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Ritchie Bros. Sells Over CA$60MM of Equipment in Edmonton Auction

March 05, 2018, 07:00 AM
Filed Under: Auction News

In its first Edmonton, AB auction of the year, Ritchie Bros. sold more than 4,250 equipment items and trucks over three days (February 27 – March 1) for CA$60+ million (US$47+ million).

More than 8,500 bidders from 53 countries registered to participate in the Edmonton auction, including 6,300+ online bidders. Approximately 89 percent of the equipment in the auction was sold to Canadian buyers, with buyers from Alberta purchasing 52 percent, while international buyers from countries such as the United States, China and the United Arab Emirates purchased 11 percent of the equipment. Approximately 64 percent of the equipment in the auction was sold to online buyers.

"Equipment supply continues to be tight, resulting in high demand and strong pricing across most equipment categories," said Trent Vandenberghe, Sales Director, Ritchie Bros. "We registered 8,500 bidders this week and there were probably another few thousand people onsite just to watch and see what the current market is for equipment. There was a strong contingent of end-users bidding aggressively and snatching up assets—they have the work and they need the equipment. Consignors were very happy with the results we achieved for them this week."

Equipment in the Edmonton auction was sold for 640+ owners, including a complete dispersal of 90+ items for Savard Construction.

There was also a special charity portion of this week's Edmonton auction, with the company running a series of events to raise funds for the Children's Wish Foundation. All told, the company raised over CA$19,000 for the charity. Ritchie Bros. 

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