Ritchie Bros.’ Toronto auction site smashed its sales record for the third time in 12 months, selling more than CA$45 million ($32 million) of equipment and trucks two days (May 10 – 11, 2017). Toronto broke a single-auction sales record in May 2016 at more than CA$35 million and then topped it only months later, selling more than CA$39 million at an auction in September.

More than 4,500 people from across Canada and 48 other countries registered to bid in the auction last week in Toronto. Approximately 64% of the equipment was sold to Ontario buyers (by dollar value); 16% was sold to international buyers from countries such as Poland, the UK and China. More than 2,700 bidders participated online and purchased 57% of the equipment.

“There is a lot of activity in Ontario right now, particularly in the construction sector, with considerable investment in infrastructure, which is expected to continue into 2018. Many contractors are realigning and upgrading their fleets for upcoming work, resulting in a large selection of low-hour, late-model construction equipment being sold in last week’s auction with strong pricing across the board,” said Anna Sgro, senior vice president, Ritchie Bros. “We also had a great lineup of transportation equipment that saw solid demand, with pricing on trucks and trailers exceeding expectations.”

Not only did the Toronto auction eclipse its previous sales record, it established a new sales record for Eastern Canada, breaking the more than CA$44 million mark set in Montreal in 2015. The recent Toronto auction also set new local records in buyers, online sales, online bidders and total number of consignors.