Construction Equipment Auctions Reach Record Heights

On January 29, IronPlanet completed its largest single-day auction, worth $20.88 million in equipment sold. this represents a 10 percent increase over the company's previous single-day record - $18.97 million, set on January 31, 2008. More than 15,000 visitors from 147 countries participated in the auction, which featured more than 750 lots located in 30 states. Twenty percent of the equipment sold at auction went to international buyers located in Latin America, Europe, and the Middle East. Ritchie Bros. Auctioneers also conducted an unreserved public auction last week that resulted in being the largest Reno, Nevada auction in company history. The April 3, 2009 auction generated gross auction proceeds in excess of $23 million. Almost 1,800 people from 23 countries registered to bid on auction day, including more than 870 people who registered to bid online in real time. Internet bidders purchased $9 million of equipment (40 percent of the total amount sold). Out-of-state bidders purchased $21 million of equipment (89 percent of the total), including $4 million of equipment purchased by out-of-country bidders (16 percent).