Ritchie-Bros-Used-Equipment-Market-Trends-Summary-US ...

Market Trends Report Used Trucks & Trailers

(North America)

February 2022

Special Edition: 2021 Highlights

Ritchie Bros. Used Equipment Market Trends Summary (North America Edition) | February 2022

Copyright© 2022 Ritchie Bros. All rights reserved. Any redistribution or reproduction in whole or in part or in any form is strictly prohibited.

Special Edition 2021 Highlights

Summary .................................................................................................................................. 1- 2

Main Feature

Transport Trucks & Trailers ................................................... ....................................................... 3-6

Pickups, Vocational Trucks & Trailers ............................................................................................. 7-27

Rouse: Retail Used Equipment Market.............................................................................................. 28-29

Seller & Buyer Maps ............................ ......................................................................................... 30

About Ritchie Bros. ..................................................................................................................... 31

This research includes summary information taken from Ritchie Bros. Market Trends, a premium data product that allows users like you to access 10 years of Ritchie Bros. transaction level data providing:

▸ Real time insights - See results from our most recent auctions ▸ Equipment flows - Draw insights into asset flows across state and national boundaries▸ Make-model details - Determine residual pricing of assets at make-model level of detail for auction ▸ Like-for-like comparisons - Compare residual value for like-for-like assets

Subscribe to Ritchie Bros. Market Trends and access this data and more in-depth detail by country, date range, asset category, brand, model, as well as median asset age, usage and other key data points.

About this Research

All data and charts are from Ritchie Bros. Market Trends. To learn more about Market Trends, visit rbassetsolutions.com

Table of contents

http://rbassetsolutions.com

1 Ritchie Bros. Used Equipment Market Trends Summary (North America Edition) | February 2022



Summary

Thank you for subscribing to the Ritchie Bros. monthly Market Trends Report! With this edition, we offer a comprehensive review of the transportation industry throughout 2021, including transport and vocational trucks and trailers in the United States and Canada.

You’ll note the section for the Ritchie Bros. mix-adjusted price indexes is missing in this month’s edition – historically, the company has the fewest sales transactions in January. We will resume publishing the indexes in March, which will include the results of our Premier Global Auction in Orlando.

Now, let’s look back at transportation in 2021…

The trucking industry continued to see high demand

Factors such as port congestion, COVID-related reduced workforce capacity, and continued driver shortages have hampered the industry’s ability to transport goods as fast as it once did. Furthermore, the pace that manufacturers produce trucks has been dampened by these same factors. This environment has contributed to the unprecedented price acceleration we saw in median pricing of used trucks in 2021.

Price indexes up; volumes down

In the United States, the Ritchie Bros. mix-adjusted price index for truck tractors shows that, for the three months ending December 31, prices for used truck tractors increased +65% compared to the same time frame last year. For 2021, the volume of truck tractors (tandem axle) sold dropped by -37% from 2020 levels – from more than 17,800 to over 11,100 trucks. Unsurprisingly, the trucks sold last year were older and had higher mileage.

Truck Tractors – U.S.

Truck tractors (S/A, T/A, Tri/A)

Prices for vocational trucks showed a similar upward trend by increasing +44%. For all the vocational truck and trailer categories researched for this report that sold via Ritchie Bros. sales channels, volumes were down from previous years. The most significant volume decline in 2021 from 2020 was in van trucks (-42%).

Vocational Trucks – U.S.

Flatbed Trucks, Dump Trucks (S/A, T/A, Tri/A, Quad/A), Mixer Trucks (S/A, T/A, Tri/A, Quad/A), Van & Reefer Trucks, Mechanics Trucks, Utility Trucks

In Canada, the Ritchie Bros. price index for truck tractors is similar, yet not quite as dramatic as in the U.S. For the three months ending December 31, used truck tractor pricing increased +37% compared to the same period in the previous year. The trucks sold in 2021 were older and had higher kilometers than those sold in 2020.

