Export markets are driving sales for second-hand machinery in the UK, as auctioneer Cheffins sold over £5 million-worth at its recent auction.
The firm, which conducts one of the largest monthly auction sales of agri machinery in the world, sold the machinery at the Cambridge sale on 6 February 2023.
Sales were up by 40 percent in comparison to February 2022, where the monthly auction grossed £3.8 million.
For the second month running, 50% of lots sold were sold to overseas, with buyers in attendance from Australia, Canada, South Africa, Ghana, Egypt, the Middle East 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 made £72,000.
Since October 2022, auctioneers 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.
Joe Page, director of Cheffins said it was the most successful February auction the firm had hosted in the last five years.
"This was a combination of the return of the export market and a particularly good quality consignment of stock helped to push up prices," he explained.
"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."
