GovPlanet attracts huge crowds for massive "blowout" auction event

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Dec 12, 2018, 07:00 ET

More than 180,000 bids were placed on the 700,000+ military surplus items available in the auction

LAS VEGAS, Dec. 12, 2018 /PRNewswire/ - It's not every day you see hundreds of thousands of U.S. military items—including Humvees, tactical vehicles, uniforms, field gear, and more—sell in just two days, but Ritchie Bros.' GovPlanet marketplace did exactly that last week. On December 7 – 8, GovPlanet sold more than 700,000 military surplus items—packaged up into approximately 8,400 lots—through two live onsite auctions in Las Vegas, NV and Atlanta, GA, as well as an online-only auction at GovPlanet.com.

"We had more than 5,800 bidders from 35 countries place more than 180,000 bids on the expansive selection of assets sold over the two-day event," said Doug Feick, Senior Vice President, New Business and Corporate Development, Ritchie Bros./GovPlanet. "One item alone—a simple winch—achieved 606 bids from 237 unique bidders! The selection was diverse and demand was high, with auction attendees from around the world. We had upwards of 185,000 people who viewed the auction."

The massive military surplus event also included construction equipment, computer and office equipment, storage and shipping containers, medical and dental equipment, aircraft parts and other items owned by the U.S. Department of Defense. Utilizing the full power of the Ritchie Bros. operation, the company separated out rolling stock items and sold them through unreserved auctions at the company's permanent sites in Las Vegas and Atlanta. Simultaneously the company sold non-rolling stock items—stored at one of GovPlanet's two warehouses or one of 70+ U.S. military bases across the United States—through the company's well-established GovPlanet website.

"This unprecedented sales event showcased our multichannel prowess, operational strength, and marketing savvy," said Ravi Saligram, CEO of Ritchie Bros. "By utilizing a combination of web platforms and our auction network, we were able to sell a significant amount of inventory stored across dozens of locations in just two days. We are extremely pleased by the record attendance and look forward to creating a cadence of such events in the future and continue to drive network effects."

Gross transactional value for the two-day GovPlanet event was over US$9 million. Specific sales highlights included 100+ Humvees that sold for a combined $865,000; a 2011 Caterpillar 120M motor grader that sold for $177,500 and a 2015 Terex AC40/2 hydraulic truck crane that sold for $130,000. All these items were sold without minimum bids or reserve prices.

For more information about GovPlanet and their upcoming auctions, visit GovPlanet.com.

About GovPlanet:
GovPlanet, a Ritchie Bros. solution, was launched in 2014 to address the specialized equipment disposition needs of public entities, from federal, including military, to state, local and municipal. Each week, on average, GovPlanet draws close to 90,000 attendees to its online auctions. Items go into preview two weeks in advance and bidders can view photos, video and inspection reports. All items sold on GovPlanet have been inspected and come with IronPlanet's exclusive IronClad Assurance^® equipment condition certifications, which give bidders the confidence to buy online from anywhere in the world.

About Ritchie Bros.:
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a multitude of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's largest industrial auctioneer offers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing its exclusive IronClad Assurance® equipment condition certification; Marketplace^e, an online marketplace offering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company also offers sector-specific solutions including GovPlanet, TruckPlanet, Kruse Energy Auctioneers, and Cat^®auctions, plus equipment financing and leasing through Ritchie Bros. Financial Services. For more information about the unprecedented choice provided by Ritchie Bros., visit RitchieBros.com.