New Solution = New Insights

We have recently launched the new self-serve listing service Ritchie List and already have tens of thousands of items listed from customers across North America. Stay tuned for insights from this new channel in upcoming Market Trends Reports.

+44%

+65%




Truck Tractors – Canada

Truck tractors (S/A, T/A, Tri/A)

Prices for vocational trucks were up +32%. Unit sales were down in 2021 from previous years with the exception of dump trucks (tri axle) and truck tractors (tri axle).

Vocational Trucks – Canada

Flatbed Trucks, Dump Trucks (S/A, T/A, Tri/A, Quad/A), Mixer Trucks (S/A, T/A, Tri/A, Quad/A), Van & Reefer Trucks, Mechanics Trucks, Utility Trucks

But what about the retail market?

As with previous reports, we have included retail commentary and charts from Rouse Services on pages 28 – 29 of this report. Across the wide array of transport and construction equipment that Rouse tracks, truck tractors and vocational trucks have show the strongest price increases over the last year.

For more definitive equipment valuations and market insights encompassing the retail and auction markets, contact Rouse Sales at [email protected].

“We attracted a record number of bidders in 2021, resulting in the strongest pricing we have ever seen. Truck tractor pricing at the end of the year was up 65% year over year while vocational trucks were up 44% in the U.S. It’s a seller’s market and consignors around the world are taking advantage by turning their surplus trucks and trailers into cash.”

Doug Olive, SVP, Pricing

On the Ritchie Bros. auction market...

“In mid to late 2020, used equipment pricing started to increase, and since then, we've seen a steady uptick in values month in and month out. Since January 2019, auction values for used truck tractors are up +77% and vocational trucks up +27%. The retail channel has also shown improvement for truck tractors, up +38% since January 2019.”

Doug Rusch, Managing Director, Rouse Sales

On the retail used equipment market...

+37%

+32%




Transportation Trucks & Trailers

Truck Tractors (T/A) Sold in the U.S. & Canada through Ritchie Bros. sales channels

0

2

4

6

8

10

12

14

16

18

20

2017 2018 2019 2020 2021

Thou

sand

s

Truck Tractors (T/A) Units Sold in the U.S. & Canada

Canada United States

2020 was a record year for the number of truck tractors (tandem axle) sold in the U.S. and Canada at Ritchie Bros. The difference: more truck tractors are sold in the U.S. than Canada. The delta narrowed last year, with 2.7 times the Canadian volume down from 3.3 times in 2020.

In this section we look at truck tractors sold in both countries over the past two years and van trailers sold in the U.S.




Truck Tractors T/A

2021 2020 Change

Median Price (USD)$22.0 K $17.5 K 25.7%

Volume (Units)11,190+ 17,855+ -37.3%

Median Age (Years)9 7 2 yrs older

Median Usage (Miles)549.0 K 507.0 K -8.3%

Top Selling Brands by VolumeFreightliner Freightliner No change

Peterbilt International ChangedInternational Peterbilt Changed

Top Makes & Models by VolumeFreightliner Cascadia Freightliner Cascadia No changeInternational Prostar International Prostar No change

Kenworth T800 Kenworth T800 No changeBuyer Locations

Local (within state) 27% 33% DownOut-of-state 67% 62% Up

International 6% 5% Up

Numbers are approximate




2021 2020 Change

Median Price CAD USD CAD USD

$22.0 K $17.7 K $18.0 K $13.5 K 22.2%Volume (Units)

4,165+ 5,405+ -22.9%Median Age (Years)

9 7 2 yrs olderMedian Usage (Kilometers)

884.0 K 804.0 K -10.0%Top Selling Brands by Volume

Freightliner Freightliner No changeKenworth International Changed

International Kenworth ChangedTop Makes & Models by Volume

Freightliner Cascadia Freightliner Cascadia No changeKenworth T800 International Prostar Changed

