% (± 1.5%) year over year

Prices steady (± 1.5%) year over year

Lifting/material handling

Prices steady (± 1.5%) year over year

Prices increased ~2% (± 1.5%) year over year

The Market Trends application is an independent part of the suite of services within Ritchie Bros. Asset Solutions (rbassetsolutions.com), which is a complete end-to-end asset management and disposition system. This cloud-based SaaS solution brings together a suite of tools and services to help customers better manage, analyze, and sell their assets. From any internet-enabled device, customers are able to access a complete inventory management system, data analytics and dashboards, branded e-commerce sites, and multiple external sales channels.

For more information about Market Trends, please email dataproducts@ritchiebros.com.

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