Adjusting for mix where every item is unique
Nearly every piece of equipment or truck sold at Ritchie Bros. is unique—different make, model, hours, condition, owner, location, etc. And each of these factors can impact the final selling price. This makes it difficult to compare items in an apples to apples way to find pricing trends to showcase how items are performing over a long period of time. To do this properly, you need A LOT of data and some very skilled computer scientists to adjust for the mix of used assets sold in each auction.
Picture each auction as a basket of equipment and trucks. Each basket is different—some auctions have more trucks or more construction equipment, older gear or newer gear, sold in Orlando, FL or Geelong, Australia, etc. We track pricing data for all our sales solutions. Hundreds of thousands of unique transactions per year through Ritchie Bros. Auctioneers, IronPlanet, and Marketplace-E.
Our data scientists take this wealth of info and, through machine-learning, create price indexes that account for this mix in assets so that you can see how equipment and trucks are performing at an industry or asset level.
Download monthly indexes from Market Trends
Each month we provide a selection of price indexes in our free Market Trends Report, including indexes for large & medium earthmoving, vocational trucks, aerial equipment, truck tractors, and more. According to our most recent indexes, U.S. truck tractor pricing is up 24% while medium earthmoving is up 19% in the United States.
These price indexes are unbelievably valuable for many of our larger strategic account customers—and they can be valuable for you too. Our customers wait eagerly to receive updates each month to see how equipment pricing is trending. They’re looking for inflection points. Is the trend continuing upward or is it flattening out? How does pricing this year compare to past years? All of these are key factors to help you understand current market conditions to make better decisions, whether to buy or sell. And we can help.
To learn more about Market Trends and our numerous mix-adjusted price indexes, sign up for our monthly report. Get our data working for your company today.