Volvo VNL Kenworth T800 ChangedBuyer Locations

Local (same province) 53% 62% DownOut-of-province 31% 30% Up


Truck Tractors T/A





Van Trailers

2021 2020 Change


Volume (Units)2,065+ 2,970+ -30.5%


Top Makes & Models by VolumeWabash DVCVHPC Wabash DVCVHPC No change

Utility VS2DX Utility VS2DX No changeUtility VS2DC Utility VS2DC No change

Buyer Locations Local (within state) 37% 45% Down

Out-of-state 61% 50% UpInternational 2% 5% Down





Pickups, Vocational Trucks & TrailersIn this section we look at pickups as well as working trucks and trailers sold through Ritchie Bros. sales channels.

The United States

Outside of dump trucks, which saw positive volume growth from 2020 to 2021, other transportation categories saw declines ranging from -7% (heavy haul trucks) to -42% (van trucks).

954 8241,008

7,547

1,213

746

5,296

4,272

1,549

604344

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Pickups Van Trucks Flatbed Trucks MechanicTrucks

Water Trucks Dump TrucksT/A

Dump TrucksTri/A

Lowboy Trailers Step DeckTrailers

Truck Tractors(Tri-Axle+)

Heavy HaulTrucks

Pickups, Vocational Trucks & Trailers: Units Sold in the U.S.Highest volume sold over the past five years highlighted

2017 2018 2019 2020 2021

Canada

Unsurprisingly, the volume of trucks and trailers sold is lower in Canada than the U.S. The number of dump trucks sold increased in 2021 from 2020 while other vocational categories saw declines ranging from -11% (pickups) to -55% (step deck trailers).

3,799

381

668

1,110 1,047

410247 197 122

403307

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Pickups Flatbed Trucks Van Trucks Dump TrucksT/A

MechanicTrucks

Dump TrucksTri/A

Heavy HaulTrucks

Truck Tractors(Tri-Axle+)

Lowboy Trailers Water Trucks Step DeckTrailers

Pickups & Vocational Trucks & Trailers: Units Sold in CanadaHighest volume sold over the past five years highlighted

2017 2018 2019 2020 2021

2017 2018 2019 2020 2021




Pickups

2021 2020 Change


Volume (Units)6,170+ 7,535+ -18.1%

Median Age (Years)10 9 1 yr older

Median Usage (Miles)141.0 K 153.0 K 7.8%

Top Selling Brands by VolumeFord Ford No change

Chevrolet Chevrolet No changeGMC Dodge Changed

Top Makes & Models by VolumeFord F150 Ford F150 No changeFord F250 Ford F250 No change

Chevrolet 1500 Chevrolet 1500 No changeBuyer Locations







Pickups

2021 2020 Change



3,340+ 3,755+ -11.1%Median Age (Years)

10 9 1 yr olderMedian Usage (Kilometers)


Ford Ford No changeChevrolet GMC Changed

GMC Chevrolet ChangedTop Makes & Models by Volume

Ford F150 Ford F150 No changeFord F350 Ford F350 No changeFord F250 Ford F250 No change

Buyer Locations Local (same province) 70% 68% Up

Out-of-province 27% 27% No changeInternational 3% 6% Down





Van Trucks

2021 2020 Change


Volume (Units)3,055+ 5,295+ -42.3%



Top Selling Brands by VolumeInternational Freightliner Changed

Ford International ChangedFreightliner Ford Changed

Top Makes & Models by VolumeInternational 4300 Freightliner M2106 ChangedFreightliner M2106 International 4300 Changed

Workhorse P42 Freightliner M2 ChangedBuyer Locations


International 3% 3% No change





Van Trucks

2021 2020 Change


$5.5 K $4.4 K $6.5 K $4.8 K -15.4%Volume (Units)

675+ 1,045+ -35.4%Median Age (Years)



Ford Ford No changeInternational International No change

GMC Freightliner ChangedTop Makes & Models by Volume

International 4300 Freightliner M2106 ChangedFord E450 International 4300 ChangedFord E350 Ford E450 Changed

Buyer Locations Local (same province) 74% 75% Down

Out-of-province 23% 23% No changeInternational 3% 2% Up





Flatbed Trucks

2021 2020 Change


Volume (Units)3,500+ 4,270+ -18.0%




Chevrolet International ChangedInternational Freightliner Changed

Top Makes & Models by VolumeFord F450 Ford F550 ChangedFord F350 Ford F450 ChangedFord F550 Ford F350 Changed


Out-of-state 61% 55% UpInternational 4% 5% Down





Flatbed Trucks

2021 2020 Change



930+ 1,105+ -15.8%Median Age (Years)



Ford Ford No changeGMC Chevrolet Changed

International GMC ChangedTop Makes & Models by Volume

Ford F350 Ford F350 No changeFord F550 Ford F550 No changeFord F450 Chevrolet 3500HD Changed


Out-of-province 33% 33% No changeInternational 3% 4% Down





2021 2020 Change


Volume (Units)1,190+ 1,545+ -23.0%




International International No changeChevrolet Chevrolet No change

Top Makes & Models by VolumeFord F550 Ford F550 No changeFord F750 Ford F750 No change

Ford F550 SuperDuty Ford F450 ChangedBuyer Locations



Mechanics Trucks





Mechanics Trucks

2021 2020 Change



310+ 405+ -23.5%Median Age (Years)



Ford Ford No changeInternational Dodge Changed

Dodge International ChangedTop Makes & Models by Volume

Ford F550 Ford F550 No changeFord F450 Dodge 5500HD Changed

International 4300 Ford F350 ChangedBuyer Locations

Local (same province) 60% 53% UpOut-of-province 37% 41% Down

International 3% 6% Down





Water Trucks

2021 2020 Change


Volume (Units)990+ 1,110+ -10.8%



Top Selling Brands by VolumeInternational International No change

Ford Ford No changeFreightliner Freightliner No change

Top Makes & Models by VolumeInternational 4300 Ford F750 Changed

Ford F750 International 4300 ChangedInternational 4400 Freightliner M2106 Changed


Out-of-state 58% 54% UpInternational 8% 7% Up





Water Trucks

2021 2020 Change






International International No changeMack Mack No change

Kenworth Western Star ChangedTop Makes & Models by Volume

Kenworth T800 Mack CH613 ChangedMack CH613 Kenworth T800 ChangedMack CV713 Western Star 4900SA Changed


Out-of-province 35% 33% UpInternational 4% 2% Up





Dump Trucks T/A

2021 2020 Change


Volume (Units)840+ 765+ 9.8%

Median Age (Years)18 19 1 yr newer


Top Selling Brands by VolumeMack Mack No change

Peterbilt International ChangedInternational Peterbilt Changed

Top Makes & Models by VolumeKentworth T800 Kenworth T800 No change

Mack CH613 Mack CH613 No changeMack CV713 Mack CV713 No change

Buyer Locations Local (within state) 35% 34% Up

Out-of-state 59% 62% DownInternational 6% 4% Up





Dump Trucks T/A

2021 2020 Change





471.0 K 502.0 K 6.2%Top Selling Brands by Volume

International International No changeKenworth Kenworth No changePeterbilt Peterbilt No change

Top Makes & Models by VolumeKenworth T800 Kenworth T800 No change

International 7400 Peterbilt 367 ChangedInternational 7500 International 7500 No change


Out-of-province 32% 31% UpInternational 2% 4% Down





Dump Trucks Tri/A

2021 2020 Change


Volume (Units)875+ 805+ 8.7%



Top Selling Brands by VolumeMack Mack No change

Peterbilt Peterbilt No changeKenworth Kenworth No change

Top Makes & Models by VolumeMack CV713 Kenworth T800 Changed

Kenworth T800 Mack GU713 ChangedMack GU713 Mack CV713 Changed

Buyer Locations Local (within state) 28% 27% Up

Out-of-state 70% 70% No changeInternational 2% 3% Down





Dump Trucks Tri/A

2021 2020 Change



400+ 315+ 27.0%Median Age (Years)


