Ritchie Bros. Sells More Than $43MM of Equipment at Great Lakes Regional Event

OCT 8, 2021 - 5:32 am

Ritchie Bros.‘ latest Great Lakes regional event featured more than 3,600 equipment items and trucks stored in Chicago, a new local yard in Detroit and Columbus, OH. The two-day online auction attracted more than 10,000 bidders, resulting in more than $43 million in gross transaction value.

Approximately 88% of the equipment in the auction was purchased by U.S. buyers, including 16% sold to buyers in Ohio, 11% to buyers in Illinois and 5% to buyers in Michigan. The remaining 12% was purchased by international buyers from countries such as Germany, Australia and Ghana. Leading up to the event, Ritchie Bros. attracted 88% more PriorityBids per lot and 40% more online equipment views than the previous Great Lakes auction in June.

“Our regional auctions continue to attract unprecedented demand, with bidder registrations up 23% from our previous Great Lakes auction, resulting in strong market pricing across all asset categories,” Tim Keane, regional sales manager for Ritchie Bros., said. “Last week we saw particularly strong returns for transportation equipment, with van trailer prices reaching record levels. If you have surplus equipment, trucks and trailers, we encourage you to contact us to take advantage of this seller’s market today.”

Equipment in the auction was sold for more than 600 equipment and truck owners, including several items for GMC Excavation & Trucking, which is based in Galion, OH.

“Working with Ritchie Bros. is easy, and they bring great returns, with most of my items last week selling for more than I expected,” Steve Beck, owner of GMC Excavation and Trucking, said.

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