Five-day auction sets new company record, registering 23,500+ people from 58 countries
Last week we sold a staggering 10,700+ equipment items and trucks for CA$184+ million (US$131+ million) in our first-ever online-only auction in Edmonton, AB. We’ve been conducting auctions in Alberta for close to six decades and have temporarily converted to online bidding only in order to maintain the safety of our customers and employees during the COVID-19 pandemic.
The May 11 – 15 Edmonton auction welcomed more than 23,500 online bidders from 58 countries, setting a new company attendance record. Approximately 87% of the assets in the auction were sold to Canadian buyers, including 47% purchased by Albertans, while international bidders purchased 13%. One hundred percent of the equipment in the auction was sold to online buyers, including 20% purchased through Ritchie Bros.’ mobile application.
"Bringing together the best of both worlds"
“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, Chief Sales Officer (Canada), Ritchie Bros. “Bidding online is nothing new to most of our customers. In fact, our last Edmonton auction in February saw 70% of our total auction volume sell to online bidders. With this sale we hit 100%, 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.”
More than 1,000 companies sold equipment in the Edmonton auction, including a complete dispersal for Oil-Berta Cats Ltd., an earthmoving and gravel company based in Barrhead, AB.
“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.”
Auction highlights from Edmonton
There were several big sales highlights in the five-day online event, including a 2014 Hitachi ZX870LC-5B hydraulic excavator that sold for CA$690,000 to a buyer from Maryland, two Caterpillar PL83 pipelayers that sold for CA$640,000 each to a buyer from the United Kingdom, and a 2018 Caterpillar 765 6x6 articulated dump truck that sold for CA$410,000 to a buyer from Alberta.
- Total gross transactional value – CA$184+ million (US$131+ million) *100% sold online!
- Total registered bidders (online only) – 23,500+ *New company record!
- Total lots sold – 10,700+
- Number of consignors – 1,000+
“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 Mr. 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.”
For more details on the pricing achieved in this and other recent Ritchie Bros. auctions, sign up for Ritchie Bros.’ monthly Market Trend reports, available at ritchiebros.com/market-trends-report.
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