Auction Market Reports - October 2022
We are breaking down the latest market reports from Sandhill's Global for October. Here are the highlights:
U.S. Used Heavy-Duty Trucks
Used inventory increased this month, reversing back-to-back months of decreases.
Asking values declined for the 5th consecutive month.
Auction values resume a downward trend that started in April 2022
· Used inventory levels increased 2.60% M/M and are trending upward. Used inventory levels are up 50.11% from last year.
· Asking values decreased by 1.8% M/M and are currently trending downward. Even though asking values are trending downward, asking values are up 17.41% from last year.
· Auction values decreased 2.29% M/M and are currently trending downward. Auction values are 3.07% higher than last year.
U.S. Used Semi-Trailers
Used inventory decreased for the 4th consecutive month.
Asking values declined for the 5th consecutive month.
Auction values resume a downward trend that started in April 2022
· Used inventory levels decreased 1.89% M/M and are trending sideways. While used inventory levels are currently trending sideways, used inventory levels are up 51.7% from a year ago.
· Asking values decreased by 1.5% M/M and are currently trending downward. Asking values remain 20.5% higher than last year.
· Auction values continue consecutive months of decrease, while auction values are 5.40% higher than last year.
U.S. Used Medium-Duty Trucks
Used inventory decreased for the 3rd consecutive month.
First time in 2 years that year-over-year auction values are declining.
· Used inventory levels decreased by 3.10% M/M and are trending sideways. While used inventory levels are presently trending sideways, used inventory levels are up 66.25% from a year ago.
· Asking values held steady this month and are 12.56% higher than last year.
· Auction values held steady this month but are currently trending downward.
· Auction values are down 2.90% from a year ago.
U.S. Used Heavy-Duty Construction Equipment
Used inventory continues to stabilize from 2 years of inventory declines
Asking values remain elevated from a year ago
Auction values are trending downward
· Used inventory levels held steady this month but were down 30.30% from last year.
· Asking values decreased by 1.7% M/M and are trending sideways. While asking values are trending sideways, asking values remain 6.40% higher than a year ago.
· Auction values decreased 2.5% M/M and are currently trending downward. Auction values continue to be higher than a year ago, up 4.82% YOY.
U.S. Used Medium-Duty Construction Equipment
Used inventory continues to stabilize from 2 years of inventory declines
Asking values declined for the 5th consecutive month.
Auction values have been trending lower since May of 2022.
· Used inventory levels increased 1.60% M/M and are trending sideways. While used inventory levels are currently trending sideways, used inventory levels are 15.07% less than a year ago.
· Asking values decreased by 0.5% M/M and are trending sideways. However, asking values remain 9.57% higher than a year ago.
· Auction values held steady this month and are currently trending downward, up 3.27% YOY.
U.S. Used Farm Equipment
Used inventory continues to stabilize from 2 years of inventory declines
Asking values remain strong and continue to show month-over-month increases
Auction values remain elevated
· Used inventory levels increased 1.5% M/M and are trending sideways. While used inventory levels are currently trending sideways, used inventory levels are 6.65% less than last year.
· Asking values increased by 2.2% M/M and are currently trending upward. Asking values remain higher than last year, up 8.82% YOY.
· Auction values increased 2.7% M/M and are currently trending upward. Auction values remain higher than last year, up 6.43% YOY.
U.S. Used Compact and Utility Tractors
Consecutive months of used inventory continue to pile up, reaching pre-pandemic levels.
Auction values continue to ease from recent highs set in Q2 of 2022.
· Used inventory levels increased 8.90% M/M and continued consecutive months of increases. Used inventory levels are up 60.91% from last year.
· Asking values decreased 0.80% M/M and are currently trending sideways. While asking values are trending sideways, asking values increased 6.34% YOY.
· Auction values decreased 0.5% M/M and continued consecutive months of decreases.
Our Thoughts on the Auction Market
We're overall feeling optimistic about good equipment. With interest rates increasing on consumer loans, the demand for goods used or almost new equipment would be higher. The opportunity for potential sellers is that domestic and abroad demand is still strong and not going anywhere. We need to provide them with good options for equipment to purchase.
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Sources:
Farm Equipment - October Market Report
Trucks/Trailers - October Market Reports
Construction Equipment - October Market Reports
Sandhills Magaine - https://www.sandhills.com/DigitalIssues/SandhillsMagazine/SM____101422/