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Ritchie Bros. Finishes Record-breaking Year in Ontario with $34MM+ Toronto Auction

December 28, 2021, 07:06 AM
Filed Under: Auction News

Competition for used equipment and trucks has never been stronger, with supply chains disrupted and online demand driving record pricing for consignors. Last week, Ritchie Bros. attracted more than 8,500 online bidders from 65 countries to compete for just over 3,400 items selling in Toronto, ON, generating more than $34 million in gross transaction value and setting a new December record for the site.

"We are seeing record equipment and truck pricing right now across all our auctions and marketplaces," said Ryan Pottruff, Regional Sales Manager, Ritchie Bros. "We've had an incredible year in Ontario, with multiple record-breaking site auctions and significant growth in the region for our online Marketplace-E channel, which provides sellers more control over the selling price and process for premier assets. We have also introduced a new satellite yard in Thunder Bay for customers in the region who want to display equipment and sell virtually in our Toronto sales."

More than 775 companies sold equipment in the Toronto auction, including close to 50 items sold for G&G Service, an equipment and trucking company based in Thunder Bay, near the new yard.

"Pricing is unbelievable right now," said Ken Gaudette, owner of G&G Service. "The new Thunder Bay yard has great visibility from the highway and it's well organized. Ritchie Bros. is an excellent outfit with staff that are honest and knowledgeable. They are true professionals."

Approximately 84 percent of the items in the Toronto auction were purchased by Canadian buyers, including 67 percent sold to Ontarians. The remaining 16 percent was purchased by international buyers from as far away as India, Peru and Vietnam. Leading up to the auction, the company saw a 108 percent increase in watchlisted items year over year, while online equipment pageviews were up 13 percent.

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