Ritchie Bros. Sells More Than $55MM Worth of Equipment at Northeast Regional Auction

Ritchie Bros. sold more than 5,700 equipment items and trucks stored at sites in Maryland, Ohio and Pennsylvania for more than $55 million at its recent Northeast regional event. The two-day online auction attracted more than 933,000 website pageviews and a 24% increase in watchlists per item.

“Our 2021 online events continue to deliver amazing returns for sellers, with another incredible sales result in the Northeast,” Ryan Funck, regional sales manager for Ritchie Bros., said. “By combining equipment from our sites in North East, MD; Columbus, OH; and Pittsburgh, PA, into one regional event, we are able to attract a much larger buying audience and achieve strong price performance for consignors. We are driving record demand and encourage interested sellers to contact us and take advantage.”

More than 11,000 people from more than 80 countries registered to bid in the event, which was held on March 23 and March 24. Approximately 91% of the equipment in the auction was sold to U.S. buyers, including buyers from Maryland, Ohio and Pennsylvania purchasing a combined 35%, while international buyers from countries including Australia, Belgium and Nigeria purchased the remaining 9%.

“This was my first auction with Ritchie Bros. and they could not have been more helpful,” Ted Korte, owner of TK Gas Services, which sold more than 130 items in the auction as part of a complete dispersal, said. “We decided to shut down our company and liquidate our assets. Ritchie Bros. gave me options, never pressured me, answered every question I had, and at the end of the auction, we were very pleased with the results.”

Equipment highlights in the auction included a 2008 Manitowoc 14000 220-ton self-erecting crawler crane that sold for $305,000 to an online buyer from Manitoba, a 2018 Caterpillar 335FLCR hydraulic excavator that sold for $175,000 to an online buyer from Tennessee and a 2020 Kenworth T880 day cab truck tractor that sold for $140,000 to an online buyer from Pennsylvania. All items were sold without minimum bids or reserve prices.

“Leading up to the sale, we had a ton of interested bidders onsite kicking tires and inspecting equipment in North East, Columbus and Pittsburgh,” Funck said. “Our multiple physical sites are local hubs with global reach, as we maintain care, custody and control of assets to help facilitate inspections and provide additional services for both buyers and sellers. The power of our physical and digital footprint working together is a real strength of our offering today.”

Auction Quick Facts: Northeast Regional

  • Gross Transaction Value (GTV): More than $55 million
  • Total Registered Bidders: More than 11,000
  • Total Number of Lots: More than 5,700
  • Total Number of Consignors: More than 730

Ritchie Bros. will sell more than 60,000 equipment items and trucks in its upcoming auctions, including a Midwest regional event on March 30 to March 31 and timed auction events in Nashville, TN, on March 30 and in Sacramento, CA, on March 31.

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
Susie Angelucci
Advertising: 484.459.3016

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.