Ritche Bros. Releases September Market Trends Report

Ritchie Bros.September Market Trends Report detailed sales of oil & gas support equipment over the past 20 months, (January 2021 to August 2022), including detailed charts breaking down volume, median asset age, and pricing for boom, vacuum and bed trucks, as well as winch tractors, tanker trailers, frac tanks and more.

Sales of oil and gas have been steady in 2022. Pricing is a different, as the volumes sold per quarter fluctuate greatly and the variance in equipment specifications make it difficult to summarize pricing trends.

“We have decades of experience helping companies in oil & gas buy and sell equipment for their businesses and we want to continue to grow in this sector,” Doug Olive, SVP – pricing, Ritchie Bros., said. “Traditionally Alberta and Texas have been our biggest markets and it’s no coincidence that these are also hotbeds for the oil & gas sector. With our September Market Trends Report it drill down into the details so you can learn more about what’s going on in the industry.”

After its main feature on oil and gas assets, it turn to its individual industry indexes. While all indexes show increased pricing over the same time last year, month over month changes are declining since peak pricing earlier this year.

In the U.S., Ritchie Bros.’ mix-adjusted price indexes for the three months ended in Aug. 31, 2022, show truck tractor prices are rising, up approximately 18% compared to the same time period last year, but down 11% compared to the three months ending December 2021. Large and medium earthmoving prices are currently up 9% and 8% respectively compared to the same time period last year, however that is down 1% and 2% compared the three months ending December 2021. Vocational trucks are up 9% year-over-year but down 5% since Dec. 2021 and aerial equipment is up 7% but down 5% since Dec. 2021.

“As we have seen in the auction space, retail is also dealing with supply issues,” Doug Rusch, managing director of rouse sales at Ritchie Bros., said. “However, retail volumes in August were bit stronger than recent months—only down 5% year over year vs. declines of 20-25% in previous months. At the same time, demand continues to be strong, resulting in retail values increasing for the 22nd straight month—up a further 2.3% in August.”

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