Ritchie Bros. Sells More Than $177M During Record-Breaking Auction

The company holds its largest Canadian auction in company history.

📅   Wed May 20, 2015 - National Edition
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Ritchie Bros. sold more than CA$215 million (US$177+ million) of heavy equipment and trucks at an unreserved public auction in Edmonton, Alberta from April 28 to May 1, 2015, making it the largest Canadian auction in company history.

The auction broke multiple other company records, including global records for online sales (CA$105+ million or US$86+ million), total number of registered bidders (more than 14,000), number of online bidders (more than 8,150), total number of buyers (more than 3,200) and number of online buyers (more than 1,850), as well as a new Canadian record for number of lots sold (more than 7,700). Bids were made in person at the Edmonton auction site, online in real time at rbauction.com and by proxy.

“This auction was certainly one for the record books,” said Randy Wall, president, Canada, Ritchie Bros. “With more than 14,000 registered bidders from more than 55 countries, we surpassed our previous global bidder record by more than 4,550 people. As a result of the high bidder turnout and the strength of the transportation, construction, forestry and other sectors in Alberta, the rest of Canada and abroad, we saw strong pricing at the auction, despite continued market concerns surrounding lower oil prices. In particular we saw great pricing on all general construction, transportation, and aerial equipment, as well as all rental-related equipment.”

The Edmonton auction, Ritchie Bros.’ first-ever four-day auction in Canada, attracted bidders from more than 55 countries, including every Canadian province, two territories and 48 U.S. states. More than CA$192 million (US$158+ million), or 89 percent of the equipment was purchased by Canadian buyers, including 51 percent purchased by buyers from Alberta. The rest of the equipment was sold to buyers from around the world, as far away as the United Arab Emirates, Germany, Egypt, Malaysia, Thailand, Poland and the Netherlands.

Ritchie Bros. sold equipment for more than 760 sellers, including a complete dispersal for Earth & Iron Inc. and a fleet realignment for A-1 Rentals.

“I’m very proud of my iron, and I’m proud of what Ritchie Bros. did to market it. Together we sent Earth & Iron equipment to new buyers around the world,” said Dean Gray, president of Earth & Iron. “I’m very pleased with the results. There is no other company in the world that can do what Ritchie Bros. does. I watched the sale online and saw bidders participating from all around the world.”

“This is the third time we’ve done a realignment through Ritchie Bros., and we keep coming back because returns have been so strong,” said Guy Turnbull, owner and president of A-1 Rentals. “While there is certainly less work for some sectors in Alberta, there’s still money here and people are still buying equipment.”

The record-setting selection of heavy equipment and trucks included more than 240 excavators, more than 225 crawler tractors, more than 200 compactors, 100 articulated dump trucks, more than 80 wheel loaders, more than 70 motorgraders, more than 40 motor scrapers, 50 agricultural tractors, 195 truck tractors and more. Every item was sold to the highest bidder on auction day, with no minimum bids or reserve prices.

“Our continual growth in Edmonton is a result of the strong relationships we have built with thousands of hard-working companies here in Alberta,” said Jim Rotlisberger, regional sales manager, Ritchie Bros.

“We would like to thank all the sellers who continue to put their trust in Ritchie Bros.’ ability to attract the largest buying audience for their equipment.” For more information, please visit www.rbauction.com.