Ritchie Bros. Sells Record $93 Million of Equipment in Two-Day Auction

(P&GJ) - Ritchie Bros., a global asset management and disposition company, recently held its yearly auction event in Columbus, OH selling a record combined total of more than $93 million in heavy equipment.

The two-day event saw more than 5,000 bidders attend from more than 56 countries, with international sales accounting for 20% of the toal. More than 4,000 bidders participated online, and 48% of the purchase were made online, Ritchie Bros. said.


♦ Total gross transactional value – $93+ million

Amount sold to online bidders – $45+ million

Total registered bidders (in person and online) - 5,000+

Registered online bidders - 4,000+

Total lots sold - 5,000+

Number of sellers - 370+

The highlight of the event was selling 138 pipelayers for more than $45 million in just two hours. Two of the units sold, the Caterpillar PL38 and the PL 87, have never before been sold at auction. The company sold 42 of those units.

"Bringing the global pipeline construction industry together and selling US$93 million of assets, including $45 million of pipelayers in just two hours, is quite the feat," said Jeff Jeter, President, Upstream & Emerging Businesses, Ritchie Bros.

The day was not without emotion, as about 1,800 items were sold as part of a complete dispersal for Welded Construction, which recently closed after more than 50 years in the industry. Ritchie Bros. sold the Welded Construction equipment package in partnership with Gordon Brothers, a global advisory, restructuring, and investment firm.

"This was a special sale for all of us who had the privilege to represent Welded as we brought its best-in-class fleet to the world market," said Jim Burke, Managing Director, Gordon Brothers. "The results were outstanding."

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