Ritchie Bros. Orlando Equipment Auction Sells a Record $297 Million

A sea of equipment stretched over the 220-acre Ritchie Bros. auction site in Orlando, FL, last week as the company hosted its largest auction ever. Over six days, the company sold a staggering 13,350+ assets for a record US$297+ million, up 7% from last year's total. 

The massive selection of equipment attracted more than 15,900 people from 88 countries — setting a new site record — including 11,300+ bidders participating online in real time from around the world. At the end of the six-day event, approximately 84%  of the assets were purchased by buyers from outside Florida. U.S. buyers purchased 85% of the equipment, while international buyers from countries such as Australia, China, Colombia, Germany, Nigeria, and the United Arab Emirates purchased 15%. Online buyers purchased approximately 49% of the equipment.

"We had a great week in Orlando, helping more than 1,150 companies sell their surplus equipment to buyers from nearly every corner of the world," said Ravi Saligram, Chief Executive Officer, Ritchie Bros. "Orlando is the Super Bowl of auctions and our team was prepared and performed tremendously, helping us set multiple company records, including our largest ever gross transactional value (GTV) and the most equipment we've sold in one auction in 60-plus years of business. On Day Five alone, we sold approximately 2,300 items for more than US$82 million — the largest single auction day in our history!"A sea of equipment stretched over the 220-acre Ritchie Bros. auction site in Orlando, FL last week as the company hosted its largest auction ever.CNW Group/Ritchie Bros. Auctioneers

Ravi continued, "We achieved GTV of US$297 million for the 13,350 items sold in Orlando, representing growth of 7% in both GTV and lots sold vs. the prior year, a positive indicator of loosening supply. Our results reflected strong pricing for premium construction assets with low hours. Conversely, we witnessed pricing pressure on assets with higher hours, which indicates supply may have begun to harmonize with demand. Transportation assets, including over-the-road trucks and vocational units, continue to achieve strong prices.."

Equipment highlights included 800+ excavators, 640+ compactors, 430+ loaders, 395 skid steers, 385 dozers, 210+ articulated dump trucks, 240+ dump trucks, 465+ aerial work platforms, 465+ truck tractors, and more. Every item was sold without minimum bids or reserve prices.