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Skid steer prices up 30% in the U.S. according to Ritchie Bros. August Market Trends Report

This month's report includes commentary from Rouse Services on the used retail market

 

VANCOUVER, B.C. (August 18, 2021) – Ritchie Bros.' August Market Trends Report continues to show positive pricing trends across all its equipment indexes, with truck tractor prices up 31% in the U.S., while medium earthmoving and vocational trucks are up 27% and 26% respectively (for the three months ending July 31, 2021).

With this month's report, Ritchie Bros. takes a closer look at skid steer and multi terrain loader sales in the United States and Canada. Over the past decade the company has seen multi terrain loader sales grow exponentially in comparison to its wheeled counterpart. In 2010 Ritchie Bros. sold roughly five times more skid steers (3,037 units) in the U.S. than multi terrain loaders (624 units). By 2020 that ratio had changed drastically, as the company sold approximately 2.5 times more multi terrain loaders (3,484) than skid steers (1,310). Interestingly, in Canada, while multi terrain loader sales have certainly grown, skid steer loaders have maintained their lead in terms of number of units sold.

"We continue to drive unprecedented demand in 2021, resulting in pricing strength across all our indexes in this month's report," said Doug Olive, Senior Vice President (Pricing), Ritchie Bros. "Medium earthmoving equipment like skid steer loaders and multi terrain loaders are performing particularly well this year. According to our recent skid steer index, prices for the small but versatile machines are up 30% in Canada and 27% in the United States."

Doug Rusch, Managing Director of Rouse Sales, added, "The retail market for used compact-sized earthmoving equipment, including skid steer loaders, has shown impressive strength this year, leading all other categories in price achievement. Retail values for compact-sized earthmoving equipment are up 11% since January and are now at the highest level we've seen in the last 5+ years, indicating healthy demand and an attractive selling environment."

Used Commercial Assets - Pricing Highlights

Price change (±1.5%) year-over-year for the 3 months ending July 31, 2021

Categories USA Canada

Large Earthmoving


  Increased ~ 8%


  Increased ~ 9%


Medium Earthmoving


  Increased ~ 27%


  Increased ~ 29%


Skid Steer Loaders


  Increased ~ 27%


  Increased ~ 30%


Aerial


  Increased ~ 22%


  Increased ~ 17%


Truck Tractors


  Increased ~ 31%


  Increased ~ 14%


Vocational Trucks


  Increased ~ 26%


  Increased ~ 21%

 

Ritchie Bros.' Market Trends application is an independent part of Ritchie Bros. Asset Solutions (rbassetsolutions.com), a cloud-based asset management and disposition system with a suite of tools and services to help customers better manage, analyze, and sell their assets. For more information about Market Trends, please email dataproducts@ritchiebros.com.

About Ritchie Bros.:

Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a number of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company’s selling channels include: Ritchie Bros. Auctioneers, the world’s largest industrial auctioneer offers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing the exclusive IronClad Assurance(R) equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company’s suite of multichannel sales solutions also includes Ritchie Bros. Asset Solutions, a complete end-to-end asset management and disposition system. Ritchie Bros. also offers sector-specific solutions including GovPlanet, TruckPlanet, and Kruse Energy, plus equipment financing and leasing through Ritchie Bros. Financial Services For more information about Ritchie Bros., visit RitchieBros.com.

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Sameer Rathod
Vice President, Investor Relations & Market Intelligence
+1.510.381.7584
srathod@ritchiebros.com