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Ritchie Bros. Achieves Record $1B+ of Gross Auction Proceeds in First Quarter

April 08, 2016, 07:10 AM
Filed Under: Auction News

Ritchie Bros. Auctioneers announced it sold more than US$1 billion worth of equipment, trucks and other assets during the first quarter of 2016—representing 6.8% GAP growth compared to the first quarter of 2015, and a new first quarter GAP record. 

During the quarter Ritchie Bros. held 51 auctions (industrial and agricultural), including 29 auctions held outside of the United States. As the Company reports in US dollars, GAP growth reported for auctions held outside of the US was impacted by foreign exchange and fluctuating exchange rates relative to prior periods. On an organic basis, using the same exchange rates during the first quarter of 2015, GAP grew 9.0% in the first quarter of 2016 compared to the same quarter of 2015.

"I'm very pleased with our strong auction performance during the first quarter of 2016, especially in light of the challenging comp we were presented with for March of last year—when we held a $54 million dollar offsite auction that was not repeated in 2016," said Ravi Saligram, CEO, Ritchie Bros. "Our sales and operations teams around the globe rallied, and our marketing team worked tirelessly to help generate record-breaking auction crowds and top sales values for our customers. Their combined efforts allowed us to achieve many new auction site records, and surpass $1 billion of GAP for the first time during the first quarter."

Strong Auction Performance

GAP growth during the first quarter of 2016 was due mostly to larger auctions held, relative to comparable auctions last year, and the addition of several new auctions in the first quarter, which largely offset the 2015 auctions not repeated in the first quarter this year. Auction highlights during the first quarter of 2016 include:

  • The US$172 million Orlando, Florida auction (February 15 – 19, 2016):  typically one of the largest auctions held by Ritchie Bros. each year, this auction attracted record crowds, with more than 9,850 bidders registering for the sale.
  • The CA$120+ million Edmonton, Alberta auction (February 24 – 26, 2016):  the largest February auction Ritchie Bros. has held in Edmonton (GAP grew 43% and bidder registrations grew 50% from the comparable auction last year)
  • The US$41+ million Dubai, UAE auction (March 1 – 2, 2016): a sale that achieved 54% GAP growth relative to the March Dubai auction last year.
  • The CA$62+ million Grande Prairie, Alberta auction (March 14 – 15, 2016): a new sale added to the auction calendar in 2016, and the largest Grande Prairie auction ever held by Ritchie Bros.
  • The US$46+ million Denver, Colorado auction (March 17 – 18, 2016): the largest Denver auction ever held by Ritchie Bros. (GAP doubled from the comparable auction last year)
  • The CA$24+ million Bonanza, Alberta auction (March 30, 2016): the largest 'on-the-farm' agricultural auction Ritchie Bros. has ever held.


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