Equipment Auction Market Strong Despite Challenged Economy
Summary
“In 2008, the fastest growing sectors of the live-auction industry were agricultural and machinery and equipment auctions and residential real estate,” reported an NAA press release, “Three sectors of the industry witnessed significant decreases last year, most likely the result of a poor performing economy: Art, antiques and collectibles, automobiles, and personal property.” According to the NAA’s research, the only auction category to experience growth was agricultural machinery & equipment with over $300 million dollars more gross sales revenue in 2008 over 2007.“Owners of heavy equipment and farm machinery use auctions to turn their assets into cash while buyers utilize auctions to find valuable assets at fair market value.” Some companies responded to the shifting market by growing their capabilities to serve construction, ag and heavy equipment sellers.“We’re seeing more opportunities and experiencing even greater success for our sellers in the equipment auction market,” said Purple Wave CEO and Founder Aaron McKee.The only area experiencing any growth was the agricultural and heavy equipment categories.“In 2008, the fastest growing sectors of the live-auction industry were agricultural and machinery and equipment auctions and residential real estate,” reported an NAA press release, “Three sectors of the industry witnessed significant decreases last year, most likely the result of a poor performing economy: Art, antiques and collectibles, automobiles, and personal property.”According to the NAA’s research, the only auction category to experience growth was agricultural machinery & equipment with over $300 million dollars more gross sales revenue in 2008 over 2007.All other areas experienced declines in 2008, but were still higher when compared to five years prior.“In today’s troubled economy, the equipment auction sector continues to hold strong,” said NAA spokesman Chris Longly.