US Used Equipment: Average Auction Prices Mostly Down MoM in June

Research evidence excerpt

US Used Equipment: Average Auction Prices Mostly Down MoM in June

J P M O R G A N North America Equity Research

06 July 2026

US Used Equipment

Average Auction Prices Mostly Down MoM in June

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

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

dealers on Sandhills’ sites, a proxy for retail) across agriculture, construction, and Tami Zakaria, CFA AC

trucks in the US. After sequential pullbacks in April and May, most categories (1-212) 622-9888

continued to see MoM declines in June, except for trucks, which saw auction tami.zakaria@jpmchase.com

prices mixed MoM (see Figure 1). Our top observations for the month of June Alec R McGuire

are: (1) Sleeper auction prices were up ~1% MoM and up ~7% YoY, while day cab (1-212) 622-2432

auction prices were down ~2% MoM and flattish YoY. Average inventories for alec.mcguire@jpmorgan.com

sleepers decreased ~10% MoM and ~34% YoY, while average inventories for day Raquel Betesh

(1-212) 622-1313

cabs decreased 4% MoM and decreased ~30% YoY. (2) Average auction prices for raquel.betesh@jpmchase.com

tractors were flattish MoM and up ~4% YoY, while combine auction prices J.P. Morgan Securities LLC

decreased ~1% MoM and increased ~1% YoY. Average inventories for tractors

were down ~1% MoM and down ~20% YoY, while average inventories for

combines were down ~2% MoM and down ~10% YoY. (3) MoM, average auction The authors wish to thank Prerana

prices were mostly flat to down across the construction equipment category: down Jhanwar, of the J.P. Morgan Global

~2% for excavators, scissor lifts and fork lifts, up ~1% for boom lifts, flattish for Research Center, for contributions to this