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Ritchie Bros. Sells $131MM+ of Equipment in First Online-Only Edmonton Auction

May 18, 2020, 07:12 AM
Filed Under: Auction News

Ritchie Bros. sold a staggering more than 10,700 equipment items for $131 million in its first-ever online-only auction in Edmonton, AB. The company, which has been conducting auctions in Alberta for close to six decades, has temporarily converted to online bidding only to maintain the safety of its customers and employees during the COVID-19 pandemic.

The Edmonton auction welcomed more than 23,500 online bidders from 58 countries, setting a new company attendance record. Approximately 87 percent of the assets in the auction were sold to Canadian buyers, including 47 percent purchased by Albertans, while international bidders purchased 13 percent. One hundred percent of the equipment in the auction was sold to online buyers, including 20 percent 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, 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 percent of our total auction volume sell to online bidders. With this sale we hit 100 percent, 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."

"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."

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