Ritchie passes US$1 billion

Auctioneer Ritchie Bros has passed the milestone of US$1 billion in annual online sales of equipment.

The Canada-based equipment auction company said it is the world's largest industrial auctioneer and one of the world's largest online retailers. It exceeded the landmark figure on 7 December, saying that it "now sells more construction, transportation and other equipment over the internet than any other auctioneer - more than US$5 billion-worth since 2002."

"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, Ritchie Bros Auctioneers chief executive officer.

In 2011 the company attracted more than 190,000 online bidder registrations from 118 countries.