Company conducts nine unreserved auctions in four countries; expands
Orlando auction site
VANCOUVER, Oct. 6 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA)
(www.rbauction.com), the world's largest auctioneer of industrial equipment,
attracted thousands of on-site and online bidders to nine unreserved public
auctions in four countries last week, including the largest Reno, Nevada
auction in Company history. The October 3, 2008 Reno auction generated
US$20 million in gross auction proceeds. Ritchie Bros. also conducted a
US$33 million unreserved truck and heavy equipment auction at its permanent
auction site in North East, Maryland on October 1 - 3, 2008.
RENO, NEVADA - Ritchie Bros. conducted the largest Reno, Nevada auction
in Company history last week, selling US$20 million of heavy equipment and
trucks in one day. The unreserved public auction on October 3, 2008 at a
temporary location attracted almost 1,000 on-site and online bidders from 19
countries, including 38 U.S. states and 10 Canadian provinces and territories.
Internet bidders purchased more than US$8 million of equipment (42 percent of
the total gross auction proceeds). Out-of-country buyers bought more than
US$6 million of equipment (30 percent), including more than US$3 million of
equipment that was purchased by Canadian buyers.
"The great lineup of well-maintained used equipment in this auction and
our commitment to transparent unreserved auctions attracted bidders from
around the world to Reno," said Mike Johnston, Ritchie Bros. Regional Manager.
"We had hundreds of people bidding online and hundreds more on-site, helping
our local customers sell their surplus equipment for its true global fair
market value. We were extremely pleased with the prices on auction day,
especially given the current economic uncertainty in the United States and the
quiet construction market in Northern Nevada."
Among the auction highlights: a 2007 Cat 14M motor grader that sold for
US$385,000 and three 2006 Cat 825H compactors that sold for US$385,000 each.
Internet bidders purchased all four items.
NORTH EAST, MARYLAND - More than 2,500 people from 33 countries,
including 48 U.S. states, registered to bid on thousands of trucks, car
carriers and construction equipment items being sold at the unreserved Ritchie
Bros. auction in North East, Maryland on October 1 - 3, 2008. Ritchie Bros.
sold more than US$33 million of used and unused equipment over three days,
including US$8 million of equipment that was purchased by people using the
Company's real-time internet bidding service, rbauctionBid-Live.
"We had a very diverse auction, with a range of used, unused and late
model equipment - and it attracted bidders from around the world," said Steve
Kriebel, Ritchie Bros. Regional Manager. "We had about 1,800 bidders on-site
and more than 700 on the internet. Most people still prefer the experience of
bidding in person, but our online bidding service is a convenient option when
they can't make it to the auction site on sale day. The internet is a great
supplement to our live auctions: it brings more bidders to the table, which
helps deliver better returns for our consignors on auction day. In terms of
highlights at last week's auction, cranes sold very well and we saw strong
prices on most types of trucks on Day Two - our truck day."
ORLANDO, FLORIDA - Ritchie Bros. also recently completed the acquisition
of approximately 74 acres of land adjoining its permanent auction site in
Orlando, Florida on which it intends to expand its current facility. The
Company will now operate from approximately 200 acres in Orlando, which will
provide increased capacity for future growth in that market. Ritchie Bros.'
Orlando site was home to the largest auction in Company history, a five-day
auction in February 2008 that generated total gross auction proceeds in excess
of US$190 million.
About Ritchie Bros.
Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the
world's largest industrial auctioneer, selling more equipment to on-site and
online bidders than any other company in the world. The Company has over 110
locations in more than 25 countries including 38 auction sites worldwide.
Ritchie Bros. 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, agricultural, material handling,
mining, forestry, petroleum and marine industries. The Company maintains a web
site at www.rbauction.com and sponsors an equipment wiki 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, Head office, tel: (604) 304-3830 or mobile: (604)
788-5379, or email: email@example.com; Or Steve Kriebel, Regional Manager,
Ritchie Bros. Auctioneers, North East, MD auction site, tel: (410) 287-4330;
Mike Johnston, Regional Manager, Ritchie Bros. Auctioneers, Sacramento, CA
auction site, tel: (530) 724-3900