Ritchie Bros. U.S. regional auctions deliver big in December

Rhea-AI Summary

Ritchie Bros. achieved over US$81 million in sales from 20,000 items at two regional auctions held in December 2020. The Great Lakes Regional auction generated US$40 million and the Northeast Regional event brought in US$41 million, attracting thousands of bidders worldwide. Approximately 91% of items were sold to U.S. buyers. Impressively, the Great Lakes auction received over 663,000 unique pageviews. This marked a successful year despite challenges posed by COVID-19, with Ritchie Bros. utilizing online platforms to enhance buyer engagement.

Positive

• Over US$81 million in total sales from two regional auctions.
• Attracted over 10,500 bidders from 59 countries at the Great Lakes auction.
• Approximately 91% of items were sold to U.S. buyers.
• Great Lakes auction website received over 663,000 unique pageviews.

Negative

• None.

US$81+ million of equipment and trucks sold between the Great Lakes and Northeast regional events 

NORTH EAST, Md., Dec. 18, 2020 /PRNewswire/ - This week Ritchie Bros. sold close to 20,000 items through 11 auctions, including a US$40 million Great Lakes Regional auction and a US$41 million Northeast Regional event. All assets were sold 100% online due to COVID-19.

On December 15 – 16, Ritchie Bros. combined 4,000+ equipment items from its Columbus, OH and Chicago, IL auction sites into a Great Lakes auction that attracted 10,500+ bidders from 59 countries. Approximately 91 percent of the items in the auction were sold to U.S. buyers, including 34 percent purchased by buyers from Ohio and Illinois. The remaining nine percent was sold to international buyers as far away as Australia, India, and Korea.

"By pooling together equipment and buyers from multiple sites we have been able to build larger events in 2020, attracting more equipment and more bidders, and delivering better results for our sellers," said Jeff Gillmer, Vice President, Sales, Ritchie Bros. "With these last few auctions, bidder registrations levels were outstanding as buyers look to get the last few items on their 'holiday wish lists' for big projects in 2021. We would like to offer a huge thank you to all our buyers and sellers this year—thank you for putting your trust in Ritchie Bros. to provide certainty in uncertain times." 

On December 16 – 17, the company held a Northeast Regional event with 4,750+ equipment items from North East, MD; North Franklin, CT; and Pittsburgh, PA. The two-day unreserved auction attracted 9,150+ bidders from 60 countries. Approximately 90 percent of the equipment was purchased by U.S. buyers, while international buyers picked up the remaining 10 percent. Specific highlights in this auction included a 2019 Tigercat 845E crawler feller buncher that sold for US$340,000 and a 2013 Link-Belt HTC86100 100-ton 8x4x4 hydraulic truck crane that sold for US$335,000.

"Consignors rely on our ability to drive global demand for their assets because it's paramount to the success of their businesses," added Mr. Gillmer. "In 2020 we have gone all online, introduced numerous customer-focused innovations, and taken buyer demand to new levels. Onsite or online, you can count on Ritchie Bros."

With both auctions 100% online, traffic to Ritchie Bros. websites was impressive. The Great Lakes webpage received 663,000+ unique pageviews, with 60,000+ additions to customer equipment watchlists, and 16,000+ PriorityBids. The Northeast webpage saw 599,000+ unique pageviews, with 50,000+ watchlist adds, and 13,000+ PriorityBids.

For more information about Ritchie Bros., including upcoming auctions, detailed equipment info, and more, 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 were the total sales from Ritchie Bros. regional auctions in December 2020?

Ritchie Bros. generated over US$81 million in sales from two regional auctions held in December 2020.

How many bidders participated in the Great Lakes auction?

The Great Lakes auction attracted over 10,500 bidders from 59 countries.

What percentage of items sold at the Great Lakes auction were purchased by U.S. buyers?

Approximately 91% of items at the Great Lakes auction were purchased by U.S. buyers.

How did COVID-19 affect Ritchie Bros. auctions?

Ritchie Bros. conducted all auctions online due to COVID-19, allowing them to reach a wider audience and maintain high bidder engagement.

What were the total sales figures for the Great Lakes and Northeast Regional auctions?

The Great Lakes auction generated US$40 million, while the Northeast Regional event brought in US$41 million.