Home DDT 2021 Supply and demand in a changing world

Supply and demand in a changing world

by editor

Pickles continues to provide a premium marketplace with access to a great range of quality second-hand trucks and machinery.

PANDEMIC IMPACT ON THE MARKET
Whilst business continued during the pandemic, both buyers and sellers had to evolve. For the past 12 months, we’ve been operating in an environment with long delays and under supply of new stock; an increase in retail buying resulting in the need for more transportation; prices increasing due to higher demand; and buying and selling only taking place online.

This has created a boom in second-hand equipment with the need for auction houses to ramp up servicing a wider market.

BUYERS BECOMING MORE COMFORTABLE BUYING ONLINE
Since the onset of COVID-19 and the government closure of auction houses in peak periods, the large majority of auctions only took place digitally. Bidders ‘attended’ a live auction accessed through the PicklesLIVE app or Pickles website; or bid in an online auction, PicklesONLINE, where auctions can last from two hours to four days.

To help with the potential deterrence of not being able to attend physical live auctions, Pickles improved operational processes to aid buyers becoming more comfortable with buying online. As such Pickles has seen an increase in both dealers and private buyers/ end users using their platform. In addition, there’s been a gradual increase of end-users’ buying at auction which started in 2010 when the national split between end-users and dealers was 50/50. Fast-forward to today and end-users now account for 80 per cent of industrial buyers nationally.

A LONG WAIT IS ON THE CARDS FOR NEW EQUIPMENT
As it stands, the wait on the majority of new equipment remains in excess of six months which suggests that the strength of the second-hand market will continue well into financial year 2022.

Vendors can expect to continue to reap the rewards of the bullish market with maximum values being achieved, whilst customers are connected with exactly what they’re looking with access to thousands of assets each month around the country.

Pickles is currently achieving strong national auction clearance rates which is expected to continue. Their commitment to both buyers and sellers is to create a marketplace where there is value for everyone.

For more information visit pickles.com.au or get in touch with their team on (02) 9738 3010.

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