New financed construction equipment sales soar 30% in December
| February 03, 2014 |
Both new and used financed construction equipment saw a strong uptick in December as many buyers likely took advantage of the 2013 bonus depreciation, according to new data from EDA who, like Equipment World, is a division of Randall-Reilly.
New financed units, tracking sales and leases, totaled 8,598, an uptick of 30 percent from November’s total units of 6,082. The number of used financed units saw gains of 14 percent, totalling 7,457 units, compared with November’s 6,386 total.
Overall buying trends continue upward, particularly with new equipment. In comparison with December of last year, the total number of new units financed rose 11 percent, while used units rose a modest 3 percent.
One contractor, Snow and Ice Incorporated, a snow removal service out of Lemont, Illinois, was among the top five equipment buyers for the month, purchasing 20 Cat skid steers and one Bobcat skid steer.
The other top buyers were equipment sales and rental firms, including Star Industries, Seattle, Washington, 134 Skyjack aerial lifts; Deness Leasing, Frankfort, Illinois, 105 Cat skid steers and 25 Cat wheel loaders; TCB Equipment Leasing, Wheeling, Illinois, 75 Cat skid steers and 31 Cat wheel loaders; and Florida Contracting Rental, Saint Augustine, Florida, which bought 32 Skyjack aerial lifts.
The top three equipment lenders for the month were Caterpillar Financial Services, 1,135 units; John Deere Industrial Credit, 586 units and GE Capital Commercial, 426 units.