Ritchie Bros. Sells More Than $34MM in Equipment at Toronto Auction
DEC 28, 2021 - 6:14 am
Ritchie Bros. attracted more than 8,500 online bidders from 65 countries to compete for more than 3,400 items in a recent auction in Toronto, generating more than C$44 million ($34.39 million) in gross transaction value and setting a new December record for the site.
“We are seeing record equipment and truck pricing right now across all our auctions and marketplaces,” Ryan Pottruff, regional sales manager for Ritchie Bros., said. “We’ve had an incredible year in Ontario, with multiple record-breaking site auctions and significant growth in the region for our online Marketplace-E channel, which provides sellers more control over the selling price and process for premier assets. We have also introduced a new satellite yard in Thunder Bay for customers in the region who want to display equipment and sell virtually in our Toronto sales.”
More than 775 companies sold equipment in the Toronto auction, which was held from Dec. 6 to Dec. 8, including close to 50 items sold for G&G Service, an equipment and trucking company based in Thunder Bay, ON.
“Pricing is unbelievable right now,” Ken Gaudette, owner of G&G Service, said. “The new Thunder Bay yard has great visibility from the highway and it’s well organized. Ritchie Bros. is an excellent outfit with staff that are honest and knowledgeable. They are true professionals.”
Approximately 84% of the items in the Toronto auction were purchased by Canadian buyers, including 67% by buyers from Ontario. The remaining 16% was purchased by international buyers from countries such as India, Peru and Vietnam. Leading up to the auction, Ritchie Bros. experienced a 108% year-over-year increase in watch-listed items, while online equipment pageviews were up 13%.
“We would like to thank all the customers who participated in our Ontario auctions this year,” Pottruff said. “Please don’t hesitate to contact us to let us know how we can help your businesses in the future.”
Ritchie Bros. has a Canada East Timed Auction event scheduled for Feb. 8, while the company’s next Toronto site auction will be held March.
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