The price of repossessed trucks set to rise as the haulage industry looks to replace equipment damaged in Queensland floods
By Ruza Zivkusic | January 20, 2010
The price of repossessed trucks is set to rise as the haulage industry looks to replace equipment damaged in the Queensland floods.
Melbourne’s Pickles Auctions manager Ben Hindle says the cost of repossessed and used trucks is set to rise by 20 percent in the coming weeks.
“I do believe in six weeks, especially for our national February sale, that we are going to see a price rise in second-hand trucks, trailers and earth moving equipment due to shortage,” Hindle says.
“That’s unfortunately how the world works when there’s a shortage. It’s the same if you go to Woolworths and buy capsicum at the moment, it’s supply in demand.”
Insurance companies are expected to take up to eight weeks to process claims, which will then see a rush of buyers at auction yards.
Those who have received a payout will be buying a vehicle no matter the price increase, Hindle says.
“If they want to do something today then [we] will do it; if the customer rolls up [at] the door and he’s been paid insurance then he’ll be in the market for buying assets.”
Meanwhile banks have announced assistance packages to help families and individuals, business people and farmers in flood-affected regions.
The Australian Bankers Association CEO Steven Munchenberg says the measures will provide practical help by giving immediate relief to those in most need of assistance and will help people and businesses get back on their feet.
“If you have been impacted by the floods and are worried about your financial situation now or in the future, contact your bank as soon as possible to discuss what assistance may be available,” Munchenberg says.