Jun. 4 at 11:51 PM
Oppenheimer highlighted continued weakness in the used equipment market during May, citing Sandhills data that showed declining inventories across agriculture, construction, and medium- and heavy-duty trucks. Used tractor inventories fell 1.5% month over month and 20.3% year over year, with the steepest declines seen in mid-range horsepower categories. Combine inventories rose slightly from April but remained 10.1% below year-ago levels. Asking prices for both tractors and combines generally declined, reflecting softer market conditions.
In construction, used excavator inventories dropped 1.6% month over month and 14.2% year over year, while both asking and auction prices moved lower. The spread between asking and auction values narrowed to its tightest level since February 2025, suggesting sellers are adjusting pricing closer to market-clearing levels.
The truck market also remained under pressure.
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