Export market drives sales for second-hand machinery as Cheffins reports over £5mn-worth of sales at February auction
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Sales were up by 40 per cent in comparison to February 2022, where the monthly auction grossed £3.8 million.
For the second month running, around 50 per cent of lots sold were sold to overseas, with buyers in attendance from Australia, Canada, South Africa, Ghana, Egypt, the Middle East and throughout the UK and Europe.
Highlights of the sale included a 2003 John Deere 9520 which sold for £90,500; a 2019 John Deere 6175R which made £80,000; a Case Puma 240 CVX which achieved £72,000 and a Cat MTC875E which sold for £72,000.
Joe Page, director at Cheffins, commented: “This is the most successful February auction we have hosted in the last five years, as a combination of the return of the export market and a particularly good quality consignment of stock helped to push up prices.
“Since October 2022, we have seen a marked increase in the number of sales to overseas buyers, as many have looked to make the most of the weakening pound. This, combined with a shortage of stock and long lead times for new machinery, has ensured that UK buyers are competing with purchasers the world over for some of the best second-hand machinery on offer.
“In addition, overseas buyers have become increasingly confident in the ability to import machinery, as now three years post-Brexit, rules and regulations are becoming easier to navigate. Our ability at Cheffins to provide the correct certification and also offer a wash-down service, allows buyers to purchase machinery at our sales with confidence.”
The next sale will be held on Monday 6 March at the Cheffins Machinery Sale Ground, Sutton, Ely, Cambridgeshire, CB6 2QT.
To view the calendar for the monthly, on site and vintage sales, please visit: https://www.cheffins.co.uk/machinery-vintage-auctions.htm
For more information, please visit www.cheffins.co.uk, or call Cheffins auctioneers on 01353 777767.