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Ritchie Bros. Smashes Previous Gross Auction Sales Record

Tue March 14, 2006 - National Edition
CEG



Ritchie Bros. Auctioneers Inc. smashed its previous gross auction sales record during its five-day sale in Orlando, FL, from Feb. 21 to 25.

The company’s unreserved auction generated gross auction sales of more than $113 million. The previous record held by the company was $79 million.

More than 5,125 registered bidders from 56 countries and all 50 states registered to bid on more than 5,000 truck and equipment items. More than 81 percent of purchases went to buyers from outside the state of Florida; 25 percent went to buyers from outside the United States.

“A successful auction like this, together with our strong sale in Phoenix earlier in the month, certainly sends a very positive signal to the equipment market,” said Gary Seybold, Ritchie Bros. Florida regional manager. “The size of the auction reflects the momentum we have been enjoying at our auction sites around the world. More and more equipment owners are participating in our unreserved auctions because they want access to the global marketplace.”

The auction included more than 135 wheel loaders, 120 loader backhoes, 200 crawler tractors, 210 hydraulic excavators and 72 articulated dump trucks. Day five was strictly a truck and trailer auction day, with more than 700 trucks and trailers being sold.

“Our team worked non-stop in the weeks leading up to the auction, enabling us to put on a first-class auction for our customers,” Seybold said.

“We painted over 300 items and cleaned another 500 items in the refurbishing facilities at our auction site. We recently expanded our yard and it was completely full. We had the largest crowd we’ve ever seen in Orlando. This auction represents an excellent start to the year for Ritchie Bros. As for our team in Florida, we’re already looking forward to our next sale in May.”

In addition to being the company’s largest-ever auction, the Orlando sale also set new records for Internet business. A record 1,306 people registered to use the company’s rbauctionBid-Live service, which allows interested bidders to participate in the auction over the Internet, live and in real-time. Internet bidders purchased 580 items worth approximately $19 million.

“Prices were high across the board, showing that the global market is strong,” said Peter Blake, chief executive officer of Ritchie Bros. Auctioneers. “We are extremely proud of our team in Florida. The yard and customer service teams worked hard for our customers. They did a terrific job and deserve the accolades.”

For more information, please visit www.rbauction.com.