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Long lead times on new equipment and exceptionally high productivity in key industries have pushed heavy machinery demand at Ritchie Bros. to unprecedented levels and equipment owners are taking advantage. First quarter of 2021, Ritchie Bros. has driven website traffic up 47% year over year while bidder registrations are up 49%.
“We currently see price performance of construction equipment at our auctions in Europe averaging 10 to 15% higher than a year ago,” said Jeroen Rijk, Ritchie Bros. Managing Director EMEA & Latin America.“I’ve never seen anything like this in my 25 years working in the industry.”
Mr. Rijk continued, “Ritchie Bros. has always been on the cusp of international equipment supply and demand. We’ve seen massive demand spikes in the past, but they are normally regionalized. It’s now a global tendency with increased bidder activity from all over the world, from almost all industry verticals we serve. Construction, agricultural, mining, transportation or other industries; demand is incredibly strong across the board. It’s an exciting time if you have equipment to sell.”
In addition to market conditions, Ritchie Bros. also attributes increased buyer activity to the fact that auctions provide quick access to work-ready equipment and the company’s online Timed Auction system, which has been used exclusively in the EMEA region since March 2020, has made bidding easier and more convenient.
To learn more about equipment pricing, download the latest European Ritchie Bros.’ Market Insight report here. This free report from Ritchie Bros. is available in eight languages. A closer look at the data shows:
To learn more about equipment pricing, download the latest European Ritchie Bros.’ Market Insight report here.
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