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Yellow | Equipment auction today

R

Real Teamster

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Today is the day that Ritchie Bros. is doing the regional equipment auction for the Atlanta, Memphis, Charlotte, Chattanooga and Jackson areas. To my thinking, the prices are pathetic. On each lot, there is a buyer's premium and a transaction fee (think D&H at the Ford dealer).
I saw a 2023 Volvo S/A with only 13,450 miles on it went off (including the aforementioned fees) at $52,540. I saw many other 2023 and 2022 Volvos in the $30,000 to $40,000 range. There was a fairly new Mitsubishi forklift in decent but not great shape that went for less than $5,000.
To me it's sad to see some of our best equipment go so cheaply out the door. I shudder to think what some of the older equipment is going to bring. These low numbers aren't going to help us recover what the company owes us.
 
Real Teamster said:
Today is the day that Ritchie Bros. is doing the regional equipment auction for the Atlanta, Memphis, Charlotte, Chattanooga and Jackson areas. To my thinking, the prices are pathetic. On each lot, there is a buyer's premium and a transaction fee (think D&H at the Ford dealer).
I saw a 2023 Volvo S/A with only 13,450 miles on it went off (including the aforementioned fees) at $52,540. I saw many other 2023 and 2022 Volvos in the $30,000 to $40,000 range. There was a fairly new Mitsubishi forklift in decent but not great shape that went for less than $5,000.
To me it's sad to see some of our best equipment go so cheaply out the door. I shudder to think what some of the older equipment is going to bring. These low numbers aren't going to help us recover what the company owes us.
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The auction system is very simple. Items are worth whatever the consumer will pay and nothing more. Buying at auction is always a risk. Those trucks are going with no guarantee and no maintenance records. Every auction has a buyer's fee to cover the auction company's expenses. Every auction I ever went to also had a seller's fee. The seller only gets 75-85% of the actual sale price.
 
Razorblade said:
The auction system is very simple. Items are worth whatever the consumer will pay and nothing more. Buying at auction is always a risk. Those trucks are going with no guarantee and no maintenance records. Every auction has a buyer's fee to cover the auction company's expenses. Every auction I ever went to also had a seller's fee. The seller only gets 75-85% of the actual sale price.
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No maintenance records? I'm not at all sure about that one way or the other.
 
Puff Driver said:
I know Section 396 requires those but if a company is going out of business? Do you worry about compliance?
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That's why I wonder if records came with them. And how bad did it get? There is one city unit (#66248) in the Memphis shop that has the engine and transmission out of the truck (and apparently not included in the sale). The final winning bid? $35. Add the buyer's premium and transaction fee to that, and somebody bought the incomplete truck for $250 plus tax, less than the value of ONE tire and wheel.
 
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Sounds like some good deals to have if you have some good mechanics to check them over. I don't think Yellow gives 2 cents if they get enough to help out the workers they had. After seeing what has happened they probably want the pain to be as much as possible. I feel bad for the folks that had invested blood sweat and tears and money to try their best to help the company stay afloat and then just crapped on.
 
Bobby11 said:
Picked out two random 2022 Peterbilts one for 33k one for 36k. Crazy low prices, what genius decided not to have any reserve on the auctions?
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Yellow is liquidating. Everything must be sold. Sitting on a lot with a reserve that no buyer will pay is not an option. If there was a buyer at the auction that felt 50K was a good deal, it would not have sold for 36K.
 
Razorblade said:
The auction system is very simple. Items are worth whatever the consumer will pay and nothing more. Buying at auction is always a risk. Those trucks are going with no guarantee and no maintenance records. Every auction has a buyer's fee to cover the auction company's expenses. Every auction I ever went to also had a seller's fee. The seller only gets 75-85% of the actual sale price.
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Those 2023's with 13,xxx miles on them still have warranty.
By the same token the 2018 Peterbuilt straight trucks were going for over $35,000 last I looked at the site.
Dollies were going for less then $200 the tires are worth more.
 
Wrench97 said:
I'd love to see where some of the newer stuff shows up outside of the LTL industry single axle day cabs are not a big market.
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May be used as a yard dog. If the tractor is halfway decent and probably a lot cheaper than a yard dog. I have seen plenty of terminals use the single axle tractors instead of traditional yard dogs. Looks like some bargains to be had here just to get rid of the equipment. Id say Estes is poking around looking as well.
 
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