Local and global demand for used equipment net strong returns for sellers
EDMONTON, Sept. 12, 2011 /PRNewswire/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, attracted more than 5,100 on-site and online bidders from 39 countries to a two-day CA$58 million (US$58 million) unreserved public auction at its auction site in Edmonton, Alberta on September 7 & 8, 2011. More than 2,200 people (44%) bid online in real time at www.rbauction.com, purchasing almost CA$15 million (US$15 million) of equipment (26%).
"There was a strong presence on-site and online and bidding during both days of the auction was very aggressive," said Jake Lawson, Regional Manager, Ritchie Bros. Auctioneers. "There's a shortage of equipment in the marketplace right now, which resulted in strong activity and pricing. Our customers were very receptive of the new services we provide—financing, insurance, powertrain service warranties and the detailed equipment information on our web site. More information online plus the ability to inspect the equipment on-site definitely gave our customers the confidence to bid on auction day. In the end, both buyers and sellers benefitted."
Ritchie Bros. sold close to 4,700 equipment items and trucks from more than 700 owners at the auction, which included complete dispersals for Wilderness Logging Ltd., South Shore Sand & Gravel and Stevenson & Tredway. Wilderness Logging sold more than 60 pieces of heavy equipment, including hydraulic excavators, crawler tractors, grapple skidders, feller bunchers and log loaders.
"I've bought and sold equipment through Ritchie Bros. before but nothing of this magnitude," said Perry Hussey, president of Wilderness Logging. "Quite a bit of my equipment was purchased locally but some also sold online to buyers from B.C. and the Yukon Territories. The online bidding at the auction definitely helped me get a better return for my equipment."
Other items sold in the September 7 - 8 Edmonton auction included a 1987 BAE Jetstream 31 commercial turboprop aircraft, purchased by an online bidder for CA$430,000 (US$434,750), and 14 rough terrain cranes, some of which were purchased by buyers from as far away as the United Arab Emirates, Singapore and California.
There are currently close to 100 upcoming unreserved public auctions on the Ritchie Bros. auction calendar at www.rbauction.com. Ritchie Bros.' next unreserved public auction in Edmonton is scheduled for
October 26 - 27. Interested buyers and sellers can contact the Edmonton auction site at +1.780.955.2486.
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 www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com
Investors and potential investors should note that this information may not be indicative of the overall financial performance of the Company for this or any period.
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SOURCE Ritchie Bros. Auctioneers