Ritchie Bros. continues online success with CA$110+ million auction in Edmonton, AB

Rhea-AI Summary

Ritchie Bros. held a successful online auction in Edmonton from October 28 to 31, selling over 9,200 items for more than CA$110 million (US$83 million). The event attracted 18,945 bidders, up 49% from the previous year, highlighting strong demand. Approximately 91% of purchases were made by Canadian buyers, with notable sales including a CA$1.16 million agricultural property and a CA$600,000 motor grader. Ritchie Bros. is experiencing notable momentum in Western Canada, aided by safe onsite practices and a well-organized online bidding process.

Positive

• Gross Transaction Value (GTV) reached CA$110+ million (US$83+ million).
• Total registered bidders increased by 49% year-over-year to 18,945.
• Strong demand with 91% of items purchased by Canadian buyers.
• Successful sales of high-value items including real estate and heavy equipment.

Negative

• None.

Four-day, online-only event attracted close to 19,000 registered bidders—up 49% year over year

EDMONTON, AB, Nov. 2, 2020 /PRNewswire/ - Just seven weeks after selling 10,000+ items, Ritchie Bros.' Edmonton team was back at it last week, selling another 9,200+ items for CA$110+ million (US$83+ million) over four days.

The October 28 – 31 Edmonton auction attracted 18,945 bidders from 58 countries, which is up 49% from the October 2019 event. Approximately 91 percent of the equipment was purchased by Canadians, with Western Canadian buyers winning the majority of the items, while international buyers from as far away as Australia, China, and the United Kingdom purchased nine percent.

"With the recent record-breaking $34 million forestry auction in Chilliwack, our $110 million sale in Edmonton last week, and the big, four-day Grande Prairie event in three weeks, we are seeing some real momentum right now in Western Canada," said Andrew Lutic, Regional Sales Manager, Ritchie Bros. "This was our third online-only auction in Edmonton and it's working extremely well, with safe practices onsite to allow for in-person inspections. Thank you to all our consignors and buyers for continuing to put your trust in Ritchie Bros."

Equipment items were sold for more than 1,100 consignors, including a package of items for long-time Ritchie Bros. customer Richardson Bros. Olds. Ltd.

"We miss the camaraderie of being at the auction in person, but the bidding audiences have certainly gotten bigger since Ritchie Bros. has gone all online," said Frank Richardson of Richardson Bros. Olds Ltd. "We recently completed a major project in Calgary and came to Ritchie Bros. with all the surplus equipment, as we've been doing for decades. The auctions are perfectly organized. Bidders can show up a couple days before the auction, inspect the items, which are all perfectly sorted and lined up, and then bid safely from their phone. They sure make it easy."

Sales highlights include:

• A 156+ acre agricultural real estate property with a home quarter that sold for CA$1.16 million
• A 6,000± square-foot lakefront home in Crane Lake, AB that sold for CA$765,000
• A 2010 Caterpillar 16M VHP motor grader that sold for CA$600,000
• A 2016 Peterson 2710D horizontal grinder that sold for CA$490,000
• A 2013 Tadano GR1000XL-2 100-ton 4x4x4 rough terrain crane that sold for CA$490,000

AUCTION QUICK FACTS: EDMONTON, AB (OCTOBER 2020)

• Gross Transaction Value (GTV): CA$110+ million (US$83+ million)
• Total Number of Lots: 9,200+
• Total Registered Bidders: 18,945
• Total Number of Consignors: 1,100+

For more information about buying and selling with Ritchie Bros., visit RitchieBros.com.

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 multichannel sales solutions also includes Ritchie Bros. Asset Solutions, a complete end-to-end asset management and disposition 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. 

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SOURCE Ritchie Bros.