Auction helps customers selling equipment subject to new CARB
LOS ANGELES, Aug. 30 /CNW/ - Ritchie Bros. Auctioneers helped California
equipment owners transcend local market conditions and achieve global market
value for their surplus equipment by attracting international bidders to an
unreserved industrial auction in Los Angeles, California this week.
The unreserved auction featured 2,659 lots from more than 450 consignors
and generated over US$29 million in gross auction proceeds. More than 2,200
registered bidders from 33 countries, including 44 U.S. states and eight
Canadian provinces, attended the auction either in person or via the internet.
More than 650 of the registered bidders participated in the auction live and
online, using the Company's online bidding service, rbauctionBid-Live.
The multi-million dollar public auction included a large selection of
off-road diesel equipment that recently became subject to new California Air
Resources Board (CARB) regulations requiring all non-compliant equipment items
be retrofitted, re-powered or replaced. Ritchie Bros. (NYSE and TSX: RBA), the
world's largest auctioneer of trucks and industrial equipment, conducted the
large industrial equipment and truck auction at its permanent sale site in
Perris (Los Angeles) on August 28 & 29, 2007.
"This was our first Los Angeles auction since the passage of the new CARB
regulations and we were happy with the results of the sale," said Richard
Aldersley, Ritchie Bros. Regional Manager. "Our ability to attract bidders
from around the world helped our consignors overcome the impact of the
regulations and achieve a good return on their equipment assets. It's clear
that the regulations are influencing when and how California owners sell their
Harvey Beigle, president of Reed Thomas Company, Inc., a Santa Ana,
California-based general engineering contractor, has been buying and selling
equipment at Ritchie Bros. auctions for 20 years. He sold a number of
construction equipment items in this auction, many to internet bidders.
"I think the auction went very well, considering the local market
conditions. The prices we achieved on our equipment exceeded my expectations,"
said Mr. Beigle. "We're making adjustments to comply with CARB's new off-road
diesel regulations and accelerating the turnover of equipment. The global
exposure that Ritchie Bros. brings through the internet is one of the reasons
that I consign with them. It opens up more buyers to your equipment, which
really helps achieve better values."
More than 30,000 items will be sold in 46 industrial and 12 agricultural
unreserved auctions coming up on the Ritchie Bros. auction calendar. Details
on all 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: Richard Aldersley, Regional Manager, Ritchie
Bros. Auctioneers Sale Site, Tel: (951) 940-9441 or Kim Schulz, Corporate
Communications Manager, Ritchie Bros. Auctioneers Head Office, Tel:
1-800-663-8457 or email: firstname.lastname@example.org