Construction equipment

Professional Truck Prices Up 44%: Ritchie Bros.

Growing demand for truck tractors and other transportation assets caused an unprecedented price acceleration in the trucking industry last year, according to Ritchie Bros.

Mitigating factors such as port congestion, Covid-related reduced workforce capacity and continued driver shortages have hampered the industry’s ability to transport goods, while manufacturers have faced to headwinds producing trucks and meeting demand. For example, the volume of highway tractors (tandem axles) sold in 2021 was 37% below 2020 levels, according to the report, falling from more than 17,800 to more than 11,100 trucks.

The February 2022 Market Trend Report highlights the sales of truck tractors, van trailers, pickup trucks, box trucks, flatbed trucks, mechanical trucks, water trucks, dump trucks, low bed trailers, flat bed trailers and heavy haul trucks.

“We attracted a record number of bidders in 2021, resulting in the highest prices we’ve ever seen,” Doug Olive, SVP, said in a prepared statement. “The price of tractor units at the end of the year is up 65% year over year, while professional trucks are up 44% in the United States. It’s a seller’s market and shippers around the world are profiting by turning their excess trucks and trailers into cash.”

Said Doug Rusch, general manager of Rouse Sales, in a statement:

“In mid to late 2020, used equipment prices began to rise, and since then we have seen a steady increase in values ​​month over month. Since January 2019, auction values ​​for used truck tractors have increased by 77% and professional trucks by 27%. The retail channel also showed improvement for truck tractors, up 38% since January 2019.”

Source: Ritchie Bros.

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