Ritchie Bros. reported its largest auction ever this past week in Orlando, Fla.
What began as a sea of equipment stretching out over 220 acres ebbed away as thousands of buyers placed winning bids over six days on more than 13,350 assets for a record $297 million, a seven percent increase over last year’s total of $278 million.
The massive selection of equipment attracted more than 15,900 people from 88 countries—setting a new site record—including 11,300-plus bidders participating online in real time from around the world.
At the end of the event, roughly 84 percent of inventory was bought by buyers outside Florida. U.S. buyers purchased 85 percent of the equipment, while international buyers from countries such as Australia, China, Colombia, Germany, Nigeria, and the United Arab Emirates purchased 15 percent. Online buyers accounted for roughly 49 percent of equipment purchases.
“We had a great week in Orlando, helping more than 1,150 companies sell their surplus equipment to buyers from nearly every corner of the world,” said Ravi Saligram, CEO of Ritchie Bros. “Orlando is the Super Bowl of auctions and our team was prepared and performed tremendously, helping us set multiple company records, including our largest ever gross transactional value (GTV) and the most equipment we’ve sold in one auction in 60-plus years of business. On day five alone we sold approximately 2,300 items for more than $82 million—the largest single auction day in our history!
“We achieved GTV of US$297 million for the 13,350 items sold in Orlando, representing growth of seven percent in both GTV and lots sold versus prior year, a positive indicator of loosening supply,” Ravi continued. “Our results reflected strong pricing for premium construction assets with low hours. Conversely, we witnessed pricing pressure on assets with higher hours, which indicates supply may have begun to harmonize with demand. Transportation assets, including over-the-road trucks and vocational units, continue to achieve strong prices. Importantly, I want to thank all our consignors and buyers for their confidence in us—and our employees who worked very hard to make the auction a tremendous success and add value for our customers.”
Equipment highlights included 800-plus excavators, 640-plus compactors, 430-plus loaders, 395 skid steers, 385 dozers, 210-plus articulated dump trucks, 240-plus dump trucks, 465-plus aerial work platforms, 465-plus truck tractors, and so much more. Every single item was sold without minimum bids or reserve prices.
“We do a lot of buying in Orlando because everything you need is going to be here. It doesn’t matter the manufacturer or the type of equipment, there is something for everyone,” said Ronnie Hedrick Jr. of Florida-based Bul-Hed Corp. “For people like myself, who were born and raised around equipment, events like Orlando are a lot of fun.”
Ritchie Bros. currently has more than 55,000 equipment items, trucks, and other assets listed for sale through its auctions and marketplaces. For a complete list of upcoming auctions and equipment available, visit rbauction.com and ironplanet.com.
Ritchie Bros. Feb. 2019 Orlando Auction Quick Facts
- Total gross transactional value – US$297+ million *new company record
- Amount sold to online bidders – US$146+ million new company record
- Total registered bidders (in person and online) – 15,900+ new site record
- Registered online bidders – 11,300+ new company record
- Total lots sold – 13,350+ new company record
- Number of sellers – 1,150+ new site record
