Strong pricing continues in US$53+ million Ritchie Bros. auction in Houston, TX

Rhea-AI Summary

Ritchie Bros. reported a record-breaking two-day online auction in Houston, generating over US$53 million with more than 11,300 bidders from 67 countries, marking a 39% increase in participation year-over-year. The auction, held solely online due to COVID-19, saw approximately 85% of sales going to U.S. buyers, including 40% from Texas. Significant sales included a 2012 Link-Belt crane sold for US$425,000.

Ritchie Bros. continues to demonstrate strong market demand despite pandemic challenges, with its final Texas auction scheduled for December 8-9, 2020.

Positive

• Record bidder registrations with over 11,300 participants, up 39% year-over-year.
• Auction generated over US$53 million, indicating strong demand for equipment.
• Approximately 85% of assets were purchased by U.S. buyers, showcasing robust domestic interest.

Negative

• None.

Two-day online auction attracted 11,300+ bidders from 67 countries; up 39% year over year

HOUSTON, Nov. 12, 2020 /PRNewswire/ - Demand for equipment at Ritchie Bros.' online auctions continues to break records, as the company saw bidder registrations jump 39 percent year over year for this week's US$53+ million auction in Houston, TX.

Due to COVID, the November 10 – 11 auction was conducted 100% online, attracting interested bidders from 67 countries. Approximately 85 percent of the assets in the auction were purchased by U.S. buyers, including 40 percent purchased by buyers from Texas, while international buyers from as far away as Mexico, Australia, and the United Kingdom purchased 15 percent.

"As one of the first big auctions of our fourth quarter, we are excited by the continued record-breaking demand and strong pricing we achieved this week in Houston," said Alan McVicker, Regional Sales Manager, Ritchie Bros. "Auction after auction we continue to prove that no matter the format—onsite, online, or both—we deliver unmatched demand and results. In fact, we saw more international participation in Houston this week than the site had seen in 12 – 18 months. If you have equipment to sell, we encourage you to contact us today to be a part of one of the many events we have before the end of the year."

Sales highlights include:

• A 2012 Link-Belt HTC3140LB 140-ton 10x6x4 hydraulic truck crane sold for US$425,000
• A 2005 Terex HC275 275-ton crawler crane sold for US$350,000
• A 2019 Komatsu PC360LC-11 hydraulic excavator sold for US$185,000
• A 2017 Volvo A40G 6x6 articulated dump truck sold for US$177,500
• A 2016 Caterpillar 930M wheel loader sold for US$125,000

AUCTION QUICK FACTS: HOUSTON, TX (NOVEMBER 2020)

• Gross Transaction Value (GTV): US$53+ million
• Total Registered Bidders: 11,300+
• Total Number of Lots: 5,900+
• Total Number of Consignors: 700

Ritchie Bros.' final Texas auction of the year will be held in Fort Worth on December 8 – 9, 2020. For more information about buying and selling with Ritchie Bros., 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 transaction value of the Ritchie Bros. auction in Houston?

The total gross transaction value was over US$53 million.

How many bidders participated in the Ritchie Bros. November auction?

Over 11,300 bidders participated in the auction.

What percentage of buyers at the auction were from Texas?

Approximately 40% of buyers were from Texas.

When is the final Ritchie Bros. Texas auction of the year?

The final Texas auction is scheduled for December 8-9, 2020.

How has the COVID-19 pandemic affected Ritchie Bros. auctions?

The November auction was conducted 100% online due to COVID-19, but demand remained strong.