Ritchie Bros. sells more than CA$143 million at Canada’s largest equipment auction

"Ritchie Bros. sold more than CA$143 million at Canada's largest equipment auction held last week (April 23 - 25) in Edmonton, AB. The historic auction broke multiple Company records, including online sales, and number of registered bidders, buyers and sellers. (CNW Group/Ritchie Bros. Auctioneers)". — Photo courtesy Ritchie Bros. Auctioneers.

Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, sold more than CA$143 million (US$129+ million) of trucks and heavy equipment in Edmonton, AB on April 23 - 25, 2014, making it the largest Canadian auction in Company history.

Multiple other records were broken in the auction, including new global Company records for online sales (CA$64+ million or US$58+ million), total number of registered bidders (9,400+), number of online bidders (5,500+), total number of buyers (2,600+), number of online buyers (1,400+) and number of sellers (870+), as well as a new Canadian record for number of lots sold (6,000+). Bids were made in person at the Edmonton auction site, online in real time at rbauction.com and by proxy.

"As a Canadian company that has been holding auctions in Alberta since the 1960s, to hold an auction of this magnitude here is something very special, something we are very proud of," said Jim Rotlisberger, Regional Sales Manager, Ritchie Bros. Auctioneers. "With a record amount of equipment from a record number of sellers, the auction attracted a record number of registered bidders both on site and online, which resulted in a very active bidding environment with strong prices all three days of the auction. Thank you so much to all our amazing sellers and buyers for continuing to put their trust in Ritchie Bros. and the unreserved auction process."

More than 9,400 bidders from 49 countries, including nine Canadian provinces and all three territories, as well as 46 US states, registered to bid in person or online for the auction. More than CA$96 million (US$87+ million) of trucks and equipment was purchased by Alberta buyers while participants from outside Alberta purchased CA$46+ million (US$42+ million) for 32 percent of total gross auction proceeds. More than 5,500 of the bidders participated online and purchased more than CA$64+ million (US$58+ million) of equipment online.

Equipment in the auction was sold for 870+ sellers, including a large selection of heavy equipment from Lakeshore Contracting Ltd., an Oil Sands contractor based in Fort McMurray, AB.

"I recently decided to retire from the contracting business and brought all my equipment to Ritchie Bros.' spring auction in Edmonton because it's such a big event and it turned out great—results were better than I expected," said Michael Cardinal, owner of Lakeshore Contracting. "Not only did I sell, I also bought a 2007 Robinson R44 in the auction for a helicopter company I run with my family up in Fort McMurray."

The record-setting selection of heavy equipment and trucks included 190+ excavators, 170+ compactors, 145+ crawler tractors, 80+ articulated dump trucks, 75+ loaders, 55+ agricultural tractors, 175+ truck tractors and more. Highlights from the unreserved auction include a 2013 Surefire Tridem Twin Fluid Pump Trailer on a 2012 Kenworth T800 Sleeper T/A Truck Tractor that sold for CA$1.5 million (US$1.3 million). A luxury equestrian property located in Bluffton, AB was another highlight, selling for CA$2.62 million (US$2.37 million).

Auction Quick Facts: Edmonton, AB - APRIL 23 - 25, 2014

Gross Auction Proceeds - CA$143+ million (US$129+ million) *New Ritchie Bros. Canadian record
Amount sold to online bidders - CA$64+ million (US$58+ million) *New Company record
Total registered bidders (onsite and online total) - 9,400+ *New Company record
Unique registered online bidders - 5,500+ *New Company record
Total number of buyers - 2,600+ *New Company record
Total number of online buyers - 1,400+ *New Company record
Number of lots sold - 6,000+ *New Company Canadian record
Number of sellers - 870+ *New Company record

The Ritchie Bros. auction calendar currently features more than 85 unreserved public auctions around the world, including the Company's next unreserved public auction in Edmonton, AB, which is scheduled for June 11 - 12, 2014.