Equipment auctioneer Ritchie Bros. notes growing demand for used equipment and rising prices in North America.

The trend was evident at its recent premier global equipment auction in Orlando which saw 11,200 items worth USD213 million change hands over six days.

Richie Bros. analysis notes that soaring demand for equipment caused unprecedented price acceleration in the sector in 2021.

The February 2022 Market Trends Report notes heated activity across a number of equipment categories, with Doug Olive, senior vice president (pricing), noting: “It's a seller's market and consignors around the world are taking advantage by turning their surplus (equipment) into cash."

The report finds that tight supply conditions and strong end-user demand continue to drive increasing used equipment values. Retail values continued to rise in February, up 2% in the month and 22% over the past 15 months.

Used aerial equipment was one of the strong performers, with prices increasing 42% in the three months ending in February, compared to the same period last year.

Around 200 boom lifts were sold in February alone, but the telling factor is price: the average last month was USD15,000 – while machines were fetching around USD11,000 at the end of 2021.

JLG, Genie and Skyjack were the top three brands, with the JLG 600S, Skyjack SJ16 and Skyjack SJ66T the best-selling models.

Caterpillar, JLG and Skytrak were the top-selling telehandlers, with average prices hitting USD41,000 in February, up from USD39,000 in November to January.

“Tight supply conditions and strong end-user demand continue to drive increasing used equipment values,” says Doug Rusch, managing director of Rouse Sales. “Auction values ... continue to rise — up 5% in February, which is the largest one-month increase we’ve seen during the pandemic — driven primarily by strong pricing at the recent Ritchie Bros. Orlando event.”