Ritchie Bros. sold more than 5,100 equipment items and trucks for more than C$53 million ($42 million) during a three-day online auction in Edmonton, AB, held during the last week of February. The online auction attracted more than 17,000 bidders from 66 countries, which was up 50% from the same event in February 2020.
“We drove record demand in Edmonton last year, registering more than 100,000 bidders through six auctions, and it continues in 2021 with a 50% increase in bidders year over year for this event alone,” Trent Vandenberghe, regional sales manager for Ritchie Bros., said. “Leading up to and during the auction, we safely welcomed thousands of bidders onsite to inspect items they were interested in. Then they would drive to their home or office to bid from their laptop or phone. This hybrid-style auction, with equipment onsite and 100% of bidding online, provides safety and results. Buyers love the quality of the equipment; they just want more — now is a great time to sell.”
The auction, which was heled from Feb. 23 to Feb. 25, set new online demand records for Ritchie Bros.’ February Edmonton auction, including new records for online page views (more than 1.7 million, up 55% year over year), watchlist adds (more than 103,200, up 75% year over year) and PriorityBids (more than 11,300).
“Ritchie Bros. is the easiest way to sell equipment,” Mark Oleksyn, chief operating officer for Mill Creek Sand & Gravel, said. “We’ve been buying and selling with Ritchie Bros. for 20 years. They provide excellent service, are extremely knowledgeable and will get you the best prices for your equipment. It’s that simple.”
All items in the auction were sold unreserved and online only, with equipment stored onsite to help facilitate inspections. Ritchie Bros. provided equipment information through its website and mobile application and also recently launched new data tools and services from RB Asset Solutions and Rouse Services to help customers better understand market pricing.
“Like Houston and Orlando earlier this year, we continue to see strong Ritchie Bros. pricing relative to all our market indexes and benchmarks. Last week, Edmonton came in with an average price performance of 115% of Rouse’s auction channel pricing benchmark index,” Sunil Tellis, senior vice president of data and analysis for Rouse Services, said. “In Edmonton, we saw particularly strong returns for small and medium earthmoving equipment, which achieved 126% of benchmark, and aerial equipment, achieving 135% of benchmark.”
Approximately 94% of the equipment in the auction was purchased by Canadians, including 53% by Albertans, while international buyers from countries including New Zealand, France and the United Arab Emirates purchased the remaining 6%.
Auction Quick Facts
Ritchie Bros. will sell more than 60,000 equipment items and trucks in its upcoming auctions, including auctions in Toronto on March 9 – 11; Grande Prairie, AB, on March 11; and Chilliwack, BC, on March 17 – 18.
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