Ritchie Bros. sells close to 10,000 items for CA$91+ million in Edmonton, AB

Rhea-AI Summary

Ritchie Bros. held an online auction from September 9-12, 2020, in Edmonton, attracting over 16,000 bidders from 49 countries, an increase of 11% from the previous year. The auction resulted in a total gross value of CA$91+ million (US$69+ million) from nearly 10,000 sold items. Canadian bidders accounted for 91% of the purchases, highlighting robust local demand. The auction featured a diverse range of equipment from 1,200+ consignors. Ritchie Bros. aims to continue this upward trend with future sales, including an upcoming auction scheduled for October 28-30, 2020.

Positive

• 16,000+ bidders participated, up 11% from last year.
• Total gross transactional value reached CA$91+ million (US$69+ million).
• 91% of equipment was purchased by Canadian bidders.

Negative

• None.

Four-day September auction attracted 16,000+ bidders from 49 countries—up 11% from Sep 2019

EDMONTON, AB, Sept. 14, 2020 /PRNewswire/ - With its fourth auction of the year, Ritchie Bros.' Edmonton site sold close to 10,000 equipment items and trucks for CA$91+ million (US$69+ million) over four days.

The September 9 – 12, 2020 auction attracted 16,000+ bidders from 49 countries, which is up 11% from the same auction last year. The auction was conducted exclusively online, with Canadian online bidders purchasing 91% of the equipment, including 54% purchased by Alberta buyers. International buyers from as far away as Ireland, India, and Singapore purchased 9% of the equipment.

"We continue to attract record numbers of bidders in 2020, resulting in strong pricing across most equipment categories in last week's Edmonton auction," said Andrew Lutic, Regional Sales Manager, Ritchie Bros. "Thank you to all the consignors for putting your trust in Ritchie Bros. to deliver results during these unprecedented times. It's a responsibility we take very seriously."

Equipment in the auction was sold for 1,200+ owners, including a selection of oilfield hauling equipment for the Nisku, AB-based company Fox Transport Inc.

"Ritchie Bros. is the best place to disperse your inventory because of the breadth and depth of bidders their auctions attract," said Chris Cassin, President of Fox Transport Inc. "We've built a strong relationship with the team at Ritchie Bros. over the years. They're quick to respond, and always supportive and respectful. We wouldn't hesitate to work with them again."

AUCTION QUICK FACTS: EDMONTON, AB (SEPTEMBER 2020)

• Total gross transactional value – CA$91+ million (US$69+ million)
• Total registered bidders – 16,000+
• Total lots sold – 9,980+
• Number of consignors – 1,200+

Ritchie Bros. has more than 70,000 equipment items and trucks available in its upcoming events, including the company's next Edmonton auction scheduled for October 28 – 30, 2020. For more information, 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 the RBA auction in September 2020?

The total gross value of the auction was CA$91+ million (US$69+ million).

How many bidders participated in the Ritchie Bros. September 2020 auction?

Over 16,000 bidders participated in the auction.

When is the next Ritchie Bros. auction scheduled after September 2020?

The next auction is scheduled for October 28-30, 2020.

What percentage of equipment was bought by Canadian bidders in the September 2020 auction?

Canadian bidders purchased 91% of the equipment.

How many items were sold during the Ritchie Bros. auction in September 2020?

Close to 10,000 items were sold during the auction.