Ritchie Bros. Achieves Strong Pricing in US$43+ Million Great Lakes Regional Event
Ritchie Bros.’ latest Great Lakes Regional Event featured 3,600+ equipment items and trucks stored in three locations: Columbus, Ohio; Chicago and a new local yard in Detroit. The two-day online auction attracted 10,000+ bidders, resulting in strong competition and US$43+ million in gross transaction value.
Approximately 88% of the equipment in the auction was purchased by U.S. buyers, including 16% sold to Ohio, 11% to Illinois, and 5% to Michigan. The remaining 12% was purchased by international buyers from as far away as Germany, Australia, and Ghana. Leading up to the event, Ritchie Bros. attracted 88% more PriorityBids per lot and 40% more online equipment views than the previous Great Lakes auction in June.
“Our regional auctions continue to attract unprecedented demand — with bidder registrations up 23% from our previous Great Lakes auction — resulting in strong market pricing across all asset categories,” said Tim Keane, Regional Sales Manager, Ritchie Bros. “Last week we saw particularly strong returns for transportation equipment, with van trailer prices reaching record levels. If you have surplus equipment, trucks, and trailers, we encourage you to contact us to take advantage of this seller’s market today!”
Equipment in the auction was sold for 600+ equipment and truck owners, including several items for GMC Excavation & Trucking Ltd., based in Galion, Ohio.
“Working with Ritchie Bros. is easy, and they bring great returns, with most of my items last week selling for more than I expected,” said Steve Beck, owner of GMC Excavation and Trucking.
Five Big Sellers in the Great Lakes Regional Event:
- 2011 Grove GMK6220L 220-ton 12x8x10 all terrain crane – US$505,000
- 2017 John Deere 470G LC hydraulic excavator – US$270,000
- 2012 Caterpillar D8T crawler tractor – US$215,000
- 2018 Kenworth T880 5-axle dump truck – US$155,000
- 2019 Western Star 5700XE sleeper truck tractor – US$145,000
AUCTION QUICK FACTS: GREAT LAKES (SEPTEMBER 2021)
- Gross Transaction Value (GTV): US$43+ million
- Total Registered Bidders: 10,000+
- Total Number of Lots: 3,600+
- Total Number of Consignors: 600+
Ritchie Bros. will sell more than 35,000 equipment items and trucks in its upcoming events, including a Rocky Mountain Regional Event on Oct. 6 – 7. The company also has weekly featured online auctions at IronPlanet.com and a daily reserved option with Marketplace-E.
