The international nature of the construction machinery auction business can be illustrated by figures from Ritchie Bros’ auction at its Caorso, Italy, site in May, which attracted more than 1,300 registered bidders, including 680 online bidders, from 69 countries.
There were over 460 buyers – of which more than 90 were internet buyers – and 210 sellers.
The fact that 1,640 lots were sold gives some indication of the speed of the process. Of those, 43% went to online bidders.
Construction Europe was at the auction to see how the process works.