Ritchie Bros.’ Orlando auction sets 3rd consecutive record of 2018

Ritchie Bros heavy equipment Orlando auction
The Orlando auction, held Feb. 19 to 24, registered more than 13,350 bidders from about 90 countries generating more than US$278 million in sales — a new company record.

Ritchie Bros.’ recent Orlando auction continued with the company’s 2018 trend of setting new sales milestones.

The Orlando auction, held Feb. 19 to 24, registered more than 13,350 bidders from about 90 countries generating more than US$278 million in sales — a new company record. This includes more than 8,600 buyers participating online, purchasing about 44 per cent of equipment sold. Buyers from the United States accounted for about 80 per cent of sales.

The record-breaking equipment selection at the Orlando auction included more than 760 excavators, 470 skid steers, 380 loaders, 365 boom and scissor lifts, 295 dozers, 165 articulated dump trucks, 155 cranes, 125 loader backhoes, 525 compactors and 455 truck tractors.

“We created history last week, with a record US$278 million auction, which was a 24 per cent increase compared to the combined Ritchie Bros. and IronPlanet GTV from last year—a monumental event for the used heavy equipment and transportation sectors. We consider this to be a barometer of both end user demand as well as superb execution of our sales, marketing and operations teams,” said Ravi Saligram, chief executive officer for Ritchie Bros. “Despite continued tightness of supply, which we expect to persist, our teams leveraged existing customer relationships, and penetrated new accounts.”

The week before the Orlando auction, Ritchie Bros.’ first Houston auction of the year sold more than 3,800 heavy equipment items generating more than US$40 million. The two-day auction, held Feb 13 and 14, attracted more than 5,500 people from 56 countries, a record number of bidders for the Houston site.

As well, the record-breaking selection of equipment at Ritchie Bros. auction in Tipton, California, held on Feb. 16, helped the company set a new site sales record. In total, more than 2,200 equipment items and trucks were sold more than US$22 million.

“We sold 12 per cent more lots this year compared to the combined Ritchie Bros. Auctioneers and IronPlanet Orlando auctions last February and saw a price per lot increase of 11 per cent,” said Jeff Jeter, President of United States sales for Ritchie Bros.

Orlando auction fast facts:

  • Gross transactional value – US$278 million, a new company record.
  • Amount sold to online bidders – US$123 million, a new company record.
  • Total registered bidders – 13,350, a new Orlando site record.
  • Online registered bidders – 8,600.
  • Number of lots sold – 12,500, a new company record.
  • Number of sellers – 1,050, a new Orlando site record.
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