Ritchie sets record with 7,300 vocational trucks sold in a single month

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Ford equipment trucks for sale at Ritchie Bros.

Vocational truck prices improving since May

Earlier this month, we discussed record truck tractor sales in June 2020. Well, it looks like we also set a record for vocational trucks too—selling more than 7,300 vocational trucks for US$118+ million in one month!

Vocational trucks include a diverse selection of vehicles—everything from concrete mixer and pump trucks to asphalt trucks, emergency vehicles, sanitation trucks and more. The most commonly sold vocational trucks at Ritchie Bros. auctions are usually van trucks, flatbed trucks, and dump trucks, but every auction is different.

“Pricing for vocational trucks in the United States, which accounted for 78% of all vocational truck sales in June, has been improving since May,” said Rob Slavin, Senior Valuation Analyst, Ritchie Bros. “For example, the median price for flatbed trucks recently reached $10,000, which is the highest it’s ever been. This increase is partially the result of us selling a large number of ‘newer’ vehicles in June, which for us is 5- and 6-year-old trucks.”

Rob continued, “We have also seen an uptick in end-user participation in 2020—buyers who are willing to pay a premium to put the truck to work right away. In the second quarter, end users purchased approximately 73 percent of all vocational trucks, up from 66% in Q2 2019.”

Flatbed Facts

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Photo caption: Depreciation curve for Freightliner M2106 flatbed trucks sold in the U.S. (Jan - Jun 2020). Source: RB Market Trends

Flatbed trucks are a big seller at Ritchie Bros. auctions, with hundreds usually available at any given time. The most popular makes/models include: Freightliner M2 106, Ford F550, Ford 450, and the Ford 350. The depreciation curve above showcases that flatbed pricing declines for Freightliner M2106. Declines were greatest for 4-year-old trucks, followed by 6-year-old trucks, and 8-year-old trucks.

“Typically used by B2B businesses, sales of flatbed trucks are usually a good indicator of regional economic health and small business activity,” said Don Nash, Territory Manager, Ritchie Bros.  “When looking for a flatbed truck, there really is no better place to look than Ritchie Bros., because of our massive selection and multiple sales options.”

The top selling states for flatbed trucks are Texas, California, Florida, and Maryland; while the top buying states are California, Texas, Florida, and Washington.

Chart

Photo caption: US flatbed seller and buyer locations (Jan – Jun 2020). Source: RB Market Trends

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