Ritchie Bros. Transactions Surpass $295MM Over Five Days of Online Auctions
JUN 30, 2020 - 6:00 am
Ritchie Bros. set a new record, selling over 35,000 equipment items and trucks in 29 online auctions across five countries in five days — making it the busiest week in the company’s history.
“We continue to see record attendance at our auctions around the world as more and more of our customers get used to participating in our auctions online,” said Ann Fandozzi, chief executive officer, Ritchie Bros. “With big, multi-day auctions in Edmonton, Houston and Northeast, as well as 26 other auctions last week, we registered a staggering 80,000+ bidders in a week!”
Total gross transaction proceeds for the week surpassed $295 million, including a more than $43 million auction in Houston, a more than $47 million Northeast regional auction and more than $69 million Edmonton, AB auction.
Houston — More than 9,100 bidders from 61 countries registered to bid. Approximately 47% of the equipment was purchased by out-of-state buyers from as far away as Vietnam, Poland and the United Arab Emirates. Highlights from this auction included a 2015 Tadano GR-750XL 75-ton rough terrain crane that sold for $350,000 and a 2014 Caterpillar D6N LGP dozer that sold for $150,000.
Northeast Regional — With its first-ever Northeast regional event, Ritchie Bros. combined equipment from four locations — North East; MD, North Franklin, CT; Pittsburgh, PA; and Williamsport, PA—into one auction. More than 5,700 items were sold, including a 2013 Caterpillar 825H soil compactor that sold for $325,000 and a 2015 Comacchio MC22AHT crawler blast hole drill that sold for $260,000. In total, more than 7,900 bidders from 64 countries registered for the two-day auction.
Edmonton, AB — Ritchie Bros.’ Edmonton team sold 9,500+ items over three days. Approximately 45% of the equipment in the auction was sold to buyers from outside the province, including a 2013 Mack MRU613 Telebelt conveyor truck that sold for 291,471 and a 2013 John Deere 410E 6×6 articulated dump truck that sold for $184,475.
Other highlights from the week include a $25+ million weekly featured auction on IronPlanet.com and $15+ million of equipment sold at 18 on-farm Timed Auctions across Western Canada.
Some principles of selling have always been the same. For me, listening and confirming what a customer/prospect is asking for is my golden rule. But what is being sold today and the value proposition, technology and approach are significantly different... read more
This issue of Monitor celebrates the next generation of leaders in the equipment finance industry. These rising stars see the world in a fresh light, adapt to new technology quickly and challenge the status quo. But what attracts younger employees... read more