Ritchie Bros. sells $184 million of equipment in first-ever online-only Edmonton auction
Five-day auction sets new company record, registering over 23,500 people from 58 countries
May 19, 2020 By Ritchie Bros.
Edmonton – Last week Ritchie Bros. sold more than 10,700 equipment items for $184+ million in its first-ever online-only auction in Edmonton. The company temporarily converted to online bidding only to maintain the safety of its customers and employees during the COVID-19 pandemic.
The May 11 to 15, 2020, auction welcomed more than 23,500 online bidders from 58 countries, setting a new company attendance record. Approximately 87 per cent of the assets in the auction were sold to Canadian buyers, including 47 per cent purchased by Albertans, while international bidders purchased 13 per cent. One hundred per cent of the equipment in the auction was sold to online buyers, including 20 per cent purchased through Ritchie Bros.’ mobile application.
“With an online-only auction we are able to maintain the safety of our customers and employees while still providing our consignors the liquidity they need during these uncertain times,” said Brian Glenn, Canadian chief sales officer. “Bidding online is nothing new to most of our customers. In fact, our last Edmonton auction in February saw 70 per cent of our total auction volume sell to online bidders. With this sale we hit 100 per cent, which is amazing, but it’s important to remember that during the weeks leading up to the sale we safely welcomed thousands of buyers visiting our auction yard to inspect items before they bid. We really are bringing together the best of both worlds.”
There were several big sales highlights in the five-day online event, including a 2014 Hitachi ZX870LC-5B hydraulic excavator that sold for $690,000 to a buyer from Maryland, two Caterpillar PL83 pipelayers that sold for $640,000 each to a buyer from the United Kingdom, and a 2018 Caterpillar 765 6×6 articulated dump truck that sold for $410,000 to a buyer from Alberta.
“The strength of the construction market, especially in Western Canada, combined with record-setting attendance and participation from the United States and international markets, helped us achieve solid pricing on the majority of the equipment categories in the auction,” added Glenn. “We did see some pricing pressure on oilfield-specific transportation assets—which didn’t surprise us or customers—but this was a tremendous auction. We would like to thank all of our consignors for putting their trust in Ritchie Bros. during this difficult time.”
More than 1,000 companies sold equipment in Ritchie Bros.’ Edmonton auction, including a complete dispersal for Oil-Berta Cats Ltd., an earthmoving and gravel company based in Barrhead, Alta.
“Our equipment was sold to buyers from all over, including buyers from across Canada, Washington State, and Texas,” said consignor Wilmer Thompson, who ran Oil-Berta Cats. Ltd. with his sons Shane and Clint. “We are ecstatic with the results we achieved this week. Ritchie Bros. has the biggest reach and the best auctioneers in the world. I would never sell through anyone else.”
- Total gross transactional value – $184 million
- Total registered bidders (online only) – 23,500
- Total lots sold – more than 10,700
- Number of consignors – more than 1,000
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