Ritchie Bros Takes $42 million at Texas Auction

Ritchie Bros. Auctioneers sold more than US$42 million of heavy equipment during a two-day unreserved public auction (March 24 & 25, 2010) at the Company’s permanent auction site in Houston, Texas. Bidders from 53 countries, including 48 US states, 10 Canadian provinces and one territory registered to participate on-site and online at www.rbauction.com to compete on more than 3,300 lots sold during the multi-million dollar Texas auction.

3,000 bidders registered at the two-day unreserved auction – of which more than 1,300 (43 percent) were from outside the state. Buyers from outside Texas purchased more than US$24 million (57 percent) worth of equipment, trucks and real estate while Americans purchased 74 percent of the items in the auction (based on gross auction proceeds).

“We ended on a high note in Texas last year and it is clear that demand for equipment in the USA and around the world is still holding strong in 2010,” said Alan McVicker, Regional Manager, Ritchie Bros. Auctioneers. “The auction last week demonstrated that our bidders are continuing to embrace our innovative auctions, attending our facilities in large numbers as well as using our online bidding technology. Internet bidders were winners or runner-up bidders on almost half of the lots sold during the auction.”

More than 1,300 of the registered bidders participated online and purchased more than US$12 million (30 percent of gross auction proceeds) of heavy equipment, trucks and real estate during the auction.