Ritchie Bros. Auctioneers

Thousands of Volt Power assets selling through Marketplace-E

2022-06-15T21:25:23Z

Build a fleet with a single offer

Volt Power is one of the top utility service providers in the United States. Right now, we are selling more than 3,000 Volt assets through our Marketplace-E platform, where you can ‘make an offer’ or purchase items at a set ‘buy now’ price. Many of the items are closing on Friday, June 24!

“The utility truck market is critically underserved right now, with new orders backlogged and strong demand for used assets, when you can find them,” said Jerilyn Nicholsen, Vice President, Strategic Accounts, Ritchie Bros. “Volt Power’s maintenance program is second-to-none, so I would encourage companies to check out the complete inventory on Marketplace-E and start getting their offers in quickly.”

The Volt Power equipment package also includes a great selection of transportation and construction equipment. Bulk order and individual item offers are being accepted now at ritchiebros.com/volt-power.

Equipment highlights include 500+ bucket trucks, 250+ digger derrick trucks, 550+ pickup trucks, 1,000+ trailers, 35+ cranes, 25+ truck tractors, as well as dozers, excavators, backhoes, and more.

“The Volt Power package selling through Marketplace-E offers a unique opportunity for a company to build an entire fleet with one offer,” added Ms. Nicholsen.

To learn more about the Volt Power equipment and Marketplace-E, visit ritchiebros.com/volt-power today!

Top 10 construction items sold in May 2022

2022-06-07T20:26:42Z

Big ticket sellers from our multiple sales channels last month

Here’s your monthly look at our Top 10 big ticket construction items sold via Ritchie Bros. multiple sales channels in May 2022.

1. 2015 Caterpillar D11 dozer – US$1.15 million

Sold via Marketplace-E from Florida.

2. 2017 Caterpillar 627K motor scraper – CA$1.02 million (US$794,070)

Sold via Ritchie Bros. live auction in Edmonton, AB.

3. 2016 Caterpillar 325D FM roadbuilder – CA$770,000 (US$602,294)

Sold via Ritchie Bros.’ B.C. Regional Auction Event.

4. 2019 Komatsu PC650LC-11 hydraulic excavator – US$570,000

Sold via Ritchie Bros. live auction in Fort Worth, TX.

5. 2018 Caterpillar 745 articulated dump truck – CA$705,000 (US$548,843)

Sold via Ritchie Bros. live auction in Edmonton, AB.

6. 2011 Caterpillar 988H wheel loader – US$515,000

Sold via Ritchie Bros.’ Rocky Mountain Regional Auction.

7. 2018 Volvo A45G articulated dump truck – US$500,000

Sold via Ritchie Bros.’ Rocky Mountain Regional Auction.

8. 2021 Hitachi ZX470LC-6 VG hydraulic excavator – CA$560,000 (US$435,960)

Sold via Ritchie Bros. live auction in Edmonton, AB.

9. 2015 Caterpillar D8T dozer – CA$555,000 (US$432,344)

Sold via Marketplace-E from Alberta.

10. 2018 John Deere 844K-III wheel loader – CA$525,000 (US$408,713)

Sold via Ritchie Bros. live auction in Edmonton, AB.

Want to research the latest pricing for your equipment? Sign up for our FREE Ritchie Bros. Price Results tool. You can quickly type in make, model, year and meter and instantly receive pricing results for items sold through Ritchie Bros. over the past two years.

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Top 10 transportation items sold in May 2022

2022-06-07T18:51:55Z

Big ticket sellers from our multiple sales channels last month

Here’s your monthly look at our Top 10 big ticket transportation items sold via Ritchie Bros. multiple sales channels in May 2022.

1. 2019 KENWORTH T880 Manitex TC50155HL 50 ton Straight Boom Truck – US$410,000

Sold via Ritchie Bros. live auction in Fort Worth, TX.

2. 2019 PETERBILT 377 Manitex TC50155HL Straight Boom Truck – US$410,000

Sold via Ritchie Bros. live auction in Fort Worth, TX.

3. 1996 Murray 26 ft 5 in 9 91 ft - 97 ft Extendable Lowboy Trailer – US$400,000

Sold via Marketplace-E in Livermore, CA.

4. 2015 KENWORTH C500 National NBT45TM 45 ton Straight Boom Truck – CA$440,000 (US$340,300)

Sold via Ritchie Bros. live auction in Edmonton, AB.

5. 2014 KENWORTH T800 2014 Foremost on 8x6 Vacuum Truck – CA$390,000 (US$301,600)

Sold via Ritchie Bros. live auction in Edmonton, AB

6. 2021 KENWORTH T800 8x6 Sleeper Winch Tractor – CA$382,500 (US$295,850)

Sold via Ritchie Bros. live auction in Edmonton, AB.

7. 2013 ASPEN 60 Wheel Double Drop Removable Lowboy Trailer – CA$367,500 (US$284,250)

Sold via Ritchie Bros. live auction in Edmonton, AB.

8. 2014 ASPEN HHT/RL 75 ton Tri/A Removable Gooseneck Lowboy Trailer – US$275,000

Sold via Ritchie Bros. live auction in Denver, CO.

9. 2021 KENWORTH T800 8x6 Truck Tractor (Tri/A) – CA$340,000 (US$263,000)

Sold via Ritchie Bros. live auction in Edmonton, AB.

