Ritchie Bros. Achieves Strong Pricing in Edmonton, AB Auction with 50% Increase in Bidders

Rhea-AI Summary

Ritchie Bros reported strong auction results from its recent event in Edmonton, AB, generating over CA$53 million (US$42 million) from the sale of 5,100+ items. The auction attracted over 17,000 bidders, a 50% increase from the same period last year, showcasing heightened demand for heavy equipment. Notable sales included a 2014 Volvo dump truck for CA$382,500. Moreover, the auction set new records for online engagement, including 1.7 million page views. Approximately 94% of the equipment sold was purchased by Canadian buyers, indicating robust local market activity.

Positive

• Auction generated over CA$53 million (US$42 million) in sales.
• Attracted over 17,000 bidders, a 50% increase year-over-year.
• Set new records for online engagement metrics, including 1.7 million page views.
• Average prices at auction reached 115% of benchmark indices, indicating strong market demand.

Negative

• None.

17,000+ online bidders registered for the three-day, CA$53+ million auction last week

EDMONTON, AB, March 1, 2021 /PRNewswire/ - Ritchie Bros. drove strong results for consignors with its first big Canadian auction of the year, selling 5,100+ equipment items and trucks in Edmonton, AB for CA$53+ million (US$42+ million) last week. The three-day, online auction attracted more than 17,000 bidders from 66 countries, which is up 50% from the February 2020 event.

"We drove record demand in Edmonton last year, registering more than 100,000 bidders through six auctions, and it continues in 2021 with a 50% increase in bidders year over year for this event alone," said Trent Vandenberghe, Regional Sales Manager, Ritchie Bros. "Leading up to and during the auction we safely welcomed thousands of bidders onsite to inspect items they were interested in. Then they would drive to their home or office to bid from their laptop or phone. This hybrid-style auction, with equipment onsite and 100% of bidding online, provides safety and results. Buyers love the quality of the equipment; they just want more—now is a great time to sell."

The February 23 – 25, 2021 auction set new online demand records for the February Edmonton auction, including new records for online page views (1.7+ million and up 55% YOY), watchlist adds (103,200+ and up 75% YOY), and PriorityBids (11,300+).

"Ritchie Bros. is the easiest way to sell equipment," said consignor Mark Oleksyn, Chief Operating Officer for Mill Creek Sand & Gravel, based in Redwater, AB. "We've been buying and selling with Ritchie Bros. for 20 years. They provide excellent service, are extremely knowledgeable, and will get you the best prices for your equipment. It's that simple!"

All items in the auction were sold unreserved and online only, with equipment stored onsite to help facilitate inspections. The company provided detailed equipment information through its website and mobile application and has also recently launched new data tools and services from RB Asset Solutions and Rouse Services to help customers better understand market pricing.

"Like Houston and Orlando earlier this year, we continue to see strong Ritchie Bros. pricing relative to all our market indexes and benchmarks. Last week Edmonton came in with an average price performance of 115% of Rouse's auction channel pricing benchmark index," said Sunil Tellis, Senior Vice President, Data & Analysis, Rouse Services. "In Edmonton we saw particularly strong returns for small and medium earthmoving equipment, which achieved 126% of benchmark, and aerial equipment, achieving 135% of benchmark."

Approximately 94 percent of the equipment in the auction was purchased by Canadians, including 53 percent by Albertans, while international buyers from as far away as New Zealand, France, and the United Arab Emirates purchased the remaining six percent.

Sales Highlights:

• A 2014 Volvo A40G 6x6 articulated dump truck was sold for CA$382,500 to an online buyer from Alberta
• A 2015 Caterpillar 390FL VG hydraulic excavator was sold for CA$277,500 to an online buyer from Alaska
• A 2005 Caterpillar 627G motor scraper was sold for CA$255,000 to an online buyer from Saskatchewan
• A 2007 Clemro 6x10 53-ft tridem control van was sold for CA$210,000 to an online buyer from Yukon
• A 2017 Xtreme XR1255 4x4x4 telescopic forklift was sold for CA$135,000 to an online buyer from Manitoba

AUCTION QUICK FACTS: EDMONTON, AB (FEBRUARY 2021)

• Gross Transaction Value (GTV): CA$53+ million (US$42+ million)
• Total Registered Bidders: 17,000+
• Total Number of Lots: 5,100+
• Total Number of Consignors: 700+

Ritchie Bros. will sell more than 60,000 equipment items and trucks in its upcoming auctions, including a Toronto, ON auction on March 9 – 11; Grande Prairie, AB on March 11; and Chilliwack, BC on March 17 – 18. The company also has weekly featured online auctions at IronPlanet.com and a daily reserved option with Marketplace-E.

About Ritchie Bros.:
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a number of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's largest industrial auctioneer offers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing the exclusive IronClad Assurance® equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The Company's suite of solutions also includes Ritchie Bros. Asset Solutions and Rouse Services LLC, which together provides a complete end-to-end asset management, data-driven intelligence and performance benchmarking system. Ritchie Bros. also offers sector-specific solutions including GovPlanet, TruckPlanet, and Kruse Energy, plus equipment financing and leasing through Ritchie Bros. Financial Services. For more information about Ritchie Bros., visit RitchieBros.com.

Photos and video for embedding in media stories are available at rbauction.com/media. 

View original content:http://www.prnewswire.com/news-releases/ritchie-bros-achieves-strong-pricing-in-edmonton-ab-auction-with-50-increase-in-bidders-301237100.html

SOURCE Ritchie Bros.

FAQ

What was the total gross transaction value of the Ritchie Bros auction in Edmonton?

The total gross transaction value of the Ritchie Bros auction in Edmonton was over CA$53 million (US$42 million).

How many bidders participated in the Ritchie Bros auction in March 2021?

The Ritchie Bros auction in March 2021 attracted over 17,000 bidders.

What percentage of equipment sales were made to Canadian buyers during the Edmonton auction?

Approximately 94% of the equipment sold in the Edmonton auction was purchased by Canadian buyers.

How did the auction's online activity compare to the previous year?

The auction saw a 50% increase in bidders compared to the same event in February 2020.

What notable equipment items were sold at the auction?

Notable items included a 2014 Volvo dump truck sold for CA$382,500 and a 2015 Caterpillar excavator sold for CA$277,500.