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Strong Global Participation Spurs Successful Ritchie Sale

Wed March 02, 2011 - Northeast Edition
Construction Equipment Guide

More than 7,700 people from over 77 countries registered to bid on $172 million of used and unused equipment and trucks sold at an unreserved public auction conducted by Ritchie Bros. Auctioneers in Orlando, Fla., from Feb. 15 to 19.

Confidence showed up in the thousands, as a record number of bidders (7,739) and consignors (692) came together at the company’s permanent auction site in Orlando to buy and sell heavy equipment assets. Thousands of people visited the 200-plus acre site to inspect more than 8,000 heavy equipment items and bid in person; thousands more participated online at Bidders from outside Florida purchased $145 million of equipment (84 percent), including $79 million purchased by out-of-country bidders (46 percent).

“This Orlando auction had something for everyone and certainly kick-started our 2011 auction calendar on the right note,” said Steve Kriebel, regional manager, Ritchie Bros. “There were large numbers of bidders both onsite and online, which resulted in great returns for our consignors. It appears the market conditions of 2010 are starting to rebound — we are very excited about the year that lies ahead.”

Online participation records also were broken during the five-day public auction in Orlando. A record 3,300 online bidders registered for the auctions. From these bidders, a record 616 buyers purchased more than $35 million (21 percent) of used and unused equipment and trucks.

Ritchie Bros. sold equipment and trucks on behalf of close to 700 consignors, including Ocala, Fla.-based Brown Equipment Co. The company has been purchasing equipment at Ritchie Bros. auctions since the 1980s and selling equipment as a Ritchie Bros. consignor since 1995. This year, Brown Equipment Co. consigned close to 300 heavy equipment pieces in Orlando, including a large selection of motor graders, hydraulic excavators, wheel loaders, loader backhoes and more.

“This year I consigned equipment in nearly every equipment category and received great returns; I was amazed at how strong the prices were,” said Lee Brown, owner of Brown Equipment. “I was on site at the auction while my equipment was selling and the atmosphere in the auction theater was great. There was also a lot of online participation. By reaching the world market Ritchie Bros. was able to exceed my expectations.”

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