VANCOUVER, Nov. 15 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA)
set new site records for total sales and total online sales with a US$31
million unreserved industrial auction at its permanent sale site in Atlanta,
Georgia yesterday (November 14, 2007). The auction coincided with day two of
the Company's US$45 million auction at its permanent sale site in Los Angeles,
California (on November 13 & 14), which also set a new site record for online
sales. Ritchie Bros., the world's largest industrial auctioneer, is conducting
six other unreserved auctions across North America this week. Capping off the
week, the Company will sell an 11.9+/- acre Hollywood Hills property at an
unreserved public auction in Beverly Hills on Saturday, November 17.
ATLANTA, GEORGIA - Ritchie Bros. conducted its largest-ever Atlanta
auction on November 14, selling over 1,100 items in one day for total gross
auction proceeds exceeding US$31 million. More than US 12 million of trucks
and other industrial assets were purchased by bidders using the Company's
real-time internet bidding service, rbauctionBid-Live, setting a new Atlanta
site record for online sales.
The unreserved public auction attracted more than 1,200 registered
bidders from 30 countries, including 46 U.S. states and 11 Canadian provinces
and territories. More than 740 items (representing US$27 million in gross
auction proceeds) were sold to out-of-state bidders, including more than 140
items (representing US$10 million in sales) that were sold to bidders from
outside the United States.
"It was the nicest spread of equipment we've ever sold in Atlanta," said
Darrin Hogeboom, Ritchie Bros. Area Manager. "Both local and international
bidders appreciated the quality and selection of equipment, and the knowledge
that every item would be sold to the highest bidder on auction day."
The auction featured equipment from almost 120 sellers, including
Thompson Tractor Company, Inc., a Caterpillar dealer. The company, one of the
major consignors, has bought and sold equipment with Ritchie Bros. for a
number of years because they believe it enables them to reach a wide market of
"Ritchie Bros. attracts bidders from around the world, meaning we aren't
limited by local market conditions," said Richard Lindley, Thompson Tractor's
Used Equipment Manager. "There were a lot of international bidders here, all
taking advantage of their strong currencies. We feel it was the best decision
to sell our equipment in the Atlanta auction. We had a good day."
Ritchie Bros. also hosted the world's top three junior auctioneers at the
Atlanta auction. The three young auctioneers - Trev Moravec, Jonathan Kraft
and Dustin Rogers - were chosen the world's best at the International Junior
Auctioneer Championship (IJAC) organized by the National Auctioneers
Association (NAA), the association that represents the interests of almost
6,000 auctioneers around the world.
"It was an honor to host a career day for the three junior auctioneer
champs," said Rob Whitsit, Ritchie Bros. Senior Vice President and a member of
the NAA's Board of Directors. "It's great to see younger generations choosing
the auction profession as a career."
LOS ANGELES, CALIFORNIA - A large international bidding audience, both on
site and online, helped Southern California owners overcome local market
conditions and achieve global fair market value for their equipment at the
unreserved Ritchie Bros. auction in Los Angeles on November 13 & 14. More than
2,600 items from almost 480 consignors were sold over two days, generating
gross auction proceeds in excess of US$45 million. More than 2,400 people from
35 countries, including 43 U.S. states and all 10 Canadian provinces,
registered to bid in the auction either in person or over the internet. More
than US$13 million of trucks and equipment were sold to internet bidders,
breaking the Company's site record for online sales.
"We achieved strong prices on a wide range of equipment, despite the
softening local housing market and the impact of the California Air Resources
Board's new off-road diesel equipment regulations," said Richard Aldersley,
Ritchie Bros. Regional Manager. "Our global marketing efforts, bolstered by
our internet bidding service, helped us bring in bidders from around the world
and achieve good returns for our consignors."
The Los Angeles auction featured a complete retirement dispersal for D &
L Stines Construction Company, a Santa Paula, California-based excavation
contractor. Dean Stines, owner of D & L Stines, has been buying and selling
equipment at Ritchie Bros. auctions since 1993.
"I buy through Ritchie Bros. because they are honest, professional and
reputable, with no buy backs - and that's the same reason I sell through
them," said Mr. Stines. "I am happy with the results of this auction,
especially with the economy in California being the way it is. Having buyers
from outside the region at the auction definitely helps with the prices. The
new CARB regulations are another reason why I've chosen to retire. I can't
afford to replace my equipment, so I decided to sell. A lot of people in the
Southern California construction industry are very concerned about the impact
of these regulations on their business."
There are 38 unreserved industrial auctions and 47 unreserved
agricultural auctions on the current Ritchie Bros. auction calendar. Details
on all upcoming Ritchie Bros. auctions are available on www.rbauction.com.
About Ritchie Bros.
Ritchie Bros. is the world's largest auctioneer of industrial equipment,
operating through over 110 locations in more than 25 countries around the
world. The Company sells, through unreserved public auctions, a broad range of
used and unused industrial assets, including equipment, trucks and other
assets utilized in the construction, transportation, material handling,
mining, forestry, petroleum, marine, real estate, and agricultural industries.
The Company maintains a web site at www.rbauction.com.
Investors and potential investors should note that this information may
not be indicative of the overall financial performance of the Company for this
or any period.
ATTN: MEDIA - PHOTOS. Auction photos are available to use with your
articles at www.rbauction.com/media.
For further information:
For further information: Kim Schulz, Corporate Communications Manager,
Ritchie Bros. Auctioneers, Mobile: (604) 788-5379 or email:
email@example.com Or Richard Aldersley, Regional Manager - California
South, Ritchie Bros. Auctioneers, Los Angeles auction site, tel: (951)
940-9441 Or Darrin Hogeboom, Area Manager - Georgia/Alabama/Mississippi,
Ritchie Bros. Auctioneers, Atlanta auction site, tel: (770) 304-3355