Ritchie Bros. sells record number of cargo vans as "last mile delivery" on the rise

Industry Insights Σχόλια

Chart 1
All data provided by Ritchie Bros. Market Trends

Cargo van sales reach new peak in Q2 2020

Cargo van sales at Ritchie Bros. auctions in Q2 2020 reached a new peak, selling 1,800+ trucks in June alone—up 22% from the company's previous monthly record set in December 2019. The median price for cargo vans has also seen a lift, up 30% from December 2019, to $10,000.

"Last mile delivery has opened up to smaller businesses as a result of Amazon's inability to agree on a dedicated contract with either UPS or FedEx," said Rob Slavin, Senior Valuation Analyst for Ritchie Bros. "Meanwhile online sales are growing exponentially, creating a massive need for last mile transport."

'For $100,000 you can fleet up … and you're in business'

Chart 2
All data provided by Ritchie Bros. Market Trends

According to American Trucker, while most trucking segments are experiencing rising unemployment, delivery jobs are up more than 12% in the U.S. And, with cargo vans of all makes, models, and sizes, Ritchie Bros. has become a popular destination for small businesses looking to add to their fleets or brand new start-ups building their fleet from scratch.

"For $100,000 you can fleet up with four to five used vans, get a contract, and you're in business," said Don Nash, Territory Manager for Ritchie Bros. "We've seen 'last mile delivery' steadily rising for the last two to three years, but it's growing like gangbusters since the COVID-19 pandemic hit. More people are shopping online than ever before."

The most popular cargo van brands at auctions right now are Freightliner, International, Ford, and Hino. To help companies find the right truck, Ritchie Bros. has built a new Cargo Truck Buying Center.

Cargo Trucks on IronPlanet

Register to bid online

Leave a Comment

Find Equipment & Trucks

We sell thousands of items each month at unreserved public auctions around the world. Search trucks, trailersfarm equipment or our current inventory to find the item you need.

Find Out What Your Equipment Is Worth

Create a free account and access 2 years of equipment selling prices.

Join us at these Events

Mar 25-25 ​IARA - Automotive Conference - Booth #6 - Las Vegas
Apr 19-22 Investment Recovery Conference - Scotsdale, AZ
​May 3-5 ​​Canadian Mining Institute Expo - Booth #809 - Vancouver BC
May 18-21 ​Government Fleet Expo GFX - Booth #225 - Aneheim, CA
Aug 23-24 ​NIGP 75th Annual Exposition - Chicago, IL

 

Connect with Us