Ritchie Bros. sees new record as pickup truck sales soar
When you think of Ritchie Bros. and IronPlanet, you tend to think of big yellow iron that permeates construction sites and work zones. But it’s no small secret that there are a wide range of assets that go through our auctions, and that includes a whole lot of pick-up trucks.
“We are amazed at the number of pickup trucks we have been selling at our marketplaces,” said Matt Ackley, Ritchie Bros. Chief Marketing Officer. “We had a record-setting quarter for pickup trucks. This is consistent with the demand we are seeing across our marketplaces.”
Who’s buying pickup trucks from Ritchie Bros.?
The pickup truck – aka the everyday work truck – is used through many of the industries we serve, whether to carry tools, haul small cargo, haul equipment or people movers.
In the U.S., we’ve recorded the highest percentage of end-user buyer purchases over the past five years, with end-users buying 77% of the pickups by value. It probably shouldn’t come as any surprise that the Ford F-150 is our top selling pickup truck in the U.S. and Canada over the last 3 years.
“What’s giving these end users the confidence to buy pickup trucks online sight-unseen? It’s our IronClad Assurance that’s giving these buyers confidence,” said Garrett Brown, Manager, Inside Sales for Ritchie Bros. “We’ve seen an interesting uptick in consumer and end-user participation in our online auctions.”
But Ritchie Bros. is mostly heavy equipment, right?
It might come as a surprise to those who see us purely facilitators of heavy equipment sales that pickup trucks actually form our third highest-selling category in the U.S., and second highest in Canada.
In fact, in Q3 this year alone, we broke records by selling 1,975 pickups in the U.S. and 853 in Canada. Those numbers tell us more and more customers are looking to our marketplace to buy and sell quality pickups.
Top seller locations for pickups sold in the U.S., Canada, and Mexico in 2020:
Top buyer locations for pickups sold in the U.S., Canada, and Mexico in 2020:
To learn more about pickup truck sales at Ritchie Bros., download the November version of the Ritchie Bros. Used Equipment Market Trends Summary at rbassetsolutions.com/market-trends-report .
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