$153M Dugway Storage Tunnel Nears Completion

Ritchie Bros. Conducts its First Ever Unreserved Public Auction in Beijing, China

Wed April 24, 2013 - National Edition
CEG


Ritchie Bros. Auctioneers, the world's largest auctioneer of heavy equipment and trucks, held its first ever unreserved public auction in China on April 18, 2013.
Ritchie Bros. Auctioneers, the world's largest auctioneer of heavy equipment and trucks, held its first ever unreserved public auction in China on April 18, 2013.

Ritchie Bros. Auctioneers, the world’s largest auctioneer of heavy equipment and trucks, held its first ever unreserved public auction in China on April 18, 2013. More than 500 bidders registered to bid on equipment at the one-day, multi-million renminbi auction. More than 1,000 people attended the auction in person to see the global marketplace in action. The auction featured a selection of more than 155 unused and used heavy equipment items and trucks, including more than 25 hydraulic excavators, 20 wheel loaders and more. After many years of working with the Beijing Tianzhu Free Trade Zone Management Committee, Beijing Customs, and Beijing Entry-Exit Inspection and Quarantine Bureau, Ritchie Bros. has established a convenient, transparent and regulated channel for equipment exchange in China and export out of China—through the Tianzhu Free Trade Zone.

"Last week’s auction in China was a big success - we delivered on our promise to bring Ritchie Bros. unreserved auctions to China," said Stephen Branch, Vice President, Sales, Ritchie Bros. Auctioneers. "We had bidders register from across China and around the world. We look forward to serving the Chinese and global equipment marketplace from our new site in the Beijing Tianzhu Free Trade Zone, where equipment owners will enjoy the convenience of being in close proximity to one of China’s largest ports."

In total, more than 500 people from more than 30 countries registered to bid in person or online during last week’s Beijing auction. Overseas bidders registered from all over the world, including the United Kingdom, the U.S., Jordan, Japan, Hong Kong, Malaysia, El Salvador, Panama and more. Overseas bidders purchased approximately 17 percent of the equipment featured in the auction (based on gross auction proceeds). The bidding crowd during last week’s unreserved public auction in Beijing was largely made up of local equipment end users from Beijing and the surrounding Hebei province as well as from provinces all across China, including Guangdong, Henan, Liaoning, Sichuan, Chongqing and Jiangsu.

The Ritchie Bros. online bidding service added another layer of convenience during last week’s Beijing auction as more than 150 bidders registered to participate online at rbauction.com. Online bidders had the option to bid live and in real time in Chinese—the newest language to be added to the growing list of eight languages that online bidders can choose to participate in when they use Ritchie Bros.’ online bidding service. Online bidders purchased approximately 14 percent of the lots available online.

"We want to thank all Chinese government authorities who have helped us reach this incredible milestone," added Chris Edwards, Ritchie Bros. General Manager. "It was thanks to their consultation and cooperation with our management team that we have created a unique and convenient platform for Chinese equipment owners to easily and confidently exchange equipment with the rest of the world. Chinese used equipment owners and manufacturers can choose Ritchie Bros. Tianzhu auctions as a valuable export channel to reach the global market."

Ritchie Bros. has formally leased land in the Beijing Tianzhu Free Trade Zone (Shunyi, Beijing) where it will continue to hold regular unreserved public auctions. Strategically located within minutes of Beijing Capital International Airport, the Tianzhu Free Trade Zone is connected to one of China’s largest roll-on, roll-off ports in Tianjin. Equipment buyers and sellers interested in learning more about Ritchie Bros. and the unreserved auction process are encouraged to visit rbauction.com or contact the Company’s Beijing office at +86.400.810.2223. For more information, please visit www.rbauction.com.