Stifel's recent analysis of used equipment market activity found that auction pricing for agricultural machinery posted a slight year-over-year gain in April, while prices for construction equipment produced mixed outcomes across segments.
The firm emphasized that overall trends have shown improvement when compared with challenging pandemic-era comparisons encountered in 2024. In many equipment categories, the current year-over-year change observed at auctions is stronger than the year-over-year change seen in asking prices.
Stifel noted that asking prices tend to better capture the broader market direction for used equipment, whereas auction pricing frequently leads changes in asking prices. In other words, movement at auctions can precede the patterns reflected in dealers' and sellers' listed prices.
The report called out a set of manufacturers and rental companies for whom these auction and asking-price dynamics are particularly relevant. For agricultural equipment manufacturers, Stifel listed AGCO Corporation (NYSE:AGCO), CNH Industrial (NYSE:CNH), and Deere & Company (NYSE:DE). The same auction trends apply to earthmoving equipment producers such as Caterpillar (NYSE:CAT), CNH Industrial and Deere & Company.
In addition, the analysis referenced aerial-equipment manufacturers Oshkosh Corporation (NYSE:OSK) and Terex Corporation (NYSE:TEX), and it cited implications for general rental companies including Ashtead Group (LON:AHT), Herc Holdings (NYSE:HRI), and United Rentals (NYSE:URI).
Overall, Stifel's findings suggest auction markets are offering an earlier signal of used-equipment value shifts, while asking prices continue to serve as a broader barometer of market direction. Where auction values have moved more strongly year-over-year, asking prices may follow, but the firm stresses that asking prices remain the better reflection of the wider used-equipment market.
Implications
- Equipment manufacturers and rental firms across agricultural, earthmoving and aerial segments may watch auctions for early signs of price movement.
- Asking prices are still considered the more representative indicator of broader market trends, even when auction changes are more pronounced.