Ritchie Bros. announced the release of an enhanced Market Trends application. This independent tool, with increased capabilities, is now available to all Ritchie Bros. customers for purchase.
The Market Trends application allows customers to understand the strength of an asset class through in-depth analysis of quarterly Ritchie Bros. transaction history, including market trends, equipment price performance, asset valuation curves and mix-adjusted price indexes.
"When you know the strength of an asset class, and can break it down by region and asset model, it allows users to make more educated decisions on when to buy and sell their assets," said Logan Mellott, strategic accounts sales director, Ritchie Bros. "In addition, the tool looks at asset valuation by age and usage — giving users a sense of what their equipment will be worth in the future. Additionally, by layering in the global Ritchie Bros. buyer information we can show market demand by geography at the make/model level. These types of insights represent the next step for data applications in our industry."
OEMs, dealers, finance companies and fleet owners will use Ritchie Bros. Asset Solutions to better understand their own assets and market — creating a clear picture for what assets are owned, what assets are coming in on trade, and the overall state of the market. Additionally, it provides OEMs insight into brand performance and how to market and adapt their operating activities to maximize company assets.
Ken Calhoon, vice president of data analytics, Ritchie Bros. added, "There are tools currently on the market that scrape Ritchie Bros. data, but there are inherent problems associated with trying to piece our data together on third party sites. For instance, we know that variables such as usage and equipment mix has a major impact on price indexes, and many tools don't provide that. Because the Market Trends application uses the full set of actual Ritchie Bros. transaction and asset data, including elements not available elsewhere, combined with our machine learning-based modeling, we are able to provide a unique view into used equipment pricing."
Enhancements include:
- Data is now available for assets sold across the globe and in multiple currencies
- Data results are updated quarterly
- Pricing trends by make and model
- Data comparison of OEM make and models
- 30-day transaction history showing pricing trends, updated daily through RB Now
- Proprietary machine learning-based mix adjusted price indexes
- Enhanced user experience interface
The Market Trends application is an independent part of the suite of services within RB Asset Solutions (rbassetsolutions.com), which is a complete end-to-end asset management and disposition system. This cloud-based SaaS solution brings together a suite of tools and services to help customers better manage, analyze, and sell their assets. From any internet-enabled device, customers will be able to access a complete inventory management system, data analytics and dashboards, branded e-commerce sites, and multiple external sales channels.
For more information, visit RitchieBros.com.
