Ritchie Bros. Reports Declining Excavator Volumes and Pricing in the US



According to Ritchie Bros.’ August market trends report, in the United States, median prices for large excavators are down 9% year over year, while mini excavator prices have declined 5% in the last 90 days. In Canada, it is quite a different story, with large excavator prices up 12% year over year, while mini excavator prices over the last 90 days have increased 31%.

After August’s main feature on excavators, the report turned to Ritchie Bros.’ individual mix-adjusted industry indexes, which are still up compared with 2021 but declining on a month-to-month basis since the peak pricing achieved earlier this year. In the United States, truck tractor pricing still leads the way, up 27% year over year, while vocational trucks, medium earthmoving and large earthmoving prices are up 18%, 15% and 12%, respectively. Meanwhile, in Canada, truck tractor pricing is up 25%, while vocational trucks, medium earthmoving and large earthmoving prices are up 10%, 13% and 12%, respectively.

“We continue to experience year-over-year price inflation for equipment and trucks in the U.S. and Canada,” Doug Olive, senior vice president of pricing at Ritchie Bros., said. “However, as the transportation and logistics markets normalize, we have seen truck prices decline. We are seeing similar pricing trends across our other industry indexes as well, with year-over-year increases but declining on a month-to-month basis.”

“Tight supply continues to be the story in the retail market, with lower-than-typical sales volumes driving strong pricing and retail values increasing 2% in July,” Doug Rusch, managing director of Rouse Sales, said. “Excavators in particular have shown strong pricing, with retail values rising 4-5% in the past 90 days across all sizes classes. Auction values for excavators have moderated a bit since June 2022. Since then, we have seen smaller class mini excavator prices decline 6-7% percent at auction, while larger excavators have declined 2%.”

 Used Commercial Assets – Pricing Highlights
Price change (±1.5%) year over year for the three months ending July 31
Categories United States Canada
Large Earthmoving Δ Increased ~ 12 % Δ Increased ~ 12 %
Medium Earthmoving Δ Increased ~ 15 % Δ Increased ~ 13 %
Aerial Δ Increased ~ 13 % Δ Increased ~ 6 %
Truck Tractors Δ Increased ~ 27 % Δ Increased ~ 25 %
Vocational Trucks Δ Increased ~ 18 % Δ Increased ~ 10 %
Source: Ritchie Bros. transactional data.


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Terry Mulreany
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