Ritchie Bros. Sets Record in Georgia

Mon April 25, 2005 - Southeast Edition

Ritchie Bros. Auctioneers Inc. set a company record when its Atlanta sale generated more than $24 million in gross auction sales.

It was the highest-grossing Georgia state auction in the company’s history.

More than 1,400 registered bidders from 26 countries and 49 states vied for 1,522 pieces of trucks and equipment at the April 8 and 9 unreserved auction.

The company’s real-time online bidding service played a significant role in the sale. More than 400 people registered to bid remotely using the Ritchie Bros. online bidding service, rbauctionBid-Live, which allows users to participate in the company’s unreserved auctions from anywhere in the world. Online bidders placed approximately 25 percent of all winning and runner-up bids.

Russ Zahn, Ritchie Bros.’ South East Regional manager, said, “The strong presence of online bidders meant the Atlanta auction was a truly global marketplace of trucks and equipment. Our buyers had a wide selection to choose from, and bid with confidence knowing there are no reserve prices at any of our auctions. And sellers got global fair market value for their assets because we attracted bidders both on-site and online from around the world.”

The Atlanta auction featured a strong multinational contingent, attracting registered bidders from Portugal, United Arab Emirates, Antigua, Colombia, Russia and the Cayman Islands.

The company’s Georgia record is the second state record in less than a month.

On March 17 and 18, Ritchie Bros.’ Denver auction set a new company record for the state of Colorado, generating $22 million in gross auction sales.

The Ritchie Bros. auction calendar currently has 37 upcoming industrial equipment auctions and 40 farm and agricultural auctions scheduled before August.

For more information, visit www.rbauction.com.