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Press release from CNW Group

Ritchie Bros. sets new records with 135 combines sold in Saskatoon, SK auction

Thursday, August 08, 2013

Ritchie Bros. sets new records with 135 combines sold in Saskatoon, SK auction

09:00 EDT Thursday, August 08, 2013

More than CA$15.5 million worth of combines sold at yesterday's unreserved public auction in Saskatoon

SASKATOON, Aug. 8, 2013 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest auctioneer of farm, construction and other heavy equipment, set new Company records during an unreserved public auction in Saskatoon, SK on August 7, 2013 by selling 135 combines for more than CA$15.5 million. The Company broke its records for the largest number of combines ever sold at a Canadian auction as well as for the highest gross auction proceeds for total combine sales at any Ritchie Bros. auction around the world. In total, more than 1,475 items were sold in the auction for more than CA$26 million. Every item was sold to the highest bidder, regardless of price—without minimum bids or reserve prices. Bids were made in the auction on-site, online in real time at www.rbauction.com or by proxy.

"The agricultural economy in Western Canada is very strong right now so there's high demand for quality new and used equipment. Thankfully, we were able to meet that need with the most combines we've ever sold in one of our Canadian auctions along with a great selection of other agricultural equipment," said Jordan Clarke, Regional Sales Manager, Ritchie Bros. Auctioneers. "We witnessed strong participation locally, from across the country and around the world for almost all equipment categories featured in the auction. This Saskatoon auction showcased our ability to attract some of the largest agricultural equipment on the market today. We want to thank all our customers for putting their trust in Ritchie Bros. and our unreserved auction method."

More than 3,050 bidders from 17 countries, including all Canadian provinces and one territory, registered to participate in person or online in the auction. Bidders from outside Saskatchewan purchased more than CA$10.5 million or 40 percent of total gross auction proceeds. More than 1,450 of the bidders taking part in the auction registered to bid online and purchased more than CA$8.5 million of equipment available online.

Equipment in the auction was sold on behalf of over 200 sellers, including a selection of late model combines and headers for Regina, SK-based Young's Equipment Inc., an agricultural equipment dealer specializing in Case IH equipment.

"We regularly use Ritchie Bros. as an extension of our sales department, and what they bring to the table—access to customers who we may not typically deal with—makes them a valued partner to our business," said Chad Jones, Corporate Sales Manager for Young's Equipment Inc. "We have eight dealerships across Saskatchewan, as well as a website where we list our equipment, but using Ritchie Bros. auctions puts our equipment in front of customers worldwide who aren't able to visit us personally, or who may not find the equipment on our website. Ritchie Bros.' ability to sell hundreds of pieces of equipment in a single sale allows us to quickly turn our used equipment into cash, which can be reinvested into our company to better serve our customers, and that is extremely valuable."

AUCTION QUICK FACTS: SASKATOON, SK - AUGUST 7, 2013

  • Gross Auction Proceeds - CA$26+ million
  • Amount sold to online bidders - CA$8.5+ million
  • Unique bidders (total) - 3,050+
  • Unique online bidders - 1,450+
  • Lots sold - 1,475+ (including 135 combines—new Company record for most combines ever sold at a Canadian auction)
  • Gross Auction Proceeds of combines - CA$15.5+ million * new Company record
  • Number of sellers - 200+

Consignments for the next Saskatoon auction on October 8, 2013 are now being accepted; to sell your equipment and trucks with Ritchie Bros., please contact: +1.306.933.9333. The Ritchie Bros. auction calendar currently features more than 75 unreserved public auctions around the world. Visit www.rbauction.com for a complete list of upcoming auctions.

About Ritchie Bros.
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is the world's largest seller of used equipment for the construction, transportation, agriculture, material handling, energy, mining, forestry, marine and other industries. Ritchie Bros. TM solutions make it easy for the world's builders to buy and sell equipment with confidence, including live unreserved public auctions with on-site and online bidding (rbauction.com), the EquipmentOne TM secure online marketplace (EquipmentOne.com), a professional corporate asset management program, and a range of value-added services, including equipment financing for customers through Ritchie Bros. Financial Services (rbauctionfinance.com). Ritchie Bros. has operations in more than 25 countries, including 44 auction sites worldwide. Learn more at RitchieBros.com.

ATTENTION MEDIA : Photos and other media resources are available for use at http://www.rbauction.com/media. Members of the public and the media can follow Ritchie Bros. on Twitter @RitchieBros.


SOURCE: Ritchie Bros. Auctioneers

For further information:

Ian Malinski, Corporate Communications Specialist
Phone: +1.778.331.5432 or email CorpComm@rbauction.com

Or

Jordan Clarke, Regional Sales Manager, Ritchie Bros. Auctioneers
Saskatoon site phone: +1.306.933.9333 or email jclarke@rbauction.com

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