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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Used Equipment Demand Fuels Strong Prices and Record Sales

January 5, 2022 GMT

ST. EDWARD, Neb., Jan. 05, 2022 (GLOBE NEWSWIRE) -- BigIron Auctions announced today record sales for its end of year auctions. Fueled by a shortage in supply and strong commodity prices, the demand for used equipment is greater than ever. A leader in the online auction industry, BigIron Auctions reported sales 50% higher than the prior December auctions, which included the sale of agriculture, construction and transportation equipment.

“The used equipment market is hot right now due to the lack of supply from manufacturers,” explained BigIron CEO, Mark Stock.

Here’s a few examples of jaw dropping prices seen on recent BigIron auctions:

  • On December 22, a 2019 Case IH 7250 combine sold for a new record auction price of $320,250
  • Also on December 22, a 2012 Case IH Steiger 500HD sold for an auction record of $230,250
  • A 2004 Challenger MT865 Track Tractor with 6,116 hours showing sold on December 29 for a new record auction price of $167,500
  • A 2016 Case CX235CSR Excavator with 1,486 hours on it sold for a record auction price of $144,500 on December 30

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“Equipment selling from retiring farmers is topping the market and, in several instances, is selling for more money than the farmer paid for it when they purchased the item.” Examples here include a 2014 J&M seed tender in Illinois which recently sold for $32,500. The seller bought it new for $25,000.

The online auction industry has taken off in the past few years, due to safety protocols as a result of the pandemic, and the reach and results sellers are realizing. “In a typical in-person auction, you might have a few dozen people on-hand, with only a handful of active bidders,” explains Stock. “With online, there are literally thousands of potential bidders from across North America watching on sale day.” Stock notes BigIron Auctions saw a 60% year-over-year increase in unique visitors to their site for their end-of-year auctions, and nearly 25,000 active bidders.

So how do you take advantage of these unprecedented times? Stock notes that owners who are currently sitting on unused equipment are in a great position right now. “The traditional line of thinking when it comes to unused equipment in the shed is, ‘It’s paid for and it’s not hurting anything.’ But I’ve encouraged neighbors and family members to re-think this, based on the current market.” Stock continues, “If you’ve got new equipment on order, I would absolutely wait to sell the old machinery only after you have the new item in your possession, as I’ve heard of too many stories where delivery dates continue to get pushed back from the manufacturer.” But, once in possession, Stock notes now is the time to sell.

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Stock concludes with his prediction for 2022. “I don’t have a crystal ball, but my feeling is that used equipment prices will remain strong in the coming year. In talking to dealers, they are still struggling to get the inventory they need. Plus, commodity prices continue to remain high, and I don’t see a drop in value coming anytime soon.”

About BigIron Auctions
BigIron’s online platform allows you to virtually “kick the tires” before you buy. We provide the seller’s information to our online buyers, so they have access to the same kind of information they’d get in person.

We’ve reinvented the way that used farm, construction and transportation equipment is sold to best meet the needs of our buyers and sellers with unreserved auctions, a guarantee of free title and no buyer fees. We are committed to continually improving our state-of-the-art online platform, where we host weekly online auctions. From this commitment, we have grown to become one of the largest unreserved online auctions serving rural America, selling thousands of items weekly to registered bidders representing a global marketplace.

Media Contact
Sandi Scott
BigIron Auctions
651-208-4582
sscott@tunheim.com