Ritchie Bros. hits CA$34 million with its largest Chilliwack auction ever

Rhea-AI Summary

On October 19, 2020, Ritchie Bros. announced record-breaking results from its online auction in Chilliwack, BC, achieving a gross transactional value of CA$34 million (US$26 million), surpassing previous records by 39%. Over 6,400 bidders from 44 countries participated, with 89% of items sold to Canadian buyers. Highlights included sales of significant forestry equipment, such as a Tigercat log loader for CA$670,000. The auction attracted 375 consignors, indicating strong demand and successful online transition amidst COVID-19 challenges.

Positive

• Achieved a record-breaking gross transactional value of CA$34 million (US$26 million) in Chilliwack auction.
• Participation included over 6,400 bidders from 44 countries, indicating strong global interest.
• Successfully sold 1,600+ items, surpassing previous auction records by 39%.
• Major sales included forestry equipment, reflecting robust demand in the sector.

Negative

• None.

Company continues to break records since moving onsite auctions all online due to COVID-19

CHILLIWACK, BC, Oct. 19, 2020 /PRNewswire/ - With online attendance at an all-time high, Ritchie Bros. conducted another record-breaking auction last week. Over two days the company sold 1,600+ equipment items and trucks in Chilliwack, B.C. for CA$34+ million (US$26+ million), surpassing the previous site record by 39 percent!

More than 6,400 online bidders from 44 countries registered for the October 14 – 15, 2020 Chilliwack auction. Approximately 89 percent of the items in the auction were sold to Canadian buyers, including 72 percent purchased by B.C. buyers. The remaining 11 percent was sold to international buyers from as far away as Australia, Vietnam, and the United Kingdom.

"This auction was built around a fantastic lineup of forestry equipment, which attracted additional consignors and a lot of buyer attention from around the world," said Pat Elliott, Regional Sales Manager, Ritchie Bros. "The forestry sector has been under pressure, but we were still able to achieve strong results for sellers. A majority of the equipment ended up staying in Canada, but international buyers helped drive up pricing."

Leading up to the auction, Ritchie Bros.' Chilliwack webpage received 223,000+ unique pageviews, close to 30,000 watchlist adds, and 9,900+ PriorityBids for the 1,600+ items in the auction. Sales highlights included a 2020 Tigercat LS855E tilter hoe chucker log loader that sold for CA$670,000; a 2019 Tigercat LX830D tilter feller buncher that sold for CA$620,000; and a 2018 Tigercat 880D processor that sold for CA$525,000.

Equipment was sold more than 375 owners in the online-only Chilliwack auction, including a large selection of forestry equipment for Don Bahen and Mary DeLury of Island Fibre, Ltd.

"Ritchie Bros. has transitioned extremely well to a fully online auction experience," said Don Bahen.

"At the same time, it's the personal relationships, professionalism, and global reach that makes them stand out," added Mary DeLury. "Our relationship with Ritchie Bros. is very valuable to us and we are grateful for their help."

AUCTION QUICK FACTS: CHILLIWACK, B.C. (October 2020)

• Total gross transactional value – CA$34+ million (US$26+ million) *new site record!
• Total registered bidders – 6,400+
• Total lots sold – 1,600+
• Number of consignors – 375+

Ritchie Bros.' next Chilliwack auction will be held in December 2020. For more information about 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.

FAQ

What was the total gross value of Ritchie Bros' auction in Chilliwack in October 2020?

The total gross transactional value was CA$34 million (US$26 million).

How many items were sold in the October 2020 Chilliwack auction by Ritchie Bros?

Over 1,600 items were sold during the auction.

What percentage of bidders at the Chilliwack auction were from Canada?

Approximately 89% of the items were sold to Canadian buyers.

When is Ritchie Bros' next auction in Chilliwack scheduled?

The next Chilliwack auction is scheduled for December 2020.

How many consignors participated in the October 2020 auction?

There were over 375 consignors in the auction.