Market Trends Report for Q3 2024 digs into constructions and transportation sales

Written by

Market Trends Report Q3 2024

With our December edition of the Market Trends Report, we are taking a broad view of construction equipment and transportation sales using the industry’s best Q3 2024 and Q3 2023

In the full report, we look at pricing, volume, age at sale and usage trends for most major construction and transportation equipment categories with both Ritchie Bros. auction data and Rouse retail insights.

Ritchie Bros. Auction Trends

The auction market has continued to decline through the third quarter of 2024, albeit at a slower rate. Secondary market sales volumes remain high, however, with volume in many instances flat or down year-over-year. If volume continues to decline, prices should stabilize moving forward.

Generally, equipment values in the U.S. are nearing or below long-term averages (when considering the impact of inflation), whereas prices in Canada are still elevated.

Volume, meanwhile, is generally flat or slightly down across both the U.S. and Canadian markets.

Retail Used Equipment Market from Rouse

Construction prices in the U.S. have decreased by approximately 2 percentage points from the last quarter, while transportation prices remained about the same.

Ritchie Bros. Mixed Adjusted Price Indexes

Prices in the U.S. for construction and transportation have decreased by 2 percentage points from last quarter (Q2 2024). On balance, values remain elevated against “pre-pandemic” (2019) levels.

In Canada, prices have decreased by 4 percentage points from last quarter (Q2 2024) in construction and decreased by 6 percentage points from last quarter in transportation. On balance, values for both categories remain elevated against “pre-pandemic” (2019) levels.

Subscribe and download free Market Trends Report today >>

Rouse & SmartEquip Clients Dominate Top Rental Company Lists

Written by

RER & IRN Top 100

 

Every year, both the Rental Equipment Register (RER) and International Rental News (IRN) put out their lists of the top 100 rental companies in North America and across the world, and we’ve again found scores of Rouse and SmartEquip customers among the global industry’s best of the best.

Driving greater efficiency in fleet management is what Rouse and SmartEquip are all about, and we can’t help but get excited when so many of our customers are recognized for the quality and success of their businesses. In fact, the numbers are staggering when you look at the companies sitting at the very top.

On the strength of their growth, revenue, stability and outlooks, 74 Rouse companies and 35 SmartEquip companies were among RER’s North American Top 100 for 2023. With the top three – United Rental, Sunbelt, and Herc – all using both Rouse and SmartEquip, you could say we’re feeling a little pride in what we do. In total, 33 companies on the RER list are successfully using both Rouse and SmartEquip to make better business decisions and upgrade their workflow.

“Both programs have given us more control over our business by providing different data points and increasing efficiency,” says Avery Dubose, Vice President of Rental Guys who are ranked number 87 on the RER Top 100, and subscribe to both services. “Rouse gives our sales and operations team more insight into what is happening in our market and Smartequip gives our service team the tools to keep up, they are a great 1-2 punch.”

The name of the game in 2023 was growth, and several companies across the RER top 10 have been on spree of purchasing smaller companies. After a combined $26.7 billion in revenue among the top 10 in 2022, that number hit $31.1 billion in 2023 – the sixth largest year-over-year increase this century. While this buying spree is expected to slow somewhat in 2024, the long-term outlook is promising thanks to U.S. legislation like the Infrastructure Investment and Jobs Act, and the CHIPS and Science Act.

It gets even better when we break down customer use cases. Nine of RER’s top 10 use Rouse Rental Insights. To take it a bit further, six of those nine companies also utilize the SmartEquip Procurement to streamline spare parts purchasing and back-office workflow. It couldn’t be any clearer that bundling these two services into your fleet management suite can provide a boon by improving efficiencies, reducing downtime, and maximizing use of your assets and resources.

Since launching Rouse Rental Insights with five companies in 2011, the product adoption has grown to over 400 companies across North America and has expanded into the United Kingdom, across Europe, and to Australia and Japan. For over 20 years, SmartEquip has been building a global network of suppliers and now supports the five largest construction equipment rental companies in the world, including United Rentals, Sunbelt Rentals, Aktio, Loxam and Herc.

Need more proof? Let’s turn to IRN’s 2023 Global Top 100, where 39 Rouse customers and 27 SmartEquip users reside, and here again you’ll find the same overall top three – United Rentals, Sunbelt/Ashtead Group, and Herc – benefitting from both services in tandem. Six of the top 10 on the IRN list use Rouse Services, and four of those six also rely on SmartEquip’s business productivity platform.

Rental companies across the globe are growing and winning behind Rouse and SmartEquip services. Learn more about Rouse Rental Insights or schedule a demo of SmartEquip Procurement today.