US Used Equipment Average Auction Prices Mostly Flattish to Down MoM in July

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

US Used Equipment

Average Auction Prices Mostly Flattish to Down MoM in

July

We received an update from Sandhills Global with data on pricing, inventory, and

average age of used equipment in the secondary market (at auction and listed by

dealers on Sandhills’ sites, a proxy for retail) across agriculture, construction, and

trucks in the US. After sequential pullbacks in May and June, most categories

saw flattish to declining MoM auction prices continue in July (see Figure 1).

Our top observations for the month of July are: (1) Sleeper auction prices were

down ~2% MoM and flattish YoY, while day cab auction prices were flattish MoM

and down 5% YoY. Average inventories for sleepers decreased ~12% MoM and

decreased ~40% YoY, while average inventories for day cabs decreased 5% MoM

and decreased ~32% YoY. (2) Average auction prices for tractors decreased ~1%

MoM and were up ~3% YoY, while combine auction prices remained flattish MoM

and YoY. Average inventories for tractors were down ~2% MoM and down ~20%

YoY, while average inventories for combines were down ~3% MoM and down

~12% YoY. (3) MoM, average auction prices were mostly flat to down across the

construction equipment category: down ~2% for scissor lifts and telehandlers,

down ~1% for dozers, flattish for excavators, wheel loaders and boom lifts and up

~2% for fork lifts. Average asking prices were down ~1% MoM for excavators,

telehandlers and wheel loaders, flattish for boom lifts, down ~3% for scissor lifts,

up ~2% for fork lifts and up ~1% for dozers. YoY, average inventories were up for

forklifts, flattish for boom lifts, and decreased for all other construction equipment

types. See Figure 1 for an overview of YoY/MoM trends for used equipment

data in July across trucks, agricultural machinery, and construction

equipment along with the respective categories.

Machinery, Engineering &

Construction

Tami Zakaria, CFA AC

(1-212) 622-9888

Alec R McGuire

(1-212) 622-2432

Raquel Betesh

(1-212) 622-1313

J.P. Morgan Securities LLC

The authors wish to thank Prerana

Jhanwar, of the J.P. Morgan Global

Research Center, for contributions to this

report.

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