Ritchie Bros. sells CA$49+ million of equipment and trucks in largest-ever Ontario auction

Rhea-AI Summary

Ritchie Bros recently conducted its largest online auction in Toronto from March 9-11, generating over CA$49 million (US$39 million) in gross transaction value, a new record. The event attracted 10,000 bidders, a 35% increase from last year, and saw 4,300 items sold, including significant sales of trucks and construction equipment. The auction highlighted strong pricing despite market supply constraints, demonstrating heightened demand with a 48% rise in pageviews and 66% more watchlist adds. The company's strategy in leveraging online bidding continues to yield substantial results for consignors.

Positive

• Generated a record-breaking gross transaction value of CA$49+ million (US$39+ million).
• Attracted 10,000 bidders, marking a 35% increase year over year.
• Sold over 4,300 items, including high-value equipment like a John Deere excavator for CA$315,000.
• Achieved a 48% increase in pageviews and a 66% increase in watchlist adds, indicating robust online interest.

Negative

• None.

March 9 – 11 online event in Toronto attracts 35% more bidders and 66% more item watchlists

TORONTO, March 15, 2021 /PRNewswire/ - Week after week, Ritchie Bros. continues to deliver outstanding results to its consignors, with unprecedented demand and strong pricing in 2021. Last week the company sold more than 4,300 equipment items and trucks in its largest-ever Toronto, ON auction. The March 9 – 11 online event attracted 35% more bidders year over year and achieved CA$49+ million (US$39+ million) in gross transaction value.

Despite tight market supply, Ritchie Bros. sold a record amount of equipment in Toronto last week, including 320+ truck tractors, 210+ aerial work platforms, 120 compactors, 95+ skid steers, 55+ excavators, and more. Specific sales highlights included a 2018 John Deere 380G excavator that sold for CA$315,000; a 2017 Mack GU813 granite dump truck that sold for CA$175,000; and a 2019 Kenworth T800 T/A sleeper heavy haul truck that sold for CA$143,500. All items in were sold unreserved and all bidding was conducted 100% online. 

"Following excellent recent results in Edmonton, Orlando, and our Rocky Mountain Regional Auction, we continue to achieve strong pricing for consignors, regardless of auction type or location," said Ryan Pottruff, Regional Sales Manager, Ritchie Bros. "Last week's record-breaking Toronto auction saw particularly strong price realization for transportation equipment, with Class 8, dump trucks, and heavy haul trucks achieving incredible prices. Leading up to the sale we saw a ton of buzz online, with pageviews, watchlists, and PriorityBids all up year over year. We encourage interested sellers to contact us today to take advantage of the strong market." 

With 100% of bidding online, Ritchie Bros. attracted record online demand. Last week's Toronto sale saw a 48% percent increase in pageviews (1.1+ million), a 66% increase in watchlist adds (66,000+); and 11,000+ PriorityBids.

"With Ritchie Bros. your equipment gets the largest exposure and you get fantastic customer service, prompt communication, and one-stop shopping," said Kevin Meisner, General Manager of Meisner Construction Inc., which sold 40 items in the Toronto sale as part of a fleet realignment. "Don't waste your time with anyone else. The returns we received this week with the Toronto auction were phenomenal!"

Close to 10,000 bidders from 67 countries registered for the three-day Toronto auction. Approximately 93% of the equipment in the auction sold to Canadians, including 73% sold to Ontario buyers, while the remaining seven percent was sold to international buyers from as far away as Singapore, Peru, and the United Kingdom.     

AUCTION QUICK FACTS: TORONTO, ON (MARCH 2021)

• Gross Transaction Value (GTV): CA$49+ million (US$39+ million) *new site record
• Total Registered Bidders: 10,000 *new site record
• Total Number of Lots: 4,300+ *new site record
• Total Number of Consignors: 700+

Ritchie Bros. will sell more than 70,000 equipment items and trucks in its upcoming auctions, including a two-day Chilliwack, BC auction on March 17 – 18; Regina, SK on March 23 – 24; and a Montreal, QC auction on March 24 – 26. 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-sells-ca49-million-of-equipment-and-trucks-in-largest-ever-ontario-auction-301247048.html

SOURCE Ritchie Bros.

FAQ

What were the gross transaction values for RBA's March 2021 auction?

The March 2021 auction in Toronto achieved over CA$49 million (US$39 million) in gross transaction value.

How many bidders participated in the recent Ritchie Bros auction?

The Toronto auction attracted 10,000 registered bidders.

What significant equipment was sold in the March 2021 auction by Ritchie Bros?

Notable sales included a 2018 John Deere 380G excavator for CA$315,000 and a 2017 Mack GU813 dump truck for CA$175,000.

What percentage of equipment sold in the Toronto auction was purchased by Canadian buyers?

Approximately 93% of the equipment sold in the auction was bought by Canadians.

When did the largest online auction by Ritchie Bros take place?

The largest online auction took place from March 9 to March 11, 2021.