614.0 K 617.0 K 0.5%Top Selling Brands by Volume

Mack Mack No changeKenworth International Changed

International Kenworth ChangedTop Makes & Models by Volume

Kenworth T800 Kenworth T800 No changePeterbilt 367 International 5600 Changed

International 5600 Mack CV713 ChangedBuyer Locations

Local (same province) 67% 72% DownOut-of-province 14% 15% Down






Lowboy Trailers

2021 2020 Change


Volume (Units)640+ 800+ -20.0%


Top Makes & Models by VolumeTrail King TK110HDG533 Holden HRD60 ChangedWitzco Challenger RG50 Witzco Challenger RG50 No change

XL Specialized XL110HDG XL Specialized XL110HDG No changeBuyer Locations



2021 2020 Change




16 15 1 yr olderTop Makes & Models by Volume

Gerrys KSN105 Trail King TK110SA533 ChangedScona TLB Aspen FG403 ChangedLandoll 455 Kline KSN105 Changed

Buyer Locations Local (same province) 65% 65% No change






Stepdeck Trailers

2021 2020 Change




15 13 2 yrs olderTop Makes & Models by Volume

Wilson CFD900 Manac 14350A000 ChangedLode King SDE533 Manac 14350A0 ChangedLode King SD9533 Wilson CFD900 Changed


Out-of-province 40% 28% UpInternational 4% 4% No change

2021 2020 Change


Volume (Units)570+ 720+ -20.8%


Top Makes & Models by VolumeTrail King TK70HT482 Trail King TK70HT482 No change

Fontaine HAVSD12WSA Trail King TK70HT ChangedTranscraft DTL2100 Transcraft DTL2100 No change







Truck Tractors Tri/A

2021 2020 Change


Volume (Units)435+ 600+ -27.5%



Top Selling Brands by VolumeKenworth Peterbilt ChangedPeterbilt Kenworth Changed

Mack Freightliner ChangedTop Makes & Models by Volume

Kenworth T800 Kenworth T800 No changeKenworth W900 Peterbilt 379 Changed

Freightiner Cascadia Peterbilt 367 ChangedBuyer Locations







Truck Tractors Tri/A

2021 2020 Change



305+ 305+ 0.0%Median Age (Years)



Kenworth Kenworth No changePeterbilt Peterbilt No change

Western Star Western Star No changeTop Makes & Models by Volume

Kenworth T800 Kenworth T800 No changeWestern Star 4900SA Peterbilt 367 Changed

Peterbilt 367 Western Star 4900SA ChangedBuyer Locations

Local (same province) 58% 60% DownOut-of-province 32% 31% Up






Heavy Haul Trucks

2021 2020 Change


Volume (Units)320+ 340+ -5.9%



Top Selling Brands by VolumePeterbilt Peterbilt No change

Kenworth Kenworth No changeWestern Star Western Star No change

Top Makes & Models by VolumeKenworth T800 Kenworth T800 No change

Western Star 4900SF Peterbilt 367 No changePeterbilt 389 Peterbilt 567 No change







Heavy Haul Trucks

2021 2020 Change






Kenworth Kenworth No changeWestern Star Freightliner ChangedFreightliner Western Star Changed

Top Makes & Models by VolumeKenworth T800 Kenworth T800 No changeKenworth T880 Western Star 4900SA ChangedKenworth W900 Freightliner Cascadia Changed







• •• • ••••••

0.60 0.70 0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 1.80

• • • •• •• • •••• • ••• • • • •••••• •• •••• ••• ••••••••••••••••••••••••••••••••••••••

• •• • ••••••

0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

1.40• • • •• •• • •• ••••• • • • •••••• •• •••• ••• •••••••••••••••••••••••••••••••••••••

In 2021, across the wide array of transport and construction equipment that Rouse tracks, truck tractors and vocational trucks have shown the strongest price increases over the previous year. Used pricing started to increase beginning in mid to late 2020, and since that time we’ve seen a steady uptick in values month in and month out over the last 12-18 months.

