Ritchie Bros. - World's Largest Heavy Equipment Auction

Thousands of heavy equipment items and trucks sold over six days during Ritchie Bros.’ Orlando, Fla., auction last week, setting new records for the company. Among these milestones, Ritchie reported it brought in total gross auction proceeds of $203 million, more than 10,000 lots were sold, 8,670 registered bidders 830 sellers participated in the event. Online, 4070 bidders raised more than $47 million in online gross auction proceeds. "In more than 50 years of business, we have never held or seen an equipment auction of this magnitude," said Peter Blake, Ritchie Bros. CEO.

More than 8,670 registered bidders from 88 countries, including all 50 states, all Canadian provinces, and two territories, participated both in-person and online. More than $160 million (79 percent) was sold to buyers located outside the state of Florida, and more than $73 million (36 percent) was sold to buyers outside the United States. Internet bidders were winner or runner-up bidder on 44 percent of the lots available online.

"We had bidders participate here on site from nearly every continent in the world," said Steve Kriebel, Regional Sales Manager, Ritchie Bros. Auctioneers. "The auction theater was very busy and many buying customers were taking advantage of our value-added services, including using our refurbishing and painting, transportation, financing, warranty and insurance services."

Items were sold for more than 830 sellers from across the United States and around the world, including Jr. Davis Construction Co., a local construction, excavation and road-building company based in Kissimmee, Fla. Jr. Davis Construction Co. sold more than 60 heavy equipment items to buyers on-site and online buyers—some as far away as Panama and New Zealand.

"We choose Ritchie Bros. to sell our equipment for many reasons, but the main one is that everything that sells is absolute. People that buy our equipment know that there is no interfering of any kind by anyone, and this gives them more confidence when they come to the auction," said Tom Mastera, equipment manager for Jr. Davis Construction Co.

More than 120 auctions already listed in the Ritchie Bros. auction calendar, including the October auction in Orlando that will be held in conjunction and collocated with the 2012 Lift and Access Showcase & Symposium.

Source: http://www.cranehotline.com/articles/5686/ritchie-bros-conducts-worlds-largest-heavy-equipment-auction/

Additional Information