Ritchie Bros. hits US$52+ million with latest regional auction success in U.S. Midwest

Rhea-AI Summary

Ritchie Bros achieved over US$52 million in its recent Midwest auction held on March 30-31, 2021, with more than 5,000 equipment items sold. The event drew over 11,100 bidders from 70+ countries, showcasing a 26% increase in registrations compared to the previous auction. U.S. buyers accounted for approximately 90% of total sales. Notable sales included a 2016 Caterpillar 745C dump truck that fetched US$235,000. The company continues to enhance its hybrid live/online auction model, with upcoming events planned in Houston on April 13-14.

Positive

• Gross Transaction Value (GTV) of over US$52 million indicates strong sales performance.
• 26% increase in registered bidders compared to the previous event, signaling growing interest.
• 90% of equipment purchased by U.S. buyers shows a robust domestic market presence.

Negative

• None.

5,000+ items sold from six locations attracted 11,100+ online bidders from 70+ countries

CHICAGO, April 2, 2021 /PRNewswire/ - Ritchie Bros.' regional auction success continued this week with a US$52+ million U.S. Midwest event on March 30 – 31, 2021. More than 5,000 equipment items were stored, inspected, and sold from six Ritchie Bros. locations in five states—including Chicago, IL; Minneapolis, MN; Kansas City, MO; East St. Louis, MO; Omaha, NE; and Williston, ND—to online buyers across the U.S. and around the world.  

More than 11,100 online bidders from 70+ countries registered to bid in the U.S. Midwest auction, with U.S. buyers purchasing approximately 90 percent of the equipment, by dollar value. The remaining 10 percent was purchased by online buyers from as far away as Germany, Guatemala, India, and South Korea.

"We continue to attract record bidder registrations—up 26% compared to the previous event in September—resulting in strong returns for the more than 700 consignors in this auction," said Tim Keane, Regional Sales Manager, Ritchie Bros. "Leading up to the sale, our yards were busy with customers inspecting items and asking questions of our equipment experts, but on auction day everyone was online. We saw a 19% increase in online pageviews and a 12% increase in items added to customer watchlists, demonstrating the power of our hybrid live/online model for both buyers and sellers."

Equipment highlights in the U.S. Midwest auction included a 2016 Caterpillar 745C articulated dump truck that sold for US$235,000 to an online buyer from Alberta, Canada; a 2006 Link-Belt HTC8675 75-ton 8x4x4 hydraulic truck crane sold for US$190,000 to an online buyer from Quebec, Canada; and a 2015 Caterpillar 982M wheel loader that sold for US$175,000 to an online buyer from Minnesota. All items were sold without minimum bids or reserve prices.

AUCTION QUICK FACTS: MIDWEST REGIONAL (MARCH 2021)

• Gross Transaction Value (GTV): US$52+ million
  
  
• Total Registered Bidders: 11,100+
  
  
• Total Number of Lots: 5,000+
  
  
• Total Number of Consignors: 700+

Ritchie Bros. will sell more than 39,000 equipment items and trucks in its upcoming auctions, including a Houston, TX auction on April 13 - 14. 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-hits-us52-million-with-latest-regional-auction-success-in-us-midwest-301261099.html

SOURCE Ritchie Bros.

FAQ

What was the Gross Transaction Value of Ritchie Bros' Midwest auction on March 30-31, 2021?

The Gross Transaction Value was over US$52 million.

How many items were sold at the Ritchie Bros Midwest auction?

More than 5,000 items were sold.

What percentage of bidders in the Ritchie Bros Midwest auction were from the U.S.?

Approximately 90% of equipment was purchased by U.S. buyers.

When is the next Ritchie Bros auction after the Midwest event?

The next auction is scheduled for April 13-14, 2021, in Houston, TX.

How many bidders participated in the Ritchie Bros Midwest auction?

Over 11,100 bidders registered for the auction.