Thousands bid on equipment in Ritchie Bros. auctions in Edmonton and Olympia
Posted on: Monday, 23 March 2009, 06:00 CDT
VANCOUVER, March 23 /PRNewswire-FirstCall/ - Ritchie Bros. Auctioneers
(NYSE and TSX: RBA), the world's largest industrial auctioneer, registered
thousands of bidders at seven unreserved industrial auctions in four countries
last week, including a CA$58 million (US$47 million) auction in Edmonton,
Alberta on March 17 - 19, 2009 and a US$21 million auction in Olympia,
Washington on March 18 & 19. Ritchie Bros. also attracted a record number of
bidders to the Grand Opening auction at its new permanent auction site in
Minneapolis, Minnesota on March 19.
EDMONTON, ALBERTA - More than 6,700 people from 21 countries registered to
bid on-site or online at the three-day auction conducted by Ritchie Bros. at
its permanent auction site in Edmonton on March 17 - 19. The auction set
Edmonton site records for internet registrations and sales: more than 1,700
online bidders purchased CA$16 million (US$13 million) of equipment and
trucks, representing 27 percent of the total gross auction proceeds of CA$58
million (US$47 million). Buyers from outside Alberta spent CA$26 million
(US$21 million) at the Edmonton auction, including CA$6 million (US$5 million)
of purchases by out-of-country buyers.
"The results of the auction reflect a sense of energy and optimism in the
market," said Jake Lawson, Ritchie Bros. Regional Manager. "People are still
working, but they're choosing to invest in good quality used equipment rather
than new - and they come to our auctions by the thousands because they know
everything will be sold on auction day, with no minimums or reserves. When
you've got online bidders from Europe, South America, the U.S. and Canada
bidding against the crowd on-site, you know the equipment is being sold for
its global market value."
OLYMPIA, WASHINGTON - Out-of-state buyers purchased more than half of the
equipment in Ritchie Bros.' March 18 & 19 auction at its permanent auction
site in Olympia, Washington. Ritchie Bros. sold US$21 million of equipment
over two days, attracting more than 3,200 on-site and online bidders from 21
countries. Buyers from outside Washington purchased US$11 million of
equipment. Online bidders purchased US$6 million worth.
"We had a huge crowd of bidders at the site, with active bidding online,
resulting in much stronger returns than many people expected," said Rob
Giroux, Ritchie Bros. Regional Manager. "Many consignors mentioned that they
were pleasantly surprised by the prices we achieved for them in Olympia. A lot
of people have been in wait and see mode over the past few months, watching
the used equipment market closely before making the move to sell their surplus
assets. The results of last week's auction will put many of those reluctant
consignors at ease."
There are 134 unreserved Ritchie Bros. auctions on the auction calendar at
www.rbauction.com, including the Grand Opening of the Company's new permanent
auction site in Houston, TX (March 25 - 27).
About Ritchie Bros.
Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the
world's largest industrial auctioneer, selling more equipment to on-site and
online bidders than any other company in the world. The Company has over 110
locations in more than 25 countries including 38 auction sites worldwide.
Ritchie Bros. sells, through unreserved public auctions, a broad range of used
and unused industrial assets, including equipment, trucks and other assets
utilized in the construction, transportation, agricultural, material handling,
mining, forestry, petroleum and marine industries. The Company maintains a web
site at www.rbauction.com and sponsors an equipment wiki at
www.RitchieWiki.com.
Investors and potential investors should note that this information may
not be indicative of the overall financial performance of the Company for this
or any period.
CONTACT: Kim Schulz, Corporate Communications Manager, Ritchie Bros.
Auctioneers, Mobile: (604) 788-5379 or email: kschulz@rbauction.com; Or Jake
Lawson, Regional Manager, Ritchie Bros. Auctioneers, Edmonton auction site
tel: (780) 955-2486; Or Rob Giroux, Regional Manager, Ritchie Bros.
Auctioneers, Olympia auction site tel: (360) 956-1500
SOURCE Ritchie Bros. Auctioneers
Source: PR Newswire
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