Gulf Construction Online - Ritchie to hold used equipment auction

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Ritchie to hold used equipment auction

01 November 2007

Ritchie Bros, which has its Middle East headquarters in the Jebel Ali Free Zone, will hold a scheduled unreserved auction for construction equipment in Dubai this month (November 26 to 28).

The Dubai auction will witness the sale of trucks and equipment used in the construction industry including: compaction rollers, hydraulic excavators, motor graders and scrapers, skid-steer loaders, dump trucks, wheel loaders, asphalt pavement profilers, demolition/recycling, concrete plants, cranes, forklifts, light towers, pile and hydraulic hammers, pumps, trailer and trucks used for booms, concrete pumps, flatbed, service and sports utilities, welders, among other equipment.
“Every Ritchie Bros auction is completely unreserved,” explains Stephen Branch, Ritchie Bros divisional manager. “That means every item is sold to the highest bidder on auction day, with no reserves and no minimum prices. At our auctions, owners are also forbidden by contract from bidding on their own equipment, which means that only legitimate bidders are able to raise the price.
“Our commitment to unreserved auctions helps us attract hundreds of interested buyers to every auction, many from outside the region or country in which the auction is being held, helping equipment owners achieve global market value for their surplus industrial assets.”
Ritchie Bros Auctioneers conducts more than 175 unreserved industrial auctions every year, and has over 110 offices in more than 25 countries, including 37 auction sites worldwide.
Last year, the company conducted over 300 unreserved industrial and agricultural auctions around the globe, generating gross auction proceeds of more than $2.7 billion worldwide.
Ritchie Bros, which conducted its first unreserved industrial auction in the Middle East in 1997, now conducts four regular auctions each year at its Dubai auction site. Last year, the firm sold more than 5,800 equipment items at its Dubai auctions, attracting almost 1,800 registered bidders either in person at the auction or over the internet, live and in real time, using its online bidding service, rbauctionBid-Live.
On September 3 this year, Ritchie Bros combined two unreserved industrial auctions for the first time, enabling customers in the Middle East to bid live on a wide selection of heavy equipment items being sold at auctions in Dubai and Singapore on the same day. More than 500 people from 47 countries registered to bid in the two-day Dubai auction, which generated over $26 million in gross auction proceeds.
The company, which is listed on the New York and Toronto stock exchanges under the trading symbol RBA, is the world’s largest industrial auctioneer. Through unreserved public auctions, it sells a broad range of used and unused industrial assets, including equipment and other assets utilised in the construction, transportation, material handling, mining, forestry, petroleum, marine, real estate, and agricultural industries.