Ritchie Bros sells more than 2,300 construction equipment at an auction held in Dubai recently.
Ritchie Bros Auctioneers, the world's largest industrial auctioneer, sold more than 2,300 construction equipment products, trucks and other industrial assets at an auction held in Dubai recently. The two-day event attracted a record number of 800 unique bidders from 59 countries, generating gross auction proceeds of $57 million.
A variety of industrial equipment items and trucks was sold on behalf of over 240 consigning customers, including an Indian company who choose Ritchie Bros to sell 20 new model Caterpillar 777D rock trucks. These huge trucks, formally used in a quarry in India, were one of the auction highlights and generated a total sum of $15.7 million. The highest bidders on these trucks came from Australia, Germany and the UAE.
Every auction conducted by Ritchie Bros is entirely unreserved, which means there are no minimum bids or reserve prices on the items being sold. All items are sold on auction day to the highest bidder, regardless of the price. This auction method attracts large crowds of online and on-site bidders, competing against each other on the auction day. People bidding at Ritchie Bros auctions can choose to place bids in person at the auction site or live online, via the company website. Registration to bid is free and easy.
Ritchie Bros lines up all the equipment items at the auction site, enabling interested buyers to test, inspect and compare the equipment prior to the auction. Bidders at Ritchie Bros appreciate this, because they know exactly what they're bidding on. On the auction day, all moving equipment and trucks are driven over a ramp in front of the bidders, who are comfortably seated in the auction theater. The auctioneer rhythmically calls out asking prices as each item is driven on the ramp – online and on-site bidders start raising their hands. When no more bids are placed, the highest bidder becomes the new owner.
Ritchie Bros' unreserved auction method is an efficient and reliable method to sell surplus equipment to the highest bidders in the international market. Equipment sellers have the certainty that their items are exposed to a global audience of potential buyers. Their assets will be sold on auction day at global fair market value.
Ritchie Bros Auctioneers, established in 1958 in Canada, currently has around 110 offices around the world, including more than 40 auction sites in North America, Europe, Middle East, Asia and Australia. The next auction in Dubai will be held on 10 and 11 May 2011.