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Ritchie Bros. Sells CA$120MM+ of Equipment in Edmonton Auction

February 29, 2016, 07:15 AM
Filed Under: Auction News

Ritchie Bros.' first Canadian auction of the year in Edmonton, AB, a three-day unreserved public auction (February 24 – 26), attracted 13,100+ bidders from 47 countries—50 percent more than the same auction last year.

Ritchie Bros. sold more than 7,300 items in the auction for CA$120+ million (US$89+ million), making it the company's largest February auction ever in Edmonton. Out-of-province buyers purchased CA$69+ million (US$51+ million) of equipment (58 percent), including CA$21+ million (US$15+ million) sold to out-of-country buyers (17 percent).

"The size of this auction is partly a reflection of the current economy here in Alberta, with 2,700 more items for sale than last February," said Brian Glenn, Senior Vice President, Ritchie Bros. "We are here to meet the needs of our customers, providing flexible solutions when it's time to sell, and giving them access to a huge audience of buyers from different sectors and across the globe. The results we saw in Edmonton last week showcased our ability to tap into that global market and get the best returns for our sellers. At the same time, we had more than 4,900 onsite bidders and Alberta buyers purchased 42 percent of the equipment in the auction. We offer sellers the best of both worlds."

With the strength of the U.S. dollar, American bidders registered in record numbers. Last week's Edmonton auction attracted 66 percent more U.S. bidders than the same auction last February, and the most in the site's history. More than CA$18 million (US$13+ million) of the equipment was sold to U.S. buyers (15 percent).
Close to 700 companies sold equipment in the auction, including Netook Construction Ltd., who sold 40+ items. The Olds-based company does remediation, reclamation, lease construction, and road construction work in Central Alberta.

Bidders participated in the auction in person, online in real time at, and by proxy. Online buyers purchased 57 percent (CA$69+ million or US$51+ million) of the equipment in the auction. All items were sold without minimum bids or reserve prices.

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