Ritchie Bros. achieves strong pricing in latest auction

Shutterstock Trucks On Lot

Ritchie Bros.’ 100 percent online auctions continue to drive strong results for consignors in 2021, the company says.

During its most recent auction, the company sold more than 4,600 items located at its Houston auction site to online buyers around the world for more than $47 million. The two-day auction attracted more than 14,900 bidders, which is up 68 percent from the same auction last year and a new record for the site, Ritchie Bros. says.  

“With our auctions 100 percent online we are really able to flex our digital muscle and show how Ritchie Bros. is uniquely positioned to drive demand like no other,” says Alan McVicker, regional sales manager, Ritchie Bros.

“Continuous innovations in our online experience and marketing approaches are driving significant increases in online page views to our websites, pre-registrations for our events and PriorityBids on items. All of these are great indicators for the momentum building into our massive Orlando auction next week and all our upcoming events, including our next Texas auction in Fort Worth on March 17 and 18,” McVicker says.

Total equipment page views for the Houston auction were up 70 percent year over year, while per lot page views were up 112 percent. Once online, customers added items to their watchlists, which were up 110 percent per item. The auction also saw 33,000-plus PriorityBids placed on items ahead of the auction, the company says.

More than 650 consignors sold equipment in the Houston auction. Equipment highlights included 315-plus truck tractors, 115-plus excavators, 85-plus skid steer loaders and 50 dozers.

“We attracted a record number of registrants and achieved strong pricing across all equipment categories,” says McVicker.

Approximately 61 percent of the equipment in the Houston auction was purchased by out of state buyers, including 13 percent sold to international buyers from as far away as Australia, Germany and the United Arab Emirates, the company says.        

Learn how to move your used trucks faster
With unsold used inventory depreciating at a rate of more than 2% monthly, efficient inventory turnover is a must for dealers. Download this eBook to access proven strategies for selling used trucks faster.
Used Truck Guide Cover