Ritchie Bros online sales hit US$1 billion for 2011

By Sarah Ann Campbell08 December 2011

Ritchie Brothers is the world's largest equipment auction company, holding auctions around the world

Ritchie Brothers is the world's largest equipment auction company, holding auctions around the world. This one in Orlando set a record for sales in 2005

Online auctioneer of heavy equipment and trucks, Ritchie Bros Auctioneers announced on December 7 that its online equipment sales for 2011 had exceeded US$1 billion.

Todd Halina, vice president, construction for Chemco Electrical in Edmonton, Canada, was the online bidder that took Ritchie Bros past the US$1 billion milestone when he purchased a 2005 Terex TA30 6x6 articulated dump truck for CA$92500 (US$91700).

Canada-based Ritchie Bros Auctioneers introduced a real-time online bidding service in 2002. Since then, online bids have grown to now represent 50% of all bids at Ritchie Bros auctions, with 2011 figures totalling 190000 online bidder registrations from 118 countries.

The online service now provides equipment information in 21 languages and is used by bidders from Europe, the Middle East, Asia and Australasia, as well as the US.

"Selling $1 billion of equipment over the internet in one year puts Ritchie Bros. in the realm of household names like Toys 'R' Us and Zappos," said Peter Blake, Chief Executive Officer, Ritchie Bros. Auctioneers.

"This milestone reminds us that our customers - the world's builders - embrace the use of technology, much like the rest of the world, to do what they do every day."

In addition to exceeding US$1 billion in online sales in 2011, Ritchie Bros also conducted 307 auctions in 14 countries, sold more than 268000 lots including 71000 lots sold online, and recorded more than 393000 bidder registrations (figures up to December 7).

Ritchie Bros will conduct 21 more unreserved public equipment auctions before the end of 2011.

Latest News
Diamond Scaffold Services retains merger-and-acquisition specialist for its sale
Southern scaffolder with a seasoned management team and solid workforce plans a sale to properly capitalize the business to continue its growth strategy
Webuild has US$12 billion Australian order backlog after acquisition
Deal means that WeBuild take on staff and order backlog from Australian engineering and construction company
Weak housing demand prompts turnaround plan for Skanska and Ikea’s modular homes arm
Weakening demand for affordable housing has prompted Skanska to launch a turnaround plan for its modular homes arm BoKlok, which it runs in partnership with Ikea.