Today, auction values for used truck tractors site +77% higher than January 2019. Pricing for vocational trucks is also strong, up +27% since January 2019.

The retail channel has also shown steady pricing improvement, particularly for truck tractors up +38% since January 2019.

Retail Used Equipment Market

Rouse Retail Index: Truck Tractors2/1/2022

1.38

Rouse Auction Index: Truck Tractors2/1/2022

1.77

1/1/20191.00

1/1/20191.00




• •• • ••••••

0.80

0.90

1.00

1.10

1.20• • • •• •• • •• ••••• • • • •••• • •• ••• • • ••••• •• •••••••••••••••••••••••••••••••••••••••

• •• • ••••••

0.80

0.90

1.00

1.10

1.20

1.30• • • •• •• • •••• • ••• • • • •••• • •• ••• • • ••••• •• ••••••••••••••••••••••••••••••••••••••••

Retail Used Equipment Market

Rouse Retail Index: Vocational Truck

1/1/20221.03

Rouse Auction Index: Vocational Truck

12/1/20221.27

1/1/20191.00

1/1/20191.00




Seller & buyer maps for the 3 months ending December 31, 2021i

Top 5 buying countriesii:

▸ Mexico

▸ Peru

▸ United Arab Emirates

▸ Australia

▸ Egypt

Seller Map – North America

Buyer Map - North America

Buyer Map - World Wide

iBased on value of transactions (USD) iiOutside United States and Canada

Top 5 buying regions:

▸ Texas, USA

▸ California, USA

▸ Alberta, Canada

▸ Florida, USA

▸ Ontario, Canada

Top 5 selling regions:

▸ Texas, USA

▸ California, USA

▸ Alberta, Canada

▸ Alabama, USA

▸ Florida, USA




About Ritchie Bros.

Unreserved live auctions

▸ 40 auction sites globally with secured storage & buyer inspection

▸ 350+ live unreserved auctions a year

▸ Certainty of sale

Inventory, data insights & disposition platform

▸ Inventory management system

▸ Market trends and pricing tools

▸ Maximize value of equipment through choice of disposition

Weekly online auctions

▸ Regular weekly auctions

▸ Convenience of selling where it sits

▸ Buyer confidence from IronClad Assurance® equipment condition certification

Reserved online marketplace

▸ Control over your selling price & timing of sale

▸ Convenience of selling where it sits

▸ Buyer confidence from IronClad Assurance® equipment condition certification

Self-serve equipment and truck listings

▸ Easy-to-use interface, multiple ways to upload, secure transaction option

▸ Access to powerful pricing tools & market data

▸ No paid ad obligations, affordable monthly subscription

Ritchie Bros. connects equipment buyers and sellers through a global network of auction facilities and online sales channels. Ritchie Bros. Auctioneers and IronPlanet bring you multi-channel, trusted solutions that are transparent, fair and convenient.

Data intelligence & performance benchmarking solutions

▸ Rental analytics

▸ Equipment sales support

▸ Fleet appraisals

http://rbauction.com

http://ironplanet.com

http://ironplanet.com/marketplace-e

http://rbassetsolutions.com

https://www.rouseservices.com

https://www.ritchielist.com

For more information contact:[email protected]

Subscribe for free:

ritchiebros.com/market-trends-report

mailto:info%40rousesales.com%20?subject=More%20Information%20Request

http://rbassetsolutions.com/market-trends-report

Ritchie-Bros-Used-Equipment-Market-Trends-Summary-US ...

Documents

Transcript of Ritchie-Bros-Used-Equipment-Market-Trends-Summary-US ...