Ritchie Bros. conducts 71 farm auctions in 30 days, generating CA$104 million

Rhea-AI Summary

Ritchie Bros. announced the successful completion of 71 farm auctions across Western Canada in spring 2021, generating over CA$104 million in gross transaction value. The events attracted more than 160,000 bidders and over 1.6 million online equipment views. Notable sales included a 2020 Claas 8700 combine for CA$500,000 and a John Deere R4045 sprayer for CA$445,000. A Canadian agriculture industry panel is scheduled for May 10, focusing on key issues in farming.

Positive

• Generated over CA$104 million in gross transaction value from 71 auctions.
• Attracted more than 160,000 bidders and 1.6 million online equipment views.
• Strong pricing in March and April for almost every asset category.

Negative

• None.

Learn more at Ritchie Bros. Canadian Agriculture Industry Panel on May 10 at 11 a.m. Pacific

SASKATOON, SK, May 5, 2021 /PRNewswire/ - Every spring, Ritchie Bros. holds dozens of farm retirement dispersals across Western Canada. Traditionally the company would drive from farm to farm as a travelling auction company, but in Spring 2021 all bidding is conducted online via Timed Auction or with an auctioneer, and it's paying off for consignors.

"We registered more than 160,000 bidders and attracted more than 1.6 million online equipment views for our spring 2021 agricultural events," said Jordan Clarke, Sales Director, Ritchie Bros. "As a result, equipment pricing in March and April was very strong in Canada, with buyers pushing hard on almost every asset category."

This spring, in just 30 days, Ritchie Bros. conducted 71 farm auctions, generating CA$104+ million in gross transaction value. Equipment highlights included 230+ tractors, 140+ combines, 110+ air drills, 675+ grain bins, farmland, and a lot more. Specific sales highlights included a 2020 Claas 8700 combine that sold in Bowsman, MB via Timed Auction for CA$500,000; a 2018 John Deere R4045 120-ft high clearance sprayer that sold via auctioneer in Regina, SK for CA$445,000; and a 2018 Versatile 610DT track tractor that sold via Timed Auction in Eatonia, SK for CA$410,000.

Want to learn more? Ritchie Bros. Canadian Agriculture Industry Panel on May 10 at 11 a.m. Pacific
On May 10, 2021, at 11 a.m. – 12 p.m. Pacific, Ritchie Bros. will host a Canadian agriculture industry panel to discuss key issues impacting the farming industry in Canada, including supply/demand metrics, macro economic issues, and more. This free one-hour online panel discussion will feature Farm Credit Canada Principal Agriculture Economist Craig Klemmer; Western Equipment Dealers Association CEO John Schmeiser; along with Ritchie Bros. experts Jordan Clarke (Director, Sales) and Kevin Tink (Senior Advisor & Auctioneer). Register for free online at rbauction.com/blog!

Spring Auction Customer Testimonials:

• "We were new to the online auction process, so we had a lot of questions, and they were always there for us," said Larry and Jean Hamilton, who sold farmland on April 5 and 6 in Saskatoon, SK. "The entire process was handled in a very professional manner and the end results were above and beyond our expectations."
• "All of the Ritchie bros. employees were friendly, easy to work with, and very accommodating," said LeRoy and Karen Sonnenberg, who sold 75+ items via Timed Auction on April 9. "We were very pleased with the process and the outcome from our auction. Ritchie Bros. are excellent to work with from start to finish."
• "Thank you, Ritchie Bros, for a first-class auction and an excellent result," said Kerry Peterson, who sold 175+ items in a Timed Auction on April 10.

To consign equipment to an upcoming Ritchie Bros. auction, contact your sales rep or visit rbauction.com/selling.

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-conducts-71-farm-auctions-in-30-days-generating-ca104-million-301283998.html

SOURCE Ritchie Bros.

FAQ

What was the gross transaction value from Ritchie Bros. farm auctions in spring 2021?

Ritchie Bros. generated over CA$104 million in gross transaction value from 71 farm auctions.

How many bidders participated in the Ritchie Bros. spring farm auctions?

The auctions attracted more than 160,000 bidders.

When is the Canadian agriculture industry panel hosted by Ritchie Bros.?

The panel is scheduled for May 10, 2021, at 11 a.m. Pacific.

What was the notable sale at Ritchie Bros. auctions?

A 2020 Claas 8700 combine sold for CA$500,000 was a notable sale.

Which items were highlighted in the Ritchie Bros. spring auction?

Highlighted items included tractors, combines, air drills, and grain bins.