RB Global, Inc. - RBA STOCK NEWS

Ritchie Bros. has released its October Market Trends report, highlighting equipment sales trends and pricing data. The report reveals that prices across most categories in the US and Canada are stable, with significant details on winch tractor sales, which increased by 21% in the first half of 2020 compared to 2019. The October report also includes an asset depreciation curve for the Kenworth T800 winch truck. Furthermore, it emphasizes that used heavy equipment prices remain steady at ±1.5% year over year in both countries. For full insights, the detailed report is available for download.

Ritchie Bros conducted a significant auction in Fort Worth, Texas, selling over 5,200 equipment items and trucks for a total of more than US$68 million. The auction, which took place on September 29-30, 2020, saw participation from over 11,300 bidders across 72 countries, with 64% of buyers coming from outside Texas. Highlights included the sale of 650 truck tractors, with robust pricing. Notable sales included a Link-Belt crawler crane for US$340,000 and a Caterpillar dozer for US$250,000. Ritchie Bros is set for another auction in Houston on November 10-11, 2020.

Ritchie Bros. conducted four successful online U.S. regional auctions in September 2020, attracting over 30,000 bidders and selling more than 16,250 items for over US$87 million. The Heartland Regional Auction alone generated US$42+ million, while the Midwest auction brought in US$45+ million, both seeing a significant increase in bidder participation. The company is leveraging digital expertise to enhance marketplace access for consignors and buyers, setting new attendance records and drawing strong interest from around the globe.

Ritchie Bros. held an online auction from September 9-12, 2020, in Edmonton, attracting over 16,000 bidders from 49 countries, an increase of 11% from the previous year. The auction resulted in a total gross value of CA$91+ million (US$69+ million) from nearly 10,000 sold items. Canadian bidders accounted for 91% of the purchases, highlighting robust local demand. The auction featured a diverse range of equipment from 1,200+ consignors. Ritchie Bros. aims to continue this upward trend with future sales, including an upcoming auction scheduled for October 28-30, 2020.

Ritchie Bros. released its September 2020 Market Trends report, providing insights into equipment pricing trends based on extensive transaction data. The report indicates a general decline in prices across various categories, with used heavy equipment prices down approximately 1% year-over-year in both the USA and Canada. Truck tractors saw a larger decline, with a 4% decrease in the USA. Despite these declines, the report suggests that most groups are experiencing moderating deflation or price parity. The company continues to emphasize its unique data analysis capabilities in the used equipment market.

Ritchie Bros. has obtained bankruptcy court approval to auction off hundreds of truck tractors belonging to BJ Services, North America’s largest pressure pumping services company. The assets will be featured in a significant sale at the Fort Worth auction scheduled for September 29-30, 2020. Ritchie Bros. anticipates high demand for these well-maintained vehicles, highlighting their expertise in asset management and diverse sales channels.

Ritchie Bros held a successful online auction in Houston, generating over US$57 million from the sale of more than 5,300 equipment items and trucks. This auction, conducted on August 25-26, 2020, set new site records for total gross transactional value and registered bidders, attracting 11,100+ participants from over 60 countries. U.S. buyers made up about 90% of purchases, with Texas buyers accounting for 40%. The auction featured a diverse array of equipment, including truck tractors and excavators, all sold without minimum bids or reserve prices.

Ritchie Bros. Auctioneers (NYSE: RBA) has received TSX approval for a Normal Course Issuer Bid (NCIB), enabling the repurchase of up to 5,441,249 common shares or an aggregate of $100 million to mitigate share dilution from options. The program will run from August 24, 2020, to August 23, 2021. Previous buybacks under a similar program saw 2,748,986 shares repurchased at an average price of $34.62. The company considers this strategy a beneficial use of funds, aiming to enhance shareholder value.

Ritchie Bros. Auctioneers (NYSE: RBA) has successfully amended and extended its credit facilities, totaling US$630 million. This includes US$530 million in revolving credit to enhance operational liquidity and a US$100 million delayed-draw term loan, primarily used to fund the IronPlanet acquisition in May 2017. The maturity date has been pushed to October 27, 2023. The credit facilities, secured by the company's assets, aim to strengthen financial flexibility amid current market uncertainties. The support from a syndicate of 13 banks highlights confidence in RBA's business.