Used demand at auction

20 March 2008

Buyers gather to take all opportunities to acquire used cranes

Buyers gather to take all opportunities to acquire used cranes

“It is well known that there is a large global demand for used cranes right now. Generally crane buyers have a specific job in mind, so they appreciate the quick turnaround we can offer them. In 2006 our most memorable crane auction was the sale of a Liebherr LR 1800, 800 ton crawler crane in Sacremento, California for US$3.7 million. But we also sold a wide range of other crawler cranes, as well as conventional truck cranes, all terrain cranes, hydraulic truck cranes and rough terrain cranes.

The prices achieved for these pieces of equipment varied, and were determined by the international crowd of bidders at our auctions. We have close to 180 cranes available in upcoming unreserved auctions in: Dubai, the United Arab Emirates; Lincoln, Nebraska, USA; Orlando, Florida; Houston, Texas; and Chicago, Illinois.

The crane market is global in nature and the same equipment is needed and used the world over. We have over 110 locations in more than 25 countries around the world, hold regularly scheduled auctions year round and attract an international crowd of buyers.

In 2006 we conducted more than 175 unreserved industrial auctions and sold more than 1,000 cranes. Close to three quarters of the cranes sold at our auctions last year went to buyers outside the state or country in which the auction was held - evidence of the global nature of the crane market. We find that buyers and sellers of used cranes are coming from all over world, and we have seen a lot of interest from North America, Europe, Mexico, Asia and the Middle East.

“We are continuing to add to our network of offices and auction sites around the world, and we have been pleased with our success to date in France. Our services have been well received, and since our inaugural off-site auction in 2006, we have conducted three unreserved industrial auctions in France, with a fourth scheduled for May 2007 at our off-site facility in Saint Aubin Sur Gaillon. We have recently commenced construction of a new permanent auction facility in that location that we expect to open in 2008.

“The internet also plays a very important role in the buying and selling of cranes at Ritchie Bros auctions. Our web site receives 113,000 visitors each week during busy auction periods, many searching for cranes. Because the supply of cranes in the world is limited and demand is strong, interested buyers do not limit their equipment searches to their local area or country.

“In 2002 we introduced rbauctionBid-Live, our internet bidding service and, in 2006, more than 94% of the items offered for sale in our auctions were available for purchase using this. Interested buyers can place bids on cranes and other equipment, live and in real time, at auctions around the world. In 2006 more than 190 cranes were purchased using rbauctionBid-Live, and went to buyers from North America, Mexico, the Middle East, Europe and Asia.”

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