Used prime mover and trailer sales up 52 per cent

According to Ritchie Bros.’ latest Market Trends Report, the sale of used prime movers and trailers have soared over the last 12 months.

The half-yearly report shows record demand for used transport and construction equipment and a booming agricultural sector, with used prime mover and trailer sales up 52 per cent, and tractor sales up by 156.97 per cent, from the same six-month period last year.

Ritchie Bros. APAC director, Finlay Massey, who sells industrial equipment and trucks through online auctions across Australia said the record growth with soaring demand across every sector including transport, construction, agriculture, energy and mining reached unprecedented levels in 2021.

“In the first half of 2022 we have seen significant increases in the numbers of construction, transport and agriculture vehicles sold as well as bidders, buyers and sellers turning up in droves,” Finlay said.

“Operators are turning to used assets as they are faced with 12-24 month waits on new equipment. We expect the transport industry will continue to be disrupted by significant challenges for the next 18 months, but we know the sector is buoyed by the commitment of the Australian Government through its $120 billion funding of the infrastructure investment pipeline and the Instant Asset Write-off Scheme stimulating spending,” he said.

The significant rise in buyer demand has continued despite the negative impacts of the pandemic that have plagued the industry over the last two years. These factors have contributed to an increasing cost base for operators and record demand for used equipment.

“What we are seeing on the Ritchie Bros. auction floors is continued buoyancy despite the real economic pain being felt right now. Put simply, we have cashed up buyers with not enough supply,” Massey said.

Ritchie Bros. says the transport machinery market continues to thrive despite driver shortages, record fuel prices and air freight being back up and running.

However, as so many operators are struggling with increasing costs, among other challenges, there has also been an increase in the number of complete fleet dispersals, as numerous transport operators sadly make the tough decision to call it quits – with Thurwood Refrigerated Transport, Burke’s Transport, Maranoa Haulage, Robert Holmes Transport, MMV Transport and Howe Haulage being just some of the companies which have closed their doors in the past 12 months and sold their fleets through the auction house.

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