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Ritchie Bros. Sells $93MM of Equipment in its Largest Two-Day Auction

July 02, 2019, 07:12 AM
Filed Under: Auction News

Ritchie Bros. held the pipeline construction event of the year in Columbus, OH, selling more than 5,000 items for more than $93 million over two days. The big highlight of the event: 138 pipelayers sold for $45 million in just two hours.

The auction attracted more than 5,000 bidders from 56 countries, including roughly 4,000 online bidders. U.S. buyers purchased approximately 80 percent of the equipment in the auction, while international buyers from as far away as Australia, Taiwan and Cameroon purchased 20 percent. Online buyers purchased 48 percent of the equipment.

"Bringing the global pipeline construction industry together and selling $93 million of assets, including $45 million of pipelayers in just two hours, is quite the feat—it's something only Ritchie Bros. could do," said Jeff Jeter, President, Upstream & Emerging Businesses, Ritchie Bros. "Our events bring the equipment world together like no other. The auction may have been in Columbus—in fact, it was the site's largest auction ever—but the equipment came from 372 owners around the United States and sold to buyers all over the world."

Sales highlights included 30 Caterpillar PL83 pipelayers that sold for a combined $18.5 million and 12 Caterpillar PL87 pipelayers that sold for a combined $9 million—both models have never been sold at auction before—and 17 Caterpillar D8T dozers that sold for a combined $4.9 million.

"Our network effects were on full display as we created strong demand, extended our global reach and realized strong pricing," said Ravi Saligram, Chief Executive Officer, Ritchie Bros. "Our at-risk deals, including our 'joint venture' deal with Gordon Brothers performed extremely well and we created significant value for our consignors. I am very proud of the team's flawless execution, once again reinforcing Ritchie Bros.' auction prowess, digital expertise, and customer service are unparalleled."

Approximately 1,800 of the items in the auction were sold as part of a complete dispersal for Welded Construction LP, an Ohio-based company that recently closed after more than 50 years in business.

"This was a unique package of equipment—some of these assets have never been sold at auction before, and still Ritchie Bros. was able to get the right buying audience there on auction day," said Steve Hawkins, CEO of Welded Construction. "Ritchie Bros. and Gordon Brothers know how to market equipment and create the excitement needed to bring results."

Ritchie Bros. sold the Welded Construction equipment package in partnership with Gordon Brothers, a global advisory, restructuring and investment firm.

"This was a special sale for all of us who had the privilege to represent Welded as we brought its best-in-class fleet to the world market," said Jim Burke, Managing Director, Gordon Brothers. "The results were outstanding." 

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