Ritchie Bros.’ first online-only auction a success

EDMONTON, Alta. – Ritchie Bros.’ transition to online-only auctions didn’t dampen business at its very first online-only auction in Edmonton, Alta., May 11-15.

A total of 10,700 pieces of equipment were sold, totaling $184 million in transactions, the company said. The auction attracted more tan 23,500 bidders from 58 countries, setting a new attendance record.

“With an online-only auction we are able to maintain the safety of our customers and employees while still providing our consignors the liquidity they need during these uncertain times,” said Brian Glenn, chief sales officer (Canada), Ritchie Bros. “Bidding online is nothing new to most of our customers. In fact, our last Edmonton auction in February saw 70% of our total auction volume sell to online bidders. With this sale we hit 100%, which is amazing, but it’s important to remember that during the weeks leading up to the sale we safely welcomed thousands of buyers visiting our auction yard to inspect items before they bid. We really are bringing together the best of both worlds.”

The auctioneer announced solid pricing for construction equipment, with pricing pressure on oilfield-specific transportation equipment.

Source of this article and other great articles