Record crowds are expected for Ritchie Bros.’ upcoming equipment auction in Edmonton April 26-28 with buyers and sellers from Lloydminster ready to participate.
“Lloydminster is an auction-rich environment ,” said Ryan Eacrett, regional sales manager for Ritchie Bros.
“There are a number of companies in the region who regularly buy and sell at our auctions.”
The current slowdown of the Alberta economy has many local contractors turning idle assets into cash. Others are simply realigning or upgrading their fleets.
The April auction already features more than 5,450 equipment items and trucks, including 135 compactors, 130 loaders, 100 excavators, 90 dozers, 100 truck tractors, and much more.
“Traditionally our April Edmonton auction is one of the biggest events Ritchie Bros. holds each year,” said Eacrett.
Last April, the company sold more than 7,700 items for more than $215 million.
That 2015 auction attracted over 14,000 bidders from 55 countries, which is still a company record.
The company hopes to break that record this month by ramping up its marketing efforts including heavy targeting of out-of-province and U.S. bidders.
“The strength of the U.S. dollar has resulted in continued growth of U.S. bidder participation in our Canadian auctions,” said Eacrett.
Eacrett noted the more interested bidders they can attract, the better the results for their sellers.
Ritchie Bros. is still accepting consignments for sales including some from the Lloydminster region in the lead up to the auction.
“So far, the amount of equipment coming from Lloydminster for the April auction is developing as we would expect,” said Eacrett. “And while there are no major consignments from the area yet, there is still a lot of time for companies to consign as we are still about three weeks out.”
Ritchie Bros. is the world’s largest seller of used equipment for the construction, transportation, agriculture, material handling, energy, mining, forestry, marine and other industries.
Regardless of the reason to sell, consignors wanting the best possible returns rely on Ritchie Bros. in economic booms and busts.
“We help companies buy and sell equipment through all points of the economic cycle,” said Brian Glenn, Senior Vice President, Ritchie Bros.
Ritchie Bros. has been conducting auctions in Alberta since the early 1960s.
“We have long-standing relationships with local contractors,” said Glenn.
“Our unreserved auctions provide them certainty in uncertain times.”
In 2015, the company saw record-high turnout for its Edmonton auctions, with more than 59,000 total bidder registrations.
The company got off to a fast start to the 2016 season with the February auction attracting 13,100+ bidders—50 per cent more bidders than the same auction last year.
The February auction also saw a 66 per cent increase in U.S. bidder registration.
One of the largest auction players at the upcoming April auction will be Camex Equipment Sales & Rentals Inc., located just across the street from Ritchie Bros.’ auction site.
The company plans to conduct a complete dispersal of its construction equipment division in the April auction due to urgent unforeseen circumstances.
“The unfortunate and untimely passing of our company founder this past fall has significant tax implications due to our success and growth,” said Wally Taschuk, president of Camex.
“We’re selling these assets simply to pay the tax bill due at the end of April.”
Taschuk said Ritchie Bros.’ unreserved auctions ensures that every item will sell and get top dollar from their global market.
“Moving forward, we will continue with our business model and grow and diversify our business,” he said.