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Ritchie Bros. Holds Record-breaking Auction in Toronto

May 15, 2017, 07:02 AM
Filed Under: Auction News

Ritchie Bros.' Toronto, ON auction site smashed its sales record for the third time in 12 months, selling CA$45+ million (US$32+ million) of equipment and trucks over two days (May 10 – 11, 2017). Toronto broke a single-auction sales record in May 2016 at CA$35+ million and then topped it only months later with a CA$39+ million auction in September.

More than 4,500 people from across Canada and 48 other countries registered to bid in the auction last week in Toronto. Approximately 64 percent of the equipment was sold to Ontario buyers (by dollar value); 16 percent was sold to international buyers from countries such as Poland, the United Kingdom and China. A record 2,700+ bidders participated online and purchased 57 percent of the equipment. 

"There is a lot of activity in Ontario right now, particularly in the construction sector, with considerable investment in infrastructure, which is expected to continue into 2018. Many contractors are realigning and upgrading their fleets for upcoming work, resulting in a large selection of low-hour, late-model construction equipment being sold in last week's auction with strong pricing across the board," said Anna Sgro, Senior Vice President, Ritchie Bros. "We also had a great lineup of transportation equipment that saw solid demand, with pricing on trucks and trailers exceeding expectations."

Not only did the Toronto auction eclipse its previous sales record, it established a new sales record for Eastern Canada, breaking Montreal's CA$44+ million mark set in 2015. The recent Toronto auction also set new local records in buyers, online sales, online bidders, and total number of consignors.

"The team has worked really hard to build strong relationships with customers and earn our customers' confidence," continued Anna Sgro. "We have an exceptional team who understands our customers' needs and that's why the yard is packed full at auction time."

Equipment in the unreserved public auction was sold for 660 owners.

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