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Optimism Abounds at $138M Ritchie Bros. Used Equipment Auction in Orlando

Wed February 24, 2010 - National Edition
Construction Equipment Guide

More than 7,000 people from more than 75 countries registered to bid on $138 million of used equipment and trucks sold at an unreserved public auction conducted by Ritchie Bros. Auctioneers in Orlando, Fla., from Feb. 15 to 19.

Thousands of people visited Ritchie Bros.’ permanent auction site to inspect more than 7,200 equipment items and bid in person; thousands more participated online at Bidders from outside Florida purchased $118 million of equipment (85 percent), including $61 million purchased by out-of-country bidders (44 percent).

“There was such a positive atmosphere at the auction: we had a huge international crowd at the site, with active bidding online; buyers were impressed with the selection of equipment and the fairness of the bidding and sellers were pleased with solid pricing,” said Steve Kriebel, Ritchie Bros. regional manager. “We had thousands of people bidding on all five days of the auction, and they came from all over North America and the world. Thanks to the size and diversity of the bidding audience at the auction, pricing was strong across all equipment categories. This auction exceeded our expectations in pretty much every respect. We experienced overall growth in Orlando in 2009 compared to the prior year, and 2010 is off to a good start.”

Ritchie Bros. sold equipment and trucks on behalf of more than 600 consignors, including Young’s Contracting of Niceville, Fla. Co-owners Laverne Young and his son, Kirk, sold several million dollars worth of equipment in the Orlando auction, including wheel loaders, excavators, articulated dump trucks, crawler tractors and trucks.

“There’s less work so we’re downsizing, but we’re not out of business,” said Laverne Young. “We were very thorough about this decision. We talked to four or five companies and Ritchie Bros. came up with the best plan for us. We are very, very happy with the results of the auction. About 95 percent of the items sold for more than we expected — and some went for a lot more. I think the amount of people at the auction, and the number of places they come from, is the biggest factor.”

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