Ritchie Bros. sells US$58+ million of equipment in big Fort Worth, TX summer auction

Rhea-AI Summary

Ritchie Bros. held a successful summer auction in Fort Worth, TX from July 28-29, 2020, attracting over 10,800 bidders from 60 countries, a 108% increase from the previous year. The auction saw sales exceeding US$58 million with over 4,400 equipment items sold. Approximately 91% of the equipment was purchased by U.S. buyers, with notable sales including three Caterpillar D8T dozers for US$665,000. Ritchie Bros. plans to continue online-only auctions to ensure safety amidst COVID-19.

Positive

• 10,800+ registered bidders, a 108% increase from the previous year.
• Total sales exceeded US$58 million, with 4,400+ items sold.
• 91% of items sold to U.S. buyers, indicating strong domestic demand.

Negative

• None.

10,800+ bidders registered, surpassing previous Fort Worth summer bidder record by 108%

FORT WORTH, TX, July 30, 2020 /PRNewswire/ - Bidder registrations at Ritchie Bros. auctions continue to surge, with 10,800+ people from 60 countries registering to bid for its big summer Fort Worth, TX auction. More than 4,400 equipment items and trucks were sold in the July 28 – 29, 2020 event for US$58+ million.

Since mid-March all Ritchie Bros. auctions are now online-only events, to help keep employees and customers safe from COVID-19. Approximately 91 percent of the equipment in this week's Fort Worth auction was sold to U.S. buyers, including 41% purchased by buyers from Texas, while the remaining 9% sold to international buyers from as far away as Romania, China, and Australia.

"Our 2020 summer Fort Worth auction saw a 42% increase in the number of lots and a 108% increase in bidders over the same auction in 2019," said Neal Black, Regional Sales Manager, Ritchie Bros. "As a result, we continue to see strong demand for quality used equipment across almost all categories. For anyone unable to get what they needed in Fort Worth this week, we have an IronPlanet auction today with more than 3,000 items—get online and start bidding!"

Sales Highlights from Fort Worth:

• Three 2014 Caterpillar D8T dozers sold for a combined US$665,000
• Three 2018 Caterpillar 336FL hydraulic excavators sold for a combined US$545,000
• Two 2015 Volvo A40G 6x6 articulated dump trucks sold for a combined US$322,500
• A 2015 Peterbilt 367 T/A w/ National 1300A 30-ton boom truck sold for US$205,000
• A 2013 Grove RT890E 90-ton 4x4 w/ rear steer rough terrain crane sold for US$205,000

AUCTION QUICK FACTS: FORT WORTH, TX (July 2020)

• Total gross transactional value – US$58+ million *100% sold online!
• Total registered bidders – 10,800+
• Total lots sold – 4,400+
• Number of consignors – 600

Ritchie Bros.' next Texas auction will be held in Houston on August 25 – 26, 2020. The next Fort Worth auction will be held in September. For more information about Ritchie Bros., visit RitchieBros.com. To learn more about equipment pricing and trends, sign up for Ritchie Bros. Market Trends summary reports at ritchiebros.com/market-trends-report.  

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 were the total sales at the Ritchie Bros. Fort Worth auction in July 2020?

The total sales exceeded US$58 million during the Fort Worth auction held on July 28-29, 2020.

How many bidders participated in the Ritchie Bros. Fort Worth auction?

Over 10,800 bidders registered for the Ritchie Bros. auction in Fort Worth, TX.

What percentage of equipment sold at the Fort Worth auction was purchased by U.S. buyers?

Approximately 91% of the equipment sold at the Fort Worth auction was purchased by U.S. buyers.

When is the next Ritchie Bros. auction in Texas?

The next Ritchie Bros. auction in Texas is scheduled for August 25-26, 2020, in Houston.