CA$62+ million of equipment sold at Ritchie Bros.' largest Grande Prairie auction ever

News provided by

Mar 16, 2016, 07:00 ET

Two-day auction sets new Grande Prairie sales and bidder records for Ritchie Bros.

GRANDE PRAIRIE, AB, March 16, 2016 /PRNewswire/ - As equipment rolled into view and crowds began to gather at Ritchie Bros.' Grande Prairie auction this week, one thing became clear: records would be broken. By auction's end, CA$62+ million (US$46+ million) of equipment had been sold, and more than 7,150 people had registered to bid—both new records for the Grande Prairie site.

Ritchie Bros. sold 2,500+ equipment items and trucks for 250+ sellers at the March 14-15, 2016 auction, including three complete dispersals. The auction's impressive line-up of equipment and trucks—including 70+ excavators, 65+ dozers, 270+ trailers, 70 truck tractors, and more—attracted bidders from 39 countries.

"I'd like to thank all of our customers for choosing to buy and sell at this auction," said Simon Wallan, Vice President, Ritchie Bros. "We normally hold our first Grande Prairie auction of the year in April, but added this auction to the Peace Region calendar to meet the needs of two customers—Pinnacle Services and Continental Pipelines and Facilities—looking to do complete dispersals. This new date created a tremendous opportunity for others to take part in this truly exciting event. Record bidder attendance proved the strength of our global marketing and helped us achieve solid pricing on the large selection of late-model, low-hour equipment and trucks in the auction."

Out-of-province buyers purchased CA$32+ million (US$24+ million) of equipment (52 percent), including CA$7+ million (US$5+ million) sold to out-of-country buyers (12 percent).

Bidders participated in the auction in person, online in real time at rbauction.com, and by proxy. Online buyers purchased 55 percent (CA$34+ million or US$25+ million) of the equipment in the auction. All items were sold without minimum bids or reserve prices.

Specific equipment sales highlights:

10 Komatsu PC490LC-10 hydraulic excavators sold for a combined CA$2.5+ million
Two 2012 Caterpillar 730 articulated dump trucks sold for a combined CA$430,000
A 2009 Caterpillar D8T dozer sold for CA$335,000
Two 2015 Kenworth T800 T/A sleeper winch tractors sold for a combined CA$320,000
Two 2014 Kenworth T800 sleeper truck tractors sold for a combined CA$233,000
A 2010 Volvo L150G wheel loader sold for CA$175,000
A 2009 Kenworth T800 Texas Bed tri-drive sleeper winch tractor sold for CA$135,000

Auction quick facts: Grande Prairie, AB (March 14-15, 2016)

Gross auction proceeds – CA$62+ million (US$46+ million) (new site record)
Amount sold to online bidders – CA$34+ million (US$25+ million) (new site record)
Total registered bidders (onsite and online) – 7,150+ bidders from 39 countries (new site record)
Online registered bidders – 4,500+ (62 percent) (new site record)
Number of lots sold – 2,500+
Number of sellers – 250+

Ritchie Bros. has 140+ upcoming auctions on its calendar at rbauction.com, including the next Grande Prairie auction, which will take place April 14, 2016. Visit rbauction.com/GrandePrairie for more info.

About Ritchie Bros.

Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is the world's largest seller of used equipment for the construction, transportation, agriculture, material handling, energy, mining, forestry, marine and other industries. Ritchie Bros.^TM solutions make it easy for the world's builders to buy and sell equipment with confidence, including live unreserved public auctions with on-site and online bidding (rbauction.com), the EquipmentOne^TM secure online marketplace (EquipmentOne.com), a professional corporate asset management program, and a range of value-added services, including equipment financing for customers through Ritchie Bros. Financial Services (rbauction.com/financing). Ritchie Bros. has operations in 19 countries, including 44 auction sites worldwide. Learn more at RitchieBros.com.

Photos and video for embedding in media stories are available at rbauction.com/media.

SOURCE Ritchie Bros. Auctioneers