Ritchie Bros. Sets Sales Record at Tipton, CA Auction
AUG 22, 2016 - 6:44 am
Ritchie Bros. set a new site sales record at its Tipton, CA auction, selling more than $21 million worth of construction and transportation equipment. In total, more than 1,350 equipment items were sold at the auction on August 17, at a site Ritchie Bros. said is usually an agricultural hub.
More than 2,500 people registered for the Tipton auction, including 1,650 people online registrants. Half of the assets in the auction were sold to online bidders, from as far away as Hungary, Poland and Australia. Approximately 72% of the equipment was sold to buyers from California. Every item was sold without minimum bids or reserve prices.
“We signed a big construction package early on, which allowed us ample time to market it and build a sale around it,” said Chad Apland, regional sales manager, Ritchie Bros. “As a result, we saw huge attendance for this time of year. In fact, we had close to 1,000 more bidders compared to our Tipton auction in August 2015. We usually see our biggest crowds in our February sale as it’s so close to the World Ag Expo, but this sale rivalled it, helping us achieve great results for consignors.”
Nearly 200 companies sold equipment in the auction, including Sturgeon Services International.
“Ritchie Bros. once again has shown us that they are the number one player in the heavy equipment auction space,” said Christopher Sturgeon, vice president of Sturgeon Services International. “Our relationship with Ritchie as both buyer and seller spans decades, and once again I am pleased to say that the decision to go with them was easy and rewarding. We very much look forward to the continued business relationship that Ritchie Bros. has so wonderfully kept, as well as the decades of continued business between our companies.”
Equipment sales highlights:
Three Caterpillar 962K wheel loaders sold for a combined $520,000
Two Caterpillar 725 6×6 articulated dump trucks sold for a combined $300,000
A 2014 IMS 7012 Gold Cup IT4 51 ft., 5 in. dredge sold for $320,000
A 2013 Caterpillar 815F series II compactor sold for $300,000
A 2012 Caterpillar 980K wheel loader sold for $260,000
A 2013 Kenworth T800 T/A liquid ring vacuum truck sold for $235,000
A 2013 Caterpillar 140M series II VHP plus motor grader sold for $230,000
A 2004 Caterpillar D8R series II crawler tractor sold for $135,000
Generally speaking, cross-collateralization is a fairly straightforward concept to people active in commercial finance. The idea is that any collateral pledged to a lender by its customer (referred to in this article as a debtor) secures every single obligation of... read more
When we laid the groundwork for the Monitor 101+ issue, it looked like the worst of the COVID-19 pandemic was behind us. By the time we conducted interviews with this year’s group of executives, the Delta variant was rapidly spreading... read more