FOR IMMEDIATE RELEASE: Wednesday, June 30, 2008
VANCOUVER, B.C. – Equipment buyers and sellers demonstrated their ongoing preference for Ritchie Bros. Auctioneers' (NYSE and TSX: RBA) full service unreserved industrial auctions last week, helping the Company set a number of new records – including the largest Atlanta and Australia auctions in Company history, as well as the highest total sales and total internet sales in one week.
Ritchie Bros. (www.rbauction.com), the world's largest industrial auctioneer, conducted 13 industrial and four agricultural unreserved public auctions last week, generating total gross auction proceeds in excess of US$268 million. Among the auction highlights: a US$60 million auction in Atlanta, Georgia (on June 26 & 27, 2008); a US$26 million auction in Denver, Colorado (on June 26 & 27); and a US$25 million auction in North East, Maryland (on June 25 & 26). On June 27, Ritchie Bros. conducted a Grand Opening auction at its new permanent auction site in Saint Aubin sur Gaillon, west of Paris, France.
Ritchie Bros. set a number of new Company records during the week, including:
- Highest total sales in one week (US$268 million total gross auction proceeds)
- Highest total internet sales in one week (US$52 million in total online gross auction proceeds)
- Largest Atlanta, Georgia auction in Company history (US$60 million in gross auction proceeds)
- Largest Australian auction in Company history (AU$55 million, or US$52 million, in gross auction proceeds, as previously announced)
- Most industrial auctions conducted in one week (13)
"We've been conducting unreserved public auctions for 50 years – and every year we sell more equipment for more people around the world," said Peter Blake, Ritchie Bros. CEO. "Our business model offers a high level of value for both buyers and sellers alike, which is one of the primary reasons why we continue to grow, set records and maintain our position as the world's largest industrial auctioneer. We offer buyers a large selection of equipment to choose from, the ability to test and inspect items in person, convenient bidding options and the comfort of knowing that every item will be sold on auction day, with no minimums or reserves. That's how we attract hundreds, even thousands of bidders from all over the world to each auction, helping sellers transcend local market conditions and sell their equipment for its global market value."
ATLANTA, GEORGIA – Ritchie Bros. conducted the largest Atlanta, Georgia auction in Company history on June 26 & 27, selling more than 2,000 equipment items for almost US$60 million in gross auction proceeds – almost twice the size of its largest Georgia auction to date. The unreserved public auction attracted almost 1,900 registered bidders – a new site record – with participants coming from 44 U.S. states and 36 other countries. Out-of-state bidders purchased more than US$50 million of equipment, including US$9 million of equipment that was sold to buyers from outside the U.S., including Australia, Saudi Arabia and Mexico.
The auction featured a complete dispersal for Paramont Grading and included a large selection of late model construction and transportation equipment, attracting a large crowd to the auction site (over 1,100 people registered to bid in person). Another 750 people registered to bid in real time over the internet, purchasing more than US$16 million of equipment and setting new site records for internet participation and sales. Active bidding from the large global audience of interested buyers, both on-site and online, helped keep prices strong.
DENVER, COLORADO – Ritchie Bros. attracted more than 2,000 registered bidders from 24 countries to its unreserved public auction in Denver, Colorado on June 26 & 27. Most people (70 percent) registered to bid in person at the auction site; the other 30 percent registered to bid over the internet. Almost 1,800 equipment items were sold over two days, generating nearly US$26 million in gross auction proceeds. Out-of-state buyers purchased nearly US$15 million of equipment, including almost US$4 million of equipment that was sold to out-of-country buyers from as far away as Japan, Egypt and the U.K.
NORTH EAST, MARYLAND – Out-of-state buyers purchased more than 75 percent of the equipment in the June 25 & 26 auction at Ritchie Bros.' permanent auction site in North East, Maryland. The unreserved public auction featured more than 2,000 equipment items, attracting almost 1,800 registered bidders from 33 countries – including on-site buyers from as far away as Nigeria, Poland and Bolivia. Almost 1,200 people registered to bid on-site; the other 600 registered to bid in real time over the internet. Ritchie Bros. sold a wide variety of construction, transportation, lifting, asphalt, aggregate, agriculture and other equipment in the US$25 million auction.
About Ritchie Bros.
Established in 1958, 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 more information contact:
Kim Schulz, Corporate Communications Manager, Ritchie Bros. Auctioneers
Cell: +1.604.788.5379 or email: kschulz@rbauction.com
Or
Steve Kriebel, Regional Manager, Ritchie Bros. Auctioneers
North East auction site tel: +1.410.287.4330
Or
Darrin Hogeboom, Regional Manager, Ritchie Bros. Auctioneers
Atlanta auction site tel: +1.770.304.3355
Or
Steve Merich, Regional Manager, Ritchie Bros. Auctioneers
Denver auction site tel: +1.970.535.6700