DUBAI, United Arab Emirates, Sept. 5 /CNW/ - For the first time ever,
Ritchie Bros. Auctioneers (NYSE and TSX: RBA) combined two unreserved
industrial auctions, enabling customers in the Middle East to bid live on a
wide selection of heavy equipment items being sold at auctions in Dubai and
Singapore on the same day. Ritchie Bros., the world's largest industrial
auctioneer, conducted the multi-million dollar combined auction on September
3, 2007 as Day One of a two-day sale at the Company's Dubai auction site.
The unreserved Dubai auction featured 1,783 lots and generated over US$26
million in gross auction proceeds. More than 500 registered bidders from 47
countries, including 14 U.S. states and five Canadian provinces, attended the
auction either in person or via the internet. Eighty-six of the registered
bidders participated in the auction live and online, using the Company's
online bidding service, rbauctionBid-Live.
The unreserved Singapore auction featured 74 lots and generated more than
US$6 million in gross auction proceeds. More than 180 registered bidders from
31 countries, including eight U.S. states and four Canadian provinces,
attended the auction either in person or via the internet. Fifty-five of the
registered bidders participated in the auction live and online, using
"This is the fourth Ritchie Bros. auction that we've put equipment in,"
says Ms. Christina Hiu, Director of PT Pamapersada Nusantara (PAMA),
Indonesia's leading mining contractor. "We like working with Ritchie Bros.
because we can trust them and we know the bidding process is done properly.
The joint Singapore and Dubai auction was a real success because the bidding
audience was a lot larger. Not only were there just Singapore bidders on
auction day, but the internet and a very large crowd in Dubai was also
participating. There truly was a global audience."
"Our first combined auction was extremely successful," said Peter
Ericson, Area Manager for Ritchie Bros. Auctioneers in Singapore. "We had a
tremendous response to this combined auction, here in Asia and at our auction
site in Dubai - as well as over the internet. There was active bidding at both
locations and we are pleased with the global participation at the joint
auction, and like all Ritchie Bros. auctions, all items were sold to the
highest bidders without reserve prices."
"We had done our research ahead of time and recognized that the equipment
being sold in Singapore was conducive to exporting to the Middle East," says
Stephen Branch, Divisional Manager for Ritchie Bros. Auctioneers. "It was
beneficial to be able to expand our equipment selection to our buying
customers here in Dubai, and it was really well received on auction day.
Forty-nine per cent of the Singapore auction purchases went to buyers located
outside of Singapore. It was a real 'win-win' for everyone involved."
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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 website at www.rbauction.com.
For further information:
For further information: Stephen Branch, Divisional Manager, Ritchie
Bros. Auctioneers; Dubai sale site tel: +971-4-883-8398 or Email:
email@example.com; Or Kim Schulz, Corporate Communications Manager,
Ritchie Bros. Auctioneers, Tel: (604) 273-7564 or Email: