Capital Equipment News April 2021

Many sectors have turned to used equipment to meet their current machinery needs.

Orlando, Florida, the company’s biggest auction of the year. In total, more than 12 000 items were sold for over US$191- million during the six-day event in mid- February. Strong pricing across every asset category was seen, confirming the positive trend Ritchie Bros. is seeing. Truck tractors, skid steers and backhoe loaders saw a particularly strong price performance, followed closely by wheel loaders, aerial equipment and dozers. Participation in the Orlando auction also reached record highs – attracting more than 22,700 online bidders from over 80 countries – 25% more than the same auction in 2020. In Europe, Ritchie Bros. is also seeing a strong appetite for used machinery. At a recent auction in Moerdijk, the Netherlands, bidder registrations were up 19% compared to last year. With more than 2 580 online participants from 92 countries, the auction recorded the highest number of bidders in five years. Around 80% of the machinery was sold to bidders outside of the Netherlands, at strong prices: boom lifts, crawler tractors, hydraulic excavators, scissor lifts, and wheel loaders, on average, fetched 5% above the auction price of the Moerdijk event last November.

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Global asset management and disposition company Ritchie Bros. saw sales in most categories of used machinery perform above expectations in 2020

This shift to used machinery purchases has coincided with several OEMs reporting supply chain issues due to the pandemic. Others reduced production volumes in 2020 to protect employees during lockdown, and this has also impacted new machine deliveries

The COVID-19 pandemic has accelerated trends that were already well underway, including online bidding

In 2020, Ritchie Bros. saw website traffic increase by 35%, while bidder registrations were up by 71%. More than 470 000 new users downloaded the Ritchie Bros. mobile app, which is an increase of 78% compared to 2019

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