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Ritchie Bros. Conducts Its Largest Las Vegas Auction Ever

Fri April 01, 2011 - National Edition
CEG



Ritchie Bros. Auctioneers conducted a record-breaking $58 million two-day unreserved public auction in Las Vegas, Nev. March 24 to 25, 2011. The auction was the largest the site has ever conducted in terms of gross auction proceeds — the previous record of $48 million was set in March 2008. The Las Vegas auction also set new site records for number of lots sold (2,500 plus) and number of online bidders (2,200 plus).

“This was the most equipment we’ve ever sold in a Las Vegas auction and the large selection generated a lot of attention locally and internationally,” said Jim Rotlisberger, regional manager, Ritchie Bros. Auctioneers. “We witnessed active bidding on all equipment types from bidders around the world throughout the auction, which resulted in strong returns for our consignors.”

Close to 5,000 bidders from 50 countries, including all 50 U.S. states and 10 Canadian provinces and two territories, registered to participate in the auction either on-site or online. More than 94 percent, or $54.9 million, of the equipment was sold to buyers outside the state of Nevada; more than 32 percent, or $19 million, of the equipment was purchased by out-of-country buyers from as far away as Colombia, Saudi Arabia, Lebanon, Australia and the United Arab Emirates.

The Las Vegas auction featured equipment from 400 consignors, including Wells Cargo, a Las Vegas-based heavy construction and paving contractor, who consigned a 2009 Caterpillar D10T crawler tractor, which sold for $1.25 million to a buyer from Dubai, UAE.

“We are very pleased with our results from the auction,” said Ronnie Ambriz, equipment manager, Wells Cargo. “This is the second time we’ve consigned with Ritchie Bros. and we plan to maintain an ongoing relationship. When we sell with Ritchie Bros. we’re confident we will receive great returns because of the number of on-site and online bidders Ritchie Bros. attracts from around the world and from all industries.”

For more information, visit www.rbauction.com.