VANCOUVER, EDMONTON and SACRAMENTO, CA, Sept. 10 /CNW/ -
VANCOUVER, B.C. - Ritchie Bros. Auctioneers (NYSE and TSX: RBA) broke
several records at its Edmonton and Sacramento auctions last week,
demonstrating the Company's strength in new and traditional markets under
widely varying local market conditions. The CA$52 million (US$49 million)
Edmonton auction broke the Company-wide record for Canadian real estate sales,
and the US$27 million Sacramento auction broke the Company's site record for
online sales. Ritchie Bros., the world's largest industrial auctioneer,
conducted the unreserved public auctions at its permanent sale sites in Nisku
(Edmonton), Alberta (on September 5, 6 & 7, 2007) and Dunnigan (Sacramento),
California (on September 6 & 7).
EDMONTON, ALBERTA - Ritchie Bros. broke a Company record for Canadian
real estate sales when 21 land parcels were sold for more than CA$7 million
(US$7 million) on Day Two of the Company's three-day Edmonton auction,
breaking the previous Company record of CA$5 million (US$4 million). In total,
almost 4,000 lots from over 560 consignors were sold in the unreserved
auction, generating gross auction proceeds in excess of CA$52 million.
Interested buyers from 19 countries, including 32 U.S. states, all 10 Canadian
provinces and two territories, registered to bid in the auction.
"This is the largest September auction we've ever conducted in Edmonton,"
said Brian Glenn, Ritchie Bros. Regional Manager. "The Alberta market is
booming and the heavy equipment brought strong prices. We sold a 2004 Cat 777D
rock truck for CA$950,000 that will be put straight to work in the Yukon.
We're gaining strength in new markets, such as real estate and highway
transportation, and also seeing more consignments from outside Canada. Sellers
know that our Edmonton auctions attract large numbers of bidders and help them
achieve good returns on the sale of their equipment."
In addition to hundreds of construction, transportation and agricultural
equipment items, the unreserved auction featured a large selection of real
estate, including a nine-hole golf course and RV park west of Spruce Grove,
Alberta; 12 recreational home sites in Nemeiben Lake, Saskatchewan; and the
high-profile Don Laing Tractor property in Ponoka, Alberta.
"The auction went well; we're very happy with the results," said Don
Laing. "If I had real estate to sell in the future, I wouldn't hesitate to
sell it this way again. It's fast, it's decisive, it's over with in one day,
and I still maintain that the unreserved auction method of selling is the
fairest way in the world. People judge it accordingly; that's what the market
is, and that's what people are willing to pay. I just believe in that."
SACRAMENTO, CALIFORNIA - The two-day Ritchie Bros. unreserved auction in
Sacramento generated more than US$27 million in gross auction proceeds and set
a new site record for internet sales. More than US$9 million worth of
equipment was sold to online bidders (representing 34 per cent of total
sales), beating the previous Sacramento site record of US$5 million. Over 600
people registered to bid in the auction over the internet, live and in real
time, using the Company's online bidding service, rbauctionBid-Live.
"The auction was a great success. We attracted a global audience of
bidders to Northern California and helped deliver strong prices for our
consignors, despite the cooling local market," said Mike Johnston, Ritchie
Bros. Regional Manager. "We had a lot of well-maintained, late model
construction equipment in the sale that attracted international attention, and
the weak U.S. dollar gives our international customers strong buying power
here. An onsite bidder from Australia purchased more than US$1.7 million worth
of equipment, including six motor graders, but we also saw a lot of
international participation over the internet. An online bidder from Mexico
bought a 2006 portable cone crusher, and one from Saudi Arabia bought eight
skid steer loaders."
Over 1,700 lots from more than 300 consignors were sold in the unreserved
public auction, attracting more than 1,700 registered bidders from 22
countries, including 39 U.S. states and nine Canadian provinces. Close to 670
lots went to buyers from outside California, representing almost 60 per cent
of the gross auction proceeds. Concord, California-based Independent
Construction Co. sold a large selection of equipment in the Sacramento
auction, including crawler tractors, compactors and a hydraulic excavator -
and the majority went to out-of-state buyers.
"I was very impressed by how smooth and well run the auction was," said
Brian McCosker from Independent Construction. "Without Ritchie Bros.' ability
to bring the world to my equipment in California, I would not have achieved
the results I did. I am very happy with my results and how easy the process
Over 30,700 items will be sold in 44 industrial and 13 agricultural
unreserved auctions coming up on the Ritchie Bros. auction calendar. Details
on all upcoming Ritchie Bros. auctions are available on www.rbauction.com.
ATTENTION MEDIA: PHOTOS - Photos are available to use with your articles
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: Kim Schulz, Corporate Communications Manager,
Ritchie Bros. Auctioneers, Tel: (604) 304-3830 or 1-800-663-8457 or email
firstname.lastname@example.org; Or Brian Glenn, Regional Manager - Prairie Division,
Ritchie Bros. Auctioneers, Edmonton sale site tel: (780) 955-2486; Or Mike
Johnston, Regional Manager - N. California & N. Nevada, Ritchie Bros.
Auctioneers, Sacramento sale site tel: (530) 724-3900