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RITCHIE BROS. AUCTIONEERS
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RITCHIE BROS. AUCTIONEERS
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Global demand for equipment strong at Ritchie Bros. Edmonton auction
Record number of online bidders nets sellers higher returns on equipment
EDMONTON, March 15 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, conducted a CA$62 million (US$61 million) unreserved public auction last week at its permanent auction site in Edmonton, Alberta (March 10 to 12, 2010). More than 6,300 on-site and online registered bidders from 26 countries, including 37 US states and all 10 Canadian provinces and three territories competed on more than 3,900 lots during the three-day auction.
Bidders from outside Alberta purchased CA$28 million (US$27 million or 45 percent) of equipment. More than 2,300 online bidders also participated in the auction - an Edmonton site record. Online buyers purchased CA$15.5 million (US$15.2 million or 25 percent) of equipment.
"This was our first large auction in Western Canada this year, and it far exceeded our expectations in every respect," said Jake Lawson, Regional Manager, Ritchie Bros. Auctioneers. "On-site and online bidding was competitive on all three auction days and the buying public was very receptive. It was apparent that demand for equipment globally remains strong."
At the Edmonton auction, Ritchie Bros. sold equipment for nearly 500 consignors, including Prairie Mountain Oilfield Construction Inc., which is based in Drayton Valley, Alberta. The company sold more than 200 items in the auction as part of a major realignment. Their package of equipment included several articulated dump trucks, motor scrapers, hydraulic excavators, wheel loaders and dozens of crawler tractors.
"We decided to sell half of our fleet because one of the partners is retiring. The company will continue operations, but with less equipment," said Clinton Coyne, co-owner of Prairie Mountain Oilfield Construction Inc. "We were very pleased with the outcome of the auction. There was strong demand for the equipment on-site, and it was definitely Ritchie Bros.' ability to attract international buyers live and online that delivered us a much higher return."
Some of the pieces of equipment sold by the company were purchased online by out-of-country buyers from as far away as Colombia, Mexico, the United Kingdom and Saudi Arabia.
"I've been buying and selling equipment through Ritchie Bros. for more than 40 years. I have complete confidence in their unreserved auction methods and great respect for their high level of professionalism," said Mr. Coyne. "You can trust that when you sell with Ritchie Bros. you don't just get results, you get the best results."
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