49% of gross auction proceeds from out-of-state buyers at LA auction; 39%
of gross auction proceeds from out-of-country buyers at Dubai auction
VANCOUVER, Sept. 2 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA),
the world's largest industrial auctioneer, conducted two, large unreserved
auctions last week in Dubai, UAE and Los Angeles, California, generating gross
auction proceeds of US$20 million and US$24 million, respectively. Close to
half of the gross auction proceeds at the Los Angeles unreserved public
auction (more than US$11 million or 49%) came from buyers located outside the
state of California and 39% (or US$8 million) of the gross auction proceeds at
the Dubai unreserved auction came from buyers that were located outside the
United Arab Emirates.
The Company held an unreserved auction from August 25-27, 2008 in Dubai,
attracting close to 500 registered bidders from 48 countries around the world
and generating gross auction proceeds of US$20 million. More than 1,500 lots
were sold at the three-day auction.
"We had a very strong sale, especially considering the fact it was held
so close to the holy month of Ramadan," said Steve Barritt, Ritchie Bros. Area
Manager. "People often travel before Ramadan, and we appreciate the fact that
many of our local customers stayed for the auction and traveled afterwards."
One of the highlights of the auction included the sale of an American
9299 Skyhorse crawler crane for US$1.2 million.
The Company's next unreserved auction in Dubai is scheduled for
November 17-19, 2008.
LOS ANGELES, CA
Ritchie Bros. held an unreserved auction August 27-28, 2008 in Los
Angeles (Perris), CA, attracting more than 2,100 registered bidders from 24
countries, including 41 US states, generating gross auction proceeds of
US$24 million. More than 2,100 lots were sold at the two-day auction.
"Internet bidders played a large role at our auction," said Richard
Aldersley, Ritchie Bros. Regional Manager. "More and more, we are seeing how
powerful our online bidding service is in enabling buyers to participate in
the auction from their home or office anywhere around the world. Competitive
bidding from our international customers helps consignors achieve global
market values, and that was evident from all the internet activity last week.
Online bidders at our Los Angeles auction were winner or runner-up bidder on
close to 40% of lots available to be sold on rbauctionBid-Live."
The Company's next unreserved public auction in Los Angeles is scheduled
for November 18-19, 2008.
About Ritchie Bros.
Established in 1958, 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
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, Office: (604) 273-7564 or email:
email@example.com; Or Steve Barritt, Area Manager, Ritchie Bros.
Auctioneers, Dubai Site, Tel: +971.4.883.8398; Or Richard Aldersley, Regional
Manager, Ritchie Bros. Auctioneers, Los Angeles Site, Tel: (951) 940-9441