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Late-model Kenworths added to Ritchie Bros. EOFY Auctions

With the transport industry still recovering from the effects of a supply chain hangover, Ritchie Bros. is encouraging sellers to bring their assets to market before the end of financial year.

“It’s the perfect time to clear any surplus assets and be prepared for the new financial year. We have multiple opportunities to sell including the Australian National IronPlanet EOFY Auction on May 25 and the Australian National Unreserved EOFY Auction on June 22-23. Our Major Rigging Complete Dispersal on May 24 and the New Zealand National Auction on May 26 are also great opportunities to buy before the June 30 deadline,” said Ritchie Bros. sales director Finlay Massey.

He’s encouraging buyers to skip long lead times for gear and register for these end of financial year auctions.

“Ritchie Bros. has a ready supply of late-model trucks available now and ready to be delivered. While there is a growing lead time on Kenworth truck orders, the market appetite for good, late-model used equipment and machinery with low hours is reaching new heights with no sign of demand slowing down. This is a trend not just in Australia, but globally,” added Massey.

“We have just consigned three 2018-2019 Kenworth T909 6×4 with 2018-2019 Kennedy B-Double Combinations to our upcoming National IronPlanet EOFY Auction on May 25. This is a great opportunity for buyers to get their hands on well-maintained Kenworth’s without the long wait times.

“Buyers are still looking at 12-month wait times for stock to arrive from dealers. The drawcard for these three late model Kenworths will be the long lead time to buy new and the fact they will sell to the highest bidder on the day. The successful bidder will be able to pick up their Kenworth the very next day.”

Massey said these assets are in hot demand. “There remains a very good appetite for transport gear in 2022, with rising prices of new machinery and lengthy wait times.

“OEMs are predicted to see a gradual, steady improvement this year, however, are not expected to see production return to pre pandemic levels just yet while supply chain bottlenecks continue to slow production on new trucks and trailers.”

The National IronPlanet EOFY Auction (May 25) and the National Unreserved EOFY Auction on June 22-23 is set to maintain high demand across the transport sector. “We already have 330 assets consigned to our auction in May, with more to be added daily,” said Massey.

Massey added that there are several reasons to buy and sell used equipment before the new financial year.

$150k Instant Asset Write-Off Scheme

“The government’s increased and extended the Instant Asset Write Off (IAWO) from $30,000 to $150,000 has helped companies purchase new and used equipment and claim the entirety of the purchase (under $150,000) as a tax write-off in the current financial year,” said Massey.

“The instant asset write-off is one of the best tax breaks for many businesses offering a means to acquire capital assets and obtain an immediate tax deduction. We encourage buyers to register of our End of Financial Year events and take advantage of the scheme if they haven’t already.”

Deferred payments for next financial year

Ritchie Bros. offers several solutions for sellers ahead of the end of financial year including the option of deferring the cash payment of sales proceeds for your equipment, allowing an opportunity to both sell at the optimal time and receive the cash in the new financial year.

“With Ritchie Bros. you can separate your selling decision from your cashflow. With Australian grain in demand, deferred payment enables you to capitalise on market conditions and select the most suitable time for your business to receive proceeds.”

Record-high market demand

Demand for used machinery is presenting businesses carrying surplus equipment with the opportunity to take advantage of high prices.

“Our online auctions in 2021 shattered records for bidder participation, as well as provided consistently strong buyer demand to push up selling prices. Our buyers have delivered a message to us: they want the safety and convenience of online bidding. We’re seeing surging online demand with web sessions up 52 per cent and bidder registrations up 85 per cent,” said Massey.

“Market demand is record high. Ritchie Bros. are breaking records across the board for all industries including transport, construction, agriculture and mining.

At Ritchie Bros., our bidder registration numbers are reaching record-breaking heights, and our database of buyers is second-to-none.

The auctions will include items from across the transport, construction, mining and agricultural industries. They will be held exclusively online with those interested in bidding urged to register to bid on the day.

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