Ritchie Bros. Sells Record of Nearly CA$250 million in Heavy Equipment Assets and Vehicles at Biggest-Ever Premier Canada Auction Event

Rhea-AI Summary

Ritchie Bros. Auctioneers achieved a new Canadian record by selling nearly CA$250 million worth of heavy equipment assets and vehicles at their premier Canada auction event in Edmonton, AB. The five-day auction attracted over 21,000 bidders from 43 countries, with a majority of equipment sold to Canadians. The event showcased a vast selection of equipment, including late-model, low-hour gear. Ritchie Bros. expressed gratitude to their consignors and customers for their continued support and community contributions.

Positive

• Record-breaking gross transaction value of nearly CA$250 million achieved at the premier Canada auction event
• Massive turnout of over 21,000 bidders from 43 countries
• Substantial percentage of equipment sold to Canadians, highlighting strong domestic market demand
• Continued growth and success evidenced by the high level of consignors and bidders participating in the auction

Negative

• None.

Five-day Edmonton, AB, auction attracted 21,000+ bidders from 43 countries to compete for a record 14,500+ items

WESTCHESTER, Ill. and EDMONTON, AB, May 7, 2024 /PRNewswire/ - RB Global, Inc. (NYSE: RBA) (TSX: RBA), a trusted global marketplace for insights, services and transaction solutions for commercial assets and vehicles, today announced that Ritchie Bros. Auctioneers sold 14,500+ equipment items, trucks and vehicles at its premier Canada auction event in Edmonton, AB, last week. The five-day auction generated nearly CA$250 million in gross transaction value (GTV) – a new Canadian record.

The April 29 – May 3, 2024, online and onsite auction attracted more than 21,000 bidders from 43 countries, with approximately 94.2% of the equipment selling to Canadians, including 63.3% purchased by Albertans. The remaining 5.8% of the equipment was purchased by international buyers from as far away as Saudi Arabia, Italy and the Netherlands.

"Our April-May Edmonton event once again delivered a huge selection of equipment, including lots of late-model, low-hour gear coming off recently completed jobs and ready to go to work for new owners in the next season," said Jeff Jeter, Chief Revenue Officer for RB Global. "Ritchie Bros. continues to prove that we are the leading destination for buying and selling heavy equipment and transportation assets globally, with over 21,000 bidders who were active onsite, online and through our mobile app throughout the auction. We would like to thank our record number of more than 1,600 consignors for once again choosing Ritchie Bros. to deliver the results that they count on us to deliver.

"We also extend a huge thank you to our generous and community-minded customers, who have again bid on our VIP Parking stalls in support of the Make-A-Wish Foundation. Four companies have helped to raise $42,000 this year. Over the last seven years our customers have helped to raise $200,000 for children with critical illnesses," Jeter said.

Ritchie Bros. has more than 110,000 equipment items and trucks in its upcoming auctions and online marketplaces, including 5,400+ items selling in an Ontario Regional Event on May 8–10; 4,000+ items selling in Montreal, QC, May 15–17; 1,700 items selling in Lethbridge, AB, on May 16; and 2,400+ items selling in a BC Regional Event May 29–30. For a complete list of upcoming auctions and events, including weekly IronPlanet auctions and Marketplace-E events, visit rbauction.com/auctions.

About RB Global

RB Global, Inc. (NYSE: RBA) (TSX: RBA) is a leading, omnichannel marketplace that provides value-added insights, services and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Through its auction sites in 14 countries and digital platform, RB Global serves customers in more than 170 countries across a variety of asset classes, including automotive, commercial transportation, construction, government surplus, lifting and material handling, energy, mining and agriculture. The company's marketplace brands include Ritchie Bros., the world's largest auctioneer of commercial assets and vehicles offering online bidding, and IAA, a leading global digital marketplace connecting vehicle buyers and sellers. RB Global's portfolio of brands also includes Rouse Services, which 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; Xcira, a leader in live simulcast auction technologies; and VeriTread, an online marketplace for heavy haul transport. 

Forward-Looking Statements

Certain statements contained in this release include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") and Canadian securities laws. Forward-looking statements are typically identified by such words as "aim", "anticipate", "believe", "could", "continue", "estimate", "expect", "intend", "may", "ongoing", "plan", "potential", "predict", "will", "anticipates", "should", "would", "could", "likely", "generally", "future", "long-term", "foresees", "estimates", "opportunity" or the negative of these terms, and similar expressions intended to identify forward-looking statements. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties that may cause actual results to differ materially. These statements are based on our current expectations and estimates about our business and markets, and may include, among others, statements relating to the April-May Edmonton Auction and other subjects of this release, our future strategy, objectives, targets, projections and performance and other statements that are not historical facts. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of the combined companies or the price of RB Global's common shares. Therefore, you should not place undue reliance on any such statements, and caution must be exercised in relying on forward-looking statements. While RB Global's management believes the assumptions underlying these forward-looking statements are reasonable, these forward-looking statements involve certain risks and uncertainties, many of which are beyond RB Global's control, that could cause actual results to differ materially from those indicated in such forward-looking statements, including but not limited to: our results of operations, strategy and plans; potential adverse reactions or changes to our business or employee relationships; our ability to integrate acquisitions (including IAA, Inc. ), the diversion of management time on transaction-related issues; the ability of RB Global to retain and hire key personnel and employees; the significant costs associated with the merger; the outcome of any legal proceedings that could be instituted against RB Global; changes in capital markets and the ability of the company to generate cash flow and/or finance operations in the manner expected or to de-lever in the timeframe expected; the failure of  RB Global to meet financial forecasts and/or KPI targets; legislative, regulatory and economic developments affecting the business of RB Global; general economic and market developments and conditions; the evolving legal, regulatory and tax regimes under which RB Global operates; unpredictability and severity of catastrophic events, including, but not limited to, pandemics, acts of terrorism or outbreak of war or hostilities, as well as RB Global's response to any of the aforementioned factors. Other risks that could cause actual results to differ materially from those described in the forward-looking statements are included in  RB Global's periodic reports and other filings with the Securities and Exchange Commission ("SEC") and/or applicable Canadian securities regulatory authorities, including the risk factors identified under Part I, Item 1A "Risk Factors" in RB Global's  most recent Annual Report on Form 10-K for the year ended December 31, 2023. The forward-looking statements included in this release are made only as of the date hereof. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Many of these risk factors are outside of our control, and as such, they involve risks which are not currently known that could cause actual results to differ materially from those discussed or implied herein. RB Global does not undertake any obligation to update any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made, except as required by law.

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SOURCE RB Global

FAQ

How much was the gross transaction value at the Edmonton auction event?

The gross transaction value reached nearly CA$250 million, setting a new Canadian record.

How many bidders participated in the auction event?

Over 21,000 bidders from 43 countries took part in the auction.

Where was the record-breaking auction event held?

The auction event took place in Edmonton, AB, Canada.

What percentage of equipment was sold to Canadians at the auction?

Approximately 94.2% of the equipment was sold to Canadians, with 63.3% purchased by Albertans.

Who is the Chief Revenue Officer for RB Global?

Jeff Jeter serves as the Chief Revenue Officer for RB Global, Inc.

What organization has benefitted from the community contributions of Ritchie Bros. customers?

The Make-A-Wish Foundation has received donations from Ritchie Bros. customers, with $42,000 raised this year and a total of $200,000 raised over seven years.