Premier global auction drives strong pricing in February
With our March Market Trends Report we take an in-depth look at equipment and truck sales during our six-day, $213+ million auction in Orlando last month, comparing pricing achieved in Orlando to pricing over the 90 days prior, broken out by equipment type.
For example, the excavator chart below shows that we sold close to 400 excavators in Orlando, with a median price of US$72,500—which is up approximately 38% from the previous 90 days. However, the excavators sold in Orlando were, on average, two years younger (median age of 7 years vs. 9) and had approximately 1,000 less usage hours (median hours of 6K vs. 7.1K) than the units sold in the previous 90 days in the United States. Of course, this isn't a surprise, considering the amount of dealer inventory sold in Orlando each year.
Truck tractor pricing in Orlando is even more impressive, as units were older with more miles and still sold for a premium. Between November 15, 2021 and February 15, 2022, truck tractors sold in the U.S. were approximately 9 years old with 588,200 miles for a median price of US$27,000. In Orlando, truck tractors were approximately 10 years old, with 671,800 miles and still sold for a median price of US$33,500—an increase of 44%!
After our main feature outlining data from Orlando, we turn to our individual industry indexes. In the United States our truck tractor index continues to lead the way, up 63% year over year (see index above), while vocational trucks and medium earthmoving and are up 45% and 42% respectively. We are also seeing strong pricing in Canada right now, with our composite index for all equipment up 39% for the three months ending February 28, 2022.
Orlando excavator, dozer, and truck tractor sales trends
All charts in this blog are pulled from our March Market Trends Report, highlighting used equipment pricing in Orlando, including excavators, dozers, wheel loaders, motor graders, articulated dump trucks, loader backhoes, multi-terrain loaders, boom lifts, and cranes. The free monthly report also includes updated prices indexes from Ritchie Bros. and Rouse Services.
"Tight supply conditions and strong end-user demand continue to drive increasing used equipment values," said Doug Rusch, Managing Director of Rouse Sales. "Retail values rose 2% in February and have increased 22% over the past 15 months. Auction values also continue to rise—up 5% in February, which is the largest one month increase we've seen during the pandemic—driven primarily by strong pricing at the recent Ritchie Bros. Orlando event."
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