Company sets new Dubai site records for total internet sales, number of
internet bidders and number of internet buyers
DUBAI, United Arab Emirates, June 7 /CNW/ - Ritchie Bros. Auctioneers
Incorporated (TSX:RBA)(NYSE: RBA) - A large selection of cranes and late-model
construction equipment attracted more than 600 registered bidders from 53
countries to a multi-million dollar unreserved auction in Dubai, the United
Arab Emirates, this week. The auction was conducted by Ritchie Bros.
Auctioneers, the world's largest auctioneer of trucks and industrial
equipment, at the Company's auction site in Dubai on June 4-5, 2007. More than
1,700 items from almost 170 consignors were sold over two days, generating in
excess of US$24 million in gross auction sales - the Company's largest Dubai
auction since 2003.
Over 800 items, representing more than 60 per cent of the gross auction
sales, went to buyers from outside the United Arab Emirates. More than
US$2 million worth of equipment was sold using the Company's online bidding
service, rbauctionBid-Live - almost 60 per cent higher than the previous site
record for internet sales. In total, over 100 people registered to bid using
"We typically have strong international participation at our Middle East
auctions, but we experienced a large increase in online activity at this sale,
setting new records for internet sales, internet bidders, and internet buyers
for our Dubai site," said Stephen Branch, Ritchie Bros. Divisional Manager.
"We sold almost 40 cranes and an outstanding range of late-model and unused
equipment at the auction, drawing interested buyers from Asia, Europe, North
America, Africa - all over the world. Our internet bidding service,
rbauctionBid-Live, enabled many of them to bid on equipment they otherwise
wouldn't have access to, and because we were able to attract so many
international buyers, our consignors were able to sell their equipment for
global market value."
Equipment sold during the two-day unreserved auction included four unused
2006 Komatsu hydraulic excavators, two unused 2006 Komatsu wheel loaders, two
unused 2007 XCMG motor graders, over 20 late model articulated dump trucks,
two unused 2007 Zoomlion tower cranes, six late-model all terrain cranes, and
close to 20 rough terrain cranes. Among the purchases made using
rbauctionBid-Live: two unused wheel loaders to the U.K., an unused hydraulic
excavator also to the U.K., a rough terrain crane to India, and an all terrain
crane to Kuwait.
Although many customers appreciate the ease and convenience of Ritchie
Bros.' online bidding service, thousands of others still prefer to bid in
person - and will even travel long distances to attend an auction. Mr. Sandeep
Garg, president of plant and equipment for Punj Lloyd Limited, one of India's
largest engineering construction companies, traveled all the way from India to
Dubai to bid at this week's auction. He purchased a number of items for Punj
Lloyd in the sale, including ten cranes.
"I attend three or four Ritchie Bros. auctions each year, and I prefer to
bid in person," said Mr. Garg. "My experience with Ritchie Bros. has been
excellent. The best thing about their auctions is that they are transparent. I
believe they are fair auctioneers: they don't allow insiders to bid, and they
are honest about the condition of the equipment they sell. I am responsible
for purchasing all of the equipment for Punj Lloyd's operations around the
world, and if Ritchie Bros. has the specific equipment we need, I would
certainly buy through them rather than from a dealer or another auction
Ritchie Bros. recently opened a sales office in India, and is looking to
begin conducting unreserved auctions in India later this year or early next
"I told Ritchie Bros. several years ago they should have a presence in
India, and I am quite excited that they are now here," said Mr. Garg. "India's
construction industry is growing at a fast rate, and there is a great need for
good quality used equipment."
Over 29,000 items will be sold in 34 unreserved industrial auctions and
41 unreserved agricultural auctions coming up on the Ritchie Bros. auction
calendar. Details on all upcoming Ritchie Bros. auctions are available on
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: Ritchie Bros. Auctioneers, Kim Schulz,
Corporate Communications Manager, (604) 273-7564, Email:
firstname.lastname@example.org; or Ritchie Bros. Auctioneers, Stephen Branch,
Divisional Manager, Dubai sale site tel: +971-4-883-8398, Website: