Newsletter #171 (View other news stories)
Ritchie Bros sets new auction sale records
VANCOUVER, Canada
Thursday, 19 Aug 2004
Ritchie Bros Auctioneers has generated the largest first-half earnings in its history, recording USD21.8 million - up slightly from the USD21.5 million in the corresponding period last year.
Gross auction sales for the six months ended June 30 increased 16% to USD932.4 million, based largely on record auction sales, the company said.
Ritchie Bros sold about 89,000 lots for more than 12,300 consignors at 72 industrial auctions, attracting more than 105,000 registered bidders.
Ritchie Bros is the world's largest auctioneer of industrial equipment, operating through more than 90 locations in more than 20 countries around the world.
The company also held 73 smaller agricultural auctions in the half, generating gross auction sales of about USD30 million.
"Our consignors are seeing the benefits of our network of auction sites and marketing programs, which help attract large, multinational bidding audiences," CEO David Ritchie said.
Chief operating officer Randall Wall said a USD25 million auction in Stockton, California, was its largest to date in that state and a USD22 million sale in Atlanta was the largest ever in Georgia.
"The CAN44 million (USD33.7 million) sale in Edmonton, Alberta, was our largest-ever Canadian auction, and our CAN20 million (USD15.3million) sale in Fort Nelson, British Columbia, was our largest to date at a Canadian off-site location," he said.
Bidders using Ritchie Bros' online service, rbauctionBid-Live, purchased more than USD105 million worth of trucks and equipment, a 36% increase over 2003.
Internet buyers now represented about 20% of registered bidders at Ritchie Bros auctions, the company said.
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