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Ritchie Bros. Breaks Canadian Company Record By Selling More Than CA$1 Billion Of Equipment At Canadian Auctions In 2012

Stocks in this article: RBA

New Canadian sales record set during CA$60 million auction in Edmonton, AB last week

EDMONTON, Dec. 17, 2012 /PRNewswire/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, has sold more than CA$1 billion of equipment and trucks in its Canadian auctions to date in 2012—the first time the Company has achieved this mark in Canada in a single year in its 54-year history. The new record was set at Ritchie Bros.' unreserved public auction in Edmonton, AB on December 13 - 14, 2012. More than CA$60 million (US$61+ million) of equipment and trucks was sold in the Edmonton auction—with all items being sold to the highest bidders regardless of price—without minimum bids or reserve prices. Bids were made in person at the Edmonton auction site, online in real time at www.rbauction.com or by proxy.

"This has been a monumental year for Ritchie Bros. in Canada—not only have we sold more than CA$1 billion of equipment in Canada alone in 2012, but also we held our largest Canadian auction in Edmonton, AB last April as well as our largest auctions in Saskatchewan and Quebec earlier this month," said Kevin Tink, Senior Vice President, Sales, Ritchie Bros. Auctioneers. "None of these records could have been achieved without the thousands of equipment buyers and sellers that participate in our Canadian auctions from across the country and around the globe. For example, we sold more than CA$60 million of equipment at our Edmonton auction last week for more than 550 sellers and attracted more than 4,700 bidders from 42 countries. As an example of our global reach, one lot, in particular, had bids from all over the world, including: Russia, South Africa, Sweden, California, Pennsylvania, Quebec and Alberta. It's this ability to attract a global audience that allows us to achieve true market value for all the equipment we sell in Canada and at all our auctions around the world."

More than 3,400 equipment items were sold in the two-day Edmonton auction, including equipment for Richardson Bros. (Olds) Ltd., an Alberta-based heavy construction contractor.

"I have sold equipment in every Edmonton auction in the past two years—and they hold six auctions a year," said Frank Richardson, President of Richardson Bros. (Olds) Ltd. "I update my equipment every 6,000 hours and I sell through Ritchie Bros. because the service they provide is second-to-none and we are always on the same wavelength when it comes to the values for my equipment—they are very professional. Prices were very competitive in this week's Edmonton auction—I sold several pieces of equipment and was happy with the results. I actually bought a piece of equipment in the auction as well."

Other highlights from 2012 Canadian auctions include:

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