In the wake of the COVID-19 crisis, Ritchie Bros. continues to deliver results for sellers and buyers
VANCOUVER, March 19, 2020 /CNW/ - With limitations on large gatherings around much of the world, Ritchie Bros. is leveraging the full power of its online technologies to continue its equipment auctions while maintaining the safety of its customers and employees. Early returns have been very positive, with record bidder registrations and solid pricing.
"The safety of our customers and employees has driven our strategy every step of the way," said Ann Fandozzi, Chief Executive Officer, Ritchie Bros. "We are here for customers in good times and bad and have a multitude of ways we can deliver results. Right now, we are limiting or eliminating onsite attendance in accordance with local restrictions and promoting online participation. This week in Columbus, OH, we held an online-only event with a live auctioneer; in France we held our auction strictly through our Timed Auction system; and in Sacramento, in accordance with local authorities, we allowed a limited number of onsite bidders, while the majority participated online. For every one of these events we saw a record number of bidders. We are also selling thousands of items every week through our online marketplaces IronPlanet, GovPlanet, and Marketplace-E."
Ritchie Bros.' online registrations in March are up 25% year over year, while its mobile app users have increased 90%.
"I'll admit, I was a little worried about the Columbus auction changing to online-only, but true to form, Ritchie Bros. exceeded my expectations and the results for my items were great," said Jim Prince, Owner of Prince Pipeline Integrity. "Thank you, Ritchie Bros. for caring about the safety of your customers while continuing to do what you do best."
Columbus, OH – March 17 – 18, 2020
A record 5,800+ people from 51 countries registered to bid on the 2,400+ items sold in Ritchie Bros.' Columbus, OH auction. Leading up to the sale, web traffic was at a record high—up 45% from the same auction in 2019. Approximately 60% of the items sold in the auction were sold to out-of-state buyers from as far away as Poland, Singapore, and the United Arab Emirates. Sales highlights in the two-day auction included a 2015 Caterpillar D6T XL crawler tractor that sold for US$220,000 and a 2019 Volvo VNL64T670 sleeper truck tractor that sold for US$91,000.
St. Aubin sur Gaillon – March 17 – 18, 2020
A record 1,900+ people from 76 countries registered to bid on the 2,600+ items sold in Ritchie Bros.' auction in St. Aubin sur Gaillon, France. Approximately 60% of the assets were sold to buyers from outside the country, from as far away as Australia, Vietnam, and the United States. Sales highlights included a 2016 Caterpillar 320EL hydraulic excavator for €83,000 (US$92,694) and a 2013 Manitou MRT2150 Plus 4x4x4 telescopic forklift that sold for €80,000 (US$89,344).
Sacramento, CA – March 18, 2020
More than 6,400 people from 54 countries registered for Ritchie Bros.' auction in Sacramento, CA this week—25% more bidders than the same auction last year and a record high for the site. Approximately 64% of the equipment in the auction was sold to buyers from California. Sales highlights in the auction included a 2015 Caterpillar D6N LGP dozer that sold for US$142,500 and a 2017 John Deere 160G LC hydraulic excavator that sold for US$125,000.
Ritchie Bros. has more than 60,000 items scheduled to sell its upcoming live and online events. For more information about upcoming events, visit rbauction.com and/or IronPlanet.com.
About Ritchie Bros.:
Established in 1958, Ritchie Bros. (NYSE andTSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a number of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's largest industrial auctioneer offers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing the exclusive IronClad Assurance® equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company's suite of multichannel sales solutions also includes Ritchie Bros. Asset Solutions, a complete end-to-end asset management and disposition system. Ritchie Bros. also offers sector-specific solutions including GovPlanet, TruckPlanet, and Kruse Energy, plus equipment financing and leasing through Ritchie Bros. Financial Services. For more information about Ritchie Bros., visit RitchieBros.com.
Photos and video for embedding in media stories are available at rbauction.com/media.
SOURCE Ritchie Bros.
For further information: Ian Malinski, Media Relations Manager, +1.778.331.5432, [email protected]; For investor inquiries, please contact: Zaheed Mawani, Vice President, Investor Relations, Phone: 1.778.331.5219, [email protected]