Ritchie Bros. sells 10,000+ items for CA$99+ million in Edmonton, AB

Rhea-AI Summary

From October 25 to 28, Ritchie Bros. held its fifth auction in Edmonton, attracting over 16,500 bidders from more than 40 countries. The auction featured over 10,000 items, generating a gross transaction value exceeding CA$99 million (US$73 million). Around 92% of the items were sold to Canadian bidders, with 61% purchased by Albertans. Notable sales included a 2021 John Deere feller buncher for CA$540,000. Ritchie Bros. continues to leverage technology to enhance auction processes, indicating strong demand for equipment in the market.

Positive

• Generated CA$99+ million (US$73+ million) in gross transaction value.
• Attracted over 16,500 bidders from more than 40 countries.
• Sold over 10,000 items, showcasing strong demand.
• 92% of equipment sold to Canadian buyers, indicating local market strength.

Negative

• None.

The October 25 – 28 online event attracted more than 16,500 bidders from 40+ countries 

EDMONTON, AB, Oct. 31, 2022 /PRNewswire/ - With its fifth Edmonton, AB auction of the year, Ritchie Bros. attracted more than 16,500 bidders to compete for 10,000+ items, generating CA$99+ million (US$73+ million) in gross transaction value.

Approximately 92% of the equipment in the October 25 – 28 auction was sold to Canadians, including 61% purchased by Albertans. The remaining 8% was purchased by international buyers from as far away as Egypt, Poland, and Vietnam.

"We continue to drive strong global demand for equipment and trucks, resulting in a lot of happy consignors," said Jacen Cowick, Regional Sales Manager, Ritchie Bros. "Today we offer customers more options and flexibility than ever before. Thanks to our innovative online platform, we were able to efficiently sell 3,500+ offsite items right alongside the 7,000+ items on display in our Edmonton yard. Thanks to technology and our hardworking teams, it's easier than ever to sell equipment from anywhere, which is a huge benefit for our customers."

Equipment highlights in the October Edmonton auction included 140+ truck tractors, 85+ excavators, 60+ skid steers, 60+ dozers, 25+ pipelayers, forestry equipment, and more. All items were sold without minimum bids or reserve prices.

Five Big Sellers from Edmonton:

• 2021 John Deere 903M feller buncher – CA$540,000
• 2017 John Deere 290GLC long reach hydraulic excavator – CA$375,000
• 2008 Caterpillar 583T pipelayer – CA$370,000
• 2018 Western Star 4700 6x4 hydro vac truck – CA$335,000
• 2023 Western Star 49X 8x6 sleeper cab & chassis – CA$315,000

AUCTION QUICK FACTS: EDMONTON, AB (OCTOBER 2022)

• Gross Transaction Value: CA$99+ million (US$73+ million)
• Items Sold: 10,000+
• Bidders: 16,500+
• Consignors: 1,000+

Ritchie Bros. has more than 60,000 items listed in its upcoming auctions and online events, including our final Edmonton auction of the year in December. For a complete list of events, visit rbauction.com.

About Ritchie Bros.

Established in 1958, Ritchie Bros. (NYSE: RBA) (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, mining, and forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's largest industrial auctioneer offering live auction events with online bidding; IronPlanet, an online marketplace with weekly featured auctions and providing the exclusive IronClad Assurance® equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Ritchie List, a self-serve listing service for North America; Mascus, a leading European online equipment listing service; Ritchie Bros. Private Treaty, offering privately negotiated sales; and sector-specific solutions GovPlanet, TruckPlanet, and Ritchie Bros. Energy. 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; SmartEquip, an innovative technology platform that supports customers' management of the equipment lifecycle and integrates parts procurement with both OEMs and dealers; 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 gross transaction value of the October 2022 Ritchie Bros auction?

The gross transaction value exceeded CA$99 million (US$73 million).

How many items were sold in the October 2022 Ritchie Bros auction?

Over 10,000 items were sold.

How many bidders participated in Ritchie Bros' October 2022 auction?

More than 16,500 bidders participated.

What percentage of items sold in the auction were purchased by Canadians?

Approximately 92% of the items were sold to Canadians.

Where can I find information about Ritchie Bros' upcoming auctions?

Information on upcoming auctions can be found at rbauction.com.