Ritchie Bros. to conduct 10th unreserved auction in Jackson

Dec 01, 2010, 06:00 ET from Ritchie Bros. Auctioneers

Global auctioneer offers equipment owners an easy and transparent way to sell and buy equipment

JACKSON, MS, Dec. 1 /PRNewswire/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, will conduct another unreserved [absolute] public equipment auction at the Company's auction site in Jackson, Mississippi on Monday, December 13, 2010. The auction will mark the 10th auction held by the Company in the city since 2005. Anyone can bid in person at the site on auction day, online in real time at href="http://www.rbauction.com/">www.rbauction.com or by proxy. With a global auction network of 43 auction sites worldwide, Ritchie Bros. conducts hundreds of unreserved public auctions each year, selling billions of dollars of equipment to customers around the world.

"Our unreserved public auctions offer many benefits to equipment buyers and sellers," said Blair Finstad, Area Manager, Ritchie Bros. Auctioneers. "We make it easy for people to sell equipment because we take care of everything, from marketing to post-sale settlements. We provide the same full-service auctions at our Jackson site as we do at all of our permanent auction facilities around the world, and we can also bring our auctions to your site."

"The benefit to buyers is that our auctions are always conducted in a fair and transparent manner—every item is sold to the highest bidder on auction day, regardless of price, with no minimum bids or reserve prices. We also don't allow owners to bid on their own equipment meaning buyers set the prices, not sellers."

Since 2005 more than 200 consignors have sold more than US$49 million of equipment at Ritchie Bros. unreserved auctions in Jackson, attracting 4,400+ registered bidders from more than 50 countries, including Mexico, Canada, the United Arab Emirates, Great Britain, Australia and Saudi Arabia. The last multi-million dollar auction held in Jackson on June 22 this year attracted bidders from 42 US states and 23 countries. Out-of-state buyers purchased approximately 70 percent of the equipment in the auction.

Tony Parnell, owner of Tony Parnell Construction Co. Inc., a road building and marine construction contractor based in Ocean Springs, MS, sold a selection of heavy equipment at a Ritchie Bros. auction in Jackson in March 2010. 

"It was the first time I had sold equipment through Ritchie Bros.," said Mr. Parnell. "I had heard about them and knew some other contractors who had used them. What I really liked about their unreserved process was that when a piece of equipment sold it was final and there were no owner buy backs."

In addition, to regular auctions at its site in Jackson, Ritchie Bros. also conducts off-site auctions throughout Mississippi and Alabama. When Mr. Parnell decided to get out of the business this past September, he once again chose Ritchie Bros. to do a complete dispersal of close to 200 equipment items, this time at his yard in Ocean Springs.

"The way Ritchie Bros. set up the auction at my yard was so professionally executed and well-presented. I had so many people come by the yard before the sale and comment how impressed they were," adds Mr. Parnell. "That professionalism extended also to working with Blair Finstad and his team. They looked out for my best interests and attracted a lot of buyers to the auction which helped me get more for my equipment than I expected."  

The Ocean Springs auction attracted more than 460 bidders from 42 US states and several countries. About 80 percent of equipment went to out-of-state buyers from as far away as India, Malaysia and Mexico.

"Our auctions transcend local market conditions. We're able to attract both local buyers to the site on auction day and buyers from around the world simultaneously thanks to our online bidding service," adds Mr. Finstad.

Equipment consignments are still being accepted; owners interested in selling their equipment in the Jackson auction can contact auction site at +1.601.939.2258 to discuss their options.

Ritchie Bros. will also be conducting an off-site unreserved auction in Gordo, Alabama on December 15. A large selection of Caterpillar heavy equipment being sold in the auction includes motor scrapers, elevating motor scrapers, articulated dump trucks, wheel loaders, compactors, loader backhoes, hydraulic excavators and much more. Complete equipment details and photos for the December 13th Jackson auction and the December 15th Gordo auction are available at href="http://www.rbauction.com/">www.rbauction.com

Auction details:

  • Location: 115 Old Highway 49 South, Richland (Jackson), MS
  • Jackson auction site tel: +1.601.939.2258
  • Date and time: Monday, December 13, 2010 at 9:00 a.m. (local time)
  • The auction is open to the public; registration to bid is free; a refundable bid deposit may be required
  • How to register and bid:
    • In person at the auction site - first-time bidders from U.S. and Canada must place a refundable $1,000 bid deposit when they register on-site
    • Online at rbauction.com - register in advance and bid online in real time on auction day; a refundable bid deposit may be required; first-time bidders should register several days in advance of the auction
    • By proxy - phone the auction site to place a proxy bid
  • Interested buyers can come to the auction site to inspect, test and compare items

About Ritchie Bros.
Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the world's largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. Ritchie Bros. offers services that enable the world's builders to easily and confidently exchange equipment. The Company conducts hundreds of unreserved public auctions each year, selling a broad range of used and unused equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. Ritchie Bros. has over 110 locations in more than 25 countries, including 43 auction sites worldwide. The Company maintains a web site at href="http://www.rbauction.com/">www.rbauction.com and sponsors an equipment wiki at href="http://www.ritchiewiki.com/">www.RitchieWiki.com

ATTENTION MEDIA: Photos and other media resources are available for use at http://www.rbauction.com/media
Members of the public and the media can follow Ritchie Bros. on Twitter @RitchieBros

SOURCE Ritchie Bros. Auctioneers