The deal will diversify Ritchie Bros.' truck, construction, and farm equipment customer base by providing it with a larger presence in the vehicle remarketing vertical that has strong industry fundamentals with proven growth.
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All eight major market segments saw seasonally adjusted prices that were lower year over year in October.
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The consulting company will help the Tennessee-based auction operation reach a broader range of customers.
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Some manufacturers may be shifting more of their sales to fleet as they see retail sales soften due to consumer economic concerns.
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The supply issues plaguing automotive are ameliorating month over month, but to varying degrees depending on fleet type.
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The slowing economy has driven average vehicle sale and floor prices past a turning point compared to last year.
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The southeastern U.S. independent auction vehicle wholesaler now spans 10 locations after its second acquisition this year.
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All eight major market segments saw seasonally adjusted prices that were lower year over year in the first half of October.
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Carfax data shows an additional 400,000 water-damaged cars in 2022.
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Higher interest rates are likely hurting used-vehicle demand because consumers can’t afford the higher monthly payments.
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