Also sells Company's former auction site at US$24 million Denver
VANCOUVER, Sept. 27 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA)
conducted two multi-million dollar unreserved industrial auctions at its
permanent auction sites in Montreal, Quebec and Denver, Colorado this week.
The CA$21 million (US$21 million) Montreal auction on September 24 & 25, 2007
set a new Company record for gross auction proceeds in Quebec. The US$24
million Denver auction on September 25 & 26 featured the sale of the Company's
former auction site in Brighton, Colorado.
MONTREAL, QUEBEC - Thousands of interested buyers from around the world
registered to bid at the record-breaking unreserved Ritchie Bros. auction in
Montreal this week. The two-day public auction on September 24 & 25 generated
record gross auction proceeds of CA$21 million, beating the Company's previous
site record of CA$17 million, set in May 2007. Almost 2,800 lots from close to
470 consignors (including Hydro Quebec) were sold to over 1,100 buyers,
setting new site records for numbers of lots and buyers. More than 3,600
people from 23 countries, including 28 U.S. states and all 13 Canadian
provinces and territories, registered to bid in the auction. Over 400 of them
participated online, live and in real time, using the Ritchie Bros. internet
bidding service, rbauctionBid-Live. Online bidders purchased more than CA$2
million (US$2 million) of equipment in the auction.
"We had a tremendous number of consignors, both from within and outside
Quebec, and our yard was completely full of equipment," said Jean-Marie
Boucher, Ritchie Bros. Regional Manager. "The success of this auction shows
that there is a very strong market for high quality equipment. We had a lot of
local participation, but also attracted bidders from across North America and
around the world. We even had an onsite bidder from Malaysia."
Hydro Quebec sells about CA$3 million of equipment each year exclusively
through Ritchie Bros. auctions in Quebec. The corporation sold almost 60 items
in this auction, including boom trucks, digger derrick trucks, utility trucks,
bucket trucks, even a wheel loader.
"The auction was outstanding," said Jeff Alcala, manager of investment
recovery for Hydro Quebec's surplus assets. "There were a lot of people there,
and we had very good results. We're not nervous about selling unreserved
because when you have thousands of people at the auction, from all over the
world, you know that the price you get is the best price in the market. The
more people you invite, the better the prices. That's why we sell with Ritchie
Equipment highlights in the auction included a 2006 Cat D9T, which was
sold to an internet bidder from British Columbia, two 2007 Western Star truck
tractors, and two 2006 Volvo A25D 6X6 articulated dump trucks. Ritchie Bros.
also sold its first Cat 990H wheel loader (a 2006 model) for over CA$800,000
DENVER, COLORADO - The former Ritchie Bros. auction site in Brighton,
Colorado was among more than 1,800 lots sold during this week's unreserved
auction at the Company's new permanent facility in Denver (Longmont). The
two-day public auction on September 25 & 26 generated gross auction proceeds
of US$24 million and attracted over 2,400 registered bidders from 26
countries, including 43 U.S. states and all 10 Canadian provinces. Almost 700
bidders participated in the auction over the internet using rbauctionBid-Live.
More than US$4 million of equipment was sold to eBidders.
"It was a great auction, with strong prices across the board," said Steve
Merich, Ritchie Bros. Regional Manager. "We had a lot of international
bidders, many of them over the internet, and that really helped to bring
global market prices for our local consignors. The market for cranes continues
to be hot, and all types of trucks did exceptionally well - everything from
dump trucks to truck tractors to pickups exceeded our expectations."
Having outgrown its 36.5+/- acre Brighton auction site, Ritchie Bros.
recently relocated to a new 160+/- acre auction site in Longmont. The
Company's Brighton auction site was sold in the unreserved auction to Ed
Vecchiarelli of Brighton, Colorado-based Diesel Service and Supply.
"It was such a pleasurable experience that we are considering using
Ritchie Bros. Auctioneers to sell one of our Colorado mountain ranches for
us," said Mr. Vecchiarelli. "I was determined to buy the Ritchie Bros.
property, because it's in a great location, close to some other commercial
real estate that I own. I'm looking at this as a long-term investment and I'm
happy with the price I paid."
Close to 14,000 items will be sold in 45 industrial and 22 agricultural
upcoming Ritchie Bros. unreserved auctions. 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.
For further information:
For further information: Kim Schulz, Corporate Communications Manager,
Ritchie Bros. Auctioneers, North America Toll Free: 1-800-663-8457 or email
firstname.lastname@example.org; Or Jean-Marie Boucher, Regional Manager - Quebec,
Ritchie Bros. Auctioneers, Montreal Sale Site, Tel: (450) 464-2888; Or Steve
Merich, Regional Manager - Colorado/Wyoming, Ritchie Bros. Auctioneers, Denver
Sale Site, Tel: (970) 535-6700