According to Sandhills Global’s newest market reports, used heavy-duty truck, semitrailer, and construction machinery in Sandhills marketplaces are following the same trends observed in previous months. Inventory levels in these markets have increased, driving asking and auction values down. The used tractor market, however, is a notable exception to these trends.

Used combine inventory levels have remained steady for the past few months while asking and auction values continue to soften. Recent inventory gains in Q2 among high-horsepower (300 HP and greater) tractors have driven auction values downward. Despite the increasing inventory levels and decreasing auction values, however, asking values for high-HP tractors remain elevated. Buyers and sellers should monitor and assess values in the short term.

“Asking values for high-horsepower tractors were up compared to last year, but auction values are trending down,” said Sales Manager Mitch Helman. “It will be well worth paying attention to changes in this market as the spread between auction and asking values grows.”

The key metric used in all of Sandhills’ market reports is the Sandhills Equipment Value Index (EVI). Buyers and sellers can use the information in the Sandhills EVI to monitor equipment markets and maximize returns on acquisition, liquidation, and related business decisions. The Sandhills EVI data include equipment available in auction and retail markets as well as model year equipment actively in use.

Sandhills market reports highlight the most significant changes in Sandhills’ used heavy-duty truck, semitrailer, farm machinery, and construction equipment markets. Key points from the current reports are listed below. Full reports are available upon request.

U.S. Used Tractors Over 300 Horsepower

• Used farm equipment inventory levels continued to climb through June, with a substantial number of late-model high-horsepower tractors coming to market.
• Inventory levels of used high-HP tractors increased 10.27 percent M/M and 59.81 percent YOY in June. This continues a months-long trend of inventory increases.
• Since the beginning of 2023, asking values have held steady while auction values have declined. The subsequent gap between asking and auction values continued to grow larger in June. Used high-HP tractor asking values increased 1.4 percent M/M and rose 10.6 percent YOY in June and are currently trending sideways. Auction values dropped 0.55 percent M/M and rose 3.66 percent YOY and are trending down.

U.S. Used Combines

• Used combine inventory levels held steady in June, decreasing 0.75 percent M/M but increasing 18.32 percent YOY.
• Asking and auction values have been in decline since the start of the year. Asking values decreased 2.84 percent M/M in June but rose 6.61 percent YOY. Auction values pushed further into negative YOY territory in June, falling 3.94 percent M/M and 2.7 percent YOY, and are trending down. Asking values typically lag auction values by a few months.

U.S. Used Compact and Utility Tractors

• Inventory levels of used compact and utility tractors under 100 HP continued to rise in June, increasing 3.40 percent M/M and 66.78 percent YOY, and are trending up. The under-40-HP tractor category showed the largest M/M inventory increases.
• Asking values were 0.06 percent lower M/M but 2.5 percent higher YOY and are currently trending sideways. Auction values decreased 0.64 percent M/M and 1.57 percent YOY and are trending down.

U.S. Used Heavy-Duty Trucks

• Used inventory levels were up 4.45 percent M/M and 32.52 percent YOY in June following several months of increases. Day cab trucks are driving continued inventory level increases among used heavy-duty trucks overall.
• Asking and auction values fell in June, continuing a months-long trend of decreases. Asking values dropped 1.51 percent M/M and 20.75 percent YOY while auction values decreased 2.07 percent M/M and 24.42 percent YOY.

U.S. Used Semitrailers

• Used semitrailer inventory levels have shown consecutive months of increases, driving asking and auction values down. Continuing the trend, inventory levels were up 1.67 percent M/M and 38.47 percent YOY in June.
• Asking values fell 1.84 percent M/M and 23.53 percent YOY while auction values were down 3.31 percent M/M and 26.61 percent YOY. Asking and auction values have both shown decreases for several months.
• The highest M/M changes in inventory and values are occurring within the dry van trailer category.

U.S. Used Medium-Duty Trucks

• Like inventory changes among used heavy-duty trucks, medium-duty truck inventories continue to grow. Inventory levels rose 8.58 percent M/M and 30.54 percent YOY in June following months of increases.
• Values continue showing decreases of 2 percent to 3 percent each month. Asking values were down 2.52 percent M/M and 10.62 percent Y/Y in June and are trending down. Auction values fell 4.01 percent M/M and 16.72 percent YOY. As with heavy-duty trucks and semitrailers, these value drops follow months of declines.

U.S. Used Heavy-Duty Construction Equipment

• Used heavy-duty construction equipment inventory levels have been increasing since January. Inventories were up 2.63 percent M/M and 3.5 percent YOY in June and are currently trending up.
• Values, meanwhile, have been declining since January. Asking values decreased 2.15 percent M/M and 4.85 percent YOY in June and are trending down. Auction values fell 3.06 percent M/M and 6.94 percent YOY.

U.S. Used Medium-Duty Construction Equipment

• Following numerous months of increases, inventory levels of used medium-duty construction equipment rose 9.15 percent M/M and 42.80 percent YOY. Inventory in this category has increased more rapidly since January compared to heavy-duty construction equipment.
• Asking values remained steady but auction values fell in June, and Sandhills has observed a slight gap between asking and auction prices. Asking values decreased 0.59 percent M/M and 2.13 percent YOY in June while auction values fell 1.82 percent M/M and 5.86 percent YOY.

U.S. Used Lifts

• Similar to inventory increases in used medium-duty construction equipment, the used lift market has posted consecutive months of inventory increases since February. June increases were relatively modest for lifts, however, with inventory levels rising 5.30 percent M/M and 0.12 percent YOY.
• Asking values dropped 0.50 percent M/M and rose 6.14 percent YOY in June and are currently trending up. Auction values decreased 5.21 percent M/M and 1.97 percent YOY in June and are trending down.

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