Ritchie Bros. sells $3.7 billion of equipment in 2011
Tina Grady Barbaccia | December 21, 2011
Vancouver, Canada-based Ritchie Bros. Auctioneers sold nearly $3.7 billion of equipment at 339 unreserved auctions around the world in 2011 for the world’s largest on-site and online auctioneer of heavy equipment and trucks.
This represents a 12-percent increase in gross auction proceeds from 2010 and the highest gross auction proceeds in company history.
Ritchie Bros. attracted record online bidder registrations and sold more than $1.1 billion of equipment, trucks and other assets to online bidders in 2011, a 29-percent increase from 2010 and the highest amount ever sold online by the company in one year.
Ritchie Bros. conducted its final unreserved auctions of 2011 yesterday (December 20) in Olympia, Wash., and Nashville, Tenn., and plans to release its full audited annual financial statements and Management’s Discussion and Analysis for 2011 on Feb. 28, 2012.
“2011 was a year of change for Ritchie Bros., with an updated strategic plan and new mission statement guiding our course,” Peter Blake, Ritchie Bros. CEO, said in a written statement from the company. “We executed very well and accomplished many significant milestones in 2011, starting with our first ever $2 billion first half in terms of gross auction proceeds. We also achieved significant online milestones, including more than $5 billion in lifetime online equipment sales and more than $1.1 billion in annual online equipment sales. The year concluded with a company record of more than $1 billion in fourth-quarter gross auction proceeds, which rounded off a year of significant achievements in a highly competitive market.”
“We started the year with some lofty strategic goals and I’m very pleased with our accomplishments in our ongoing efforts to instill confidence and make it easy for our customers to buy and sell equipment,” added Blake. “We successfully introduced a range of value-added services on July 1 and have received lots of positive feedback from our customers. We now provide detailed equipment information in 21 languages on our website, so our customers feel even more confident when they bid. They have also embraced our new financing, insurance and powertrain service warranty programs. We move into 2012 with a focus on further extending the appeal of our auctions to existing customers and attracting new ones as we grow our business around the world. Although the world is an uncertain place right now, we believe we are delivering compelling value to equipment owners around the world and are confident that our business will continue to grow in 2012.”
MORE FROM Economics
- VIDEO: Watch these crews slide a half-mile, 30 million-pound bridge into place over the Ohio River650 Views
- Foxx: Insolvent transportation system could cost 700k jobs391 Views
- What the latest Obamacare update means for your business377 Views
- U.S. DOT predicts August shortfall in latest Highway Trust Fund Ticker update344 Views
- Illinois governor unveils 6-year, $8.6 billion transportation investment plan205 Views