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Ritchie Bros.: Regional Events in Northeast and Great Lakes Bring in $87MM+

December 22, 2021, 07:17 AM
Filed Under: Auction News

Ritchie Bros. regional auctions continue to drive unprecedented demand, with the company's latest events in the Northeast and the Great Lakes generating more than $45 million and over $42 million in gross transaction value.

"Good quality, ready-to-work equipment and trucks are bringing record prices right now," said Jason Kirkconnell, Regional Sales Manager, Ritchie Bros. "For our Northeast Regional Event, we signed up a few great packages early on, attracting a diverse lineup of consignments, including forestry gear, pipeline equipment, and some beautiful, late-model trucks. Right now, we are seeing particularly strong returns for transportation equipment, with some used truck tractors bringing higher than retail prices."

The Northeast Regional Event featured over 4,600 items sold from five locations in North East, MD; North Franklin, CT; Pittsburgh, PA; Raleigh-Durham, NC; and Amma, WV. The three-day online auction attracted over 10,100 bidders from 68 countries. Approximately 95 percent of the items in the auction were purchased by U.S. buyers, including 14 percent sold to Pennsylvania, 10 percent to Maryland, and 7 percent to New Jersey. The remaining 5 percent was purchased by international buyers from as far away as Armenia, Australia and the Dominican Republic.

"We saw incredibly strong pricing in our Great Lakes event as well," said Tim Keane, Regional Sales Manager, Ritchie Bros. "Consignor feedback has been very positive, with several consignors lamenting they don't have more equipment available to sell. Simultaneously, we are also generating great returns for consignors in the region through our Marketplace-E platform and our weekly featured auctions on—now is a great time to sell."

The Great Lakes Regional Event featured 4,200+ items sold from four locations in Columbus, OH; Chicago, IL; Detroit, MI; and Lincolnshire, IL. The two-day online auction attracted over 9,600 bidders from 58 countries. Approximately 93 percent of the items were purchased by U.S. buyers, including 15 percent sold to Ohio, 13 percent to Illinois and 8 percent to Texas. The remaining 7 percent was purchased by international buyers from as far away as Iceland, Singapore and Kazakhstan.

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