Tight Supply Market Drives Strong Demand for Equipment and Trucks

Supply chain disruptions and microchip shortage create low supply environment. The supply chain issues and chip shortage that has gripped the auto industry has affected the equipment industry too. The OEMs (original equipment manufacturers) are experiencing headwinds in producing their products and meeting global demand. There are many factors causing these production blockages, but primary is the difficulty in procuring raw materials due to shipping bottlenecks, plus the well-known global microchip shortage. This lack of new equipment supply has also caused reverberations in the used equipment marketplace. “We are seeing a tight supply environment caused by low inventory levels and continued supply chain issues hampering OEMs production levels,” said Kari Taylor, Chief Revenue Officer, Ritchie Bros. “Supply chain disruption is out of our control. What’s in our control is productivity of our folks and then driving incredible outcomes for our customers.” READ FULL ARTICLE>>