10. 2015 WESTERN STAR 4900SA 2014 Custom Vac on 8x6 Sleeper Hydro Vac Truck – CA$330,000 (US$255,250)

Sold via Ritchie Bros. live auction in Edmonton, AB.

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SmartEquip: revolutionizing equipment parts procurement & service support

2022-06-02T20:43:16Z

Identify, source, and procure parts electronically

Over the last couple of years, supply chain issues and their monumental impact on the construction and transportation sectors have been well publicized. It’s been extraordinarily difficult for equipment/fleet owners to find new equipment, trucks, and parts during the pandemic.

Unfortunately, finding correct equipment parts can be difficult at the best of times. It entails searching through a variety of manuals to identify the correct part ID number, not just for equipment make and model, but for a specific serial number, then calling around to suppliers in the area to locate the very specific part you need, and then once received, receiving the service documentation to install it. With SmartEquip, the newest member of the Ritchie Bros. family, asset-specific parts procurement and service support are about to get a whole lot easier.

For over 20 years the SmartEquip team has been specializing in the parts procurement and service support business, improving equipment lifecycle management for fleet owners and their suppliers alike. With the SmartEquip platform, equipment owners are connected to all their different branded suppliers, while also fully integrating into their own fleet management system. This enables dynamic, serial-number-specific support of all their fleet activities.

SmartEquip: How it works

Essentially, SmartEquip helps equipment owners find, source, and buy repair parts more efficiently with significantly fewer errors. Here’s how:

1. Access product information:

2. Validate inventory:

3. Submit purchase orders:

SmartEquip’s underlying catalog technology is another huge selling feature of the platform. Its detailed, digital equipment catalog outlines hundreds of thousands of equipment schematics, to ensure accurate parts identification and prevent all too common mis-orders, and subsequently, to ensure proper installation of the part, once received.

This electronic catalog is available in three formats, depending on the level of technical detail required:

- Standard:

- Enhanced:

- Interactive:

Creating value for both sides of the supply chain

The best thing about SmartEquip is how it’s designed to benefit both the equipment owner and the supplier. The growing SmartEquip Network today delivers orders to over 1,000+ suppliers, covering 650+ active OEM/supplier brands, and supporting 100+ equipment fleets worldwide.

Equipment Owner Value Propositions

- Increase wrench time:

- Improve equipment uptime:

- Improve administrative workflow:

Equipment Suppliers Value Propositions

- Increase Sales:

- Increase customer satisfaction:

- Save money:

Learn more & request a demo today!

To learn more about SmartEquip or request a demo, please visit SmartEquip.com.

Auction Results: US$65+ million of equipment sold in largest Rocky Mountain event ever

2022-05-31T17:31:48Z

11,000+ bidders from 54 countries

Today, we are building bigger and better events with our regional auction format, bringing together more consignors and buyers to provide more selection and increased competition. Last week, we held regional auctions on both sides of the border, with US$65+ million of equipment sold in our U.S. Rocky Mountain Event and US$27+ million (CA$35+ million) sold in our Canadian B.C. Regional Event—both of which were new regional records.

“Consignors love these big events because they attract more bidders and the increased competition results in more money in their pockets at the end of the auction,” said Chad Apland, Regional Sales Manager (Denver), Ritchie Bros.

“Our Rocky Mountain event last week featured 5,700+ items from 800+ consignors stored across eight locations, with all items selling to online bidders around the world. Low-hour construction equipment was in especially high demand, resulting in some phenomenal prices, including a 2011 Cat 988H wheel loader that sold for US$515,000!”

The May 25 – 26 Rocky Mountain Event attracted 11,000+ bidders from 54 countries, with approximately 94% of the equipment sold to U.S. buyers, including 20% sold to Colorado, 11% to Utah, and 7% to Texas. The remaining 6% was sold to international buyers from as far away as Honduras, India, and Taiwan.

Five big sellers from the Rocky Mountains

2011 Caterpillar 988H wheel loader – US$515,000

2018 Volvo A45 articulated dump truck – US$500,000

2013 Grove TMS9000E 90-ton 8x4x4 hydraulic truck crane – US$345,000

2011 Komatsu PC490LCI-11 hydraulic excavator – US$300,000

2019 John Deere 850K LGP dozer – US$295,000

Interested in selling with us?

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Auction Results: CA$35+ million of equipment sold in largest B.C. event ever

2022-05-31T16:56:57Z

6,500+ bidders from 34 countries

Today, we are building bigger and better events with our regional auction format, bringing together more consignors and buyers to provide more selection and increased competition. Last week, we held regional auctions on both sides of the border, with US$65+ million of equipment sold in our U.S. Rocky Mountain Event and CA$35+ million (US$27+ million) sold in our Canadian B.C. Regional Event—both of which were new regional records.

"Our Chilliwack yard usually fills up quick, so it's great that we could add hundreds of additional items from elsewhere in B.C. and store them at yards in Prince George and Kamloops," said Pat Elliott, Regional Sales Manager (Chilliwack), Ritchie Bros.

"We built the auction around a great package of forestry equipment and achieved excellent results on the late-model gear. Good quality, low-hour equipment continues to bring big money, so I encourage interested sellers to contact us to take advantage today."

Approximately 94% of the equipment sold in the B.C. Regional Event was sold to Canadians, including 71% sold to B.C. buyers. The remaining 6% was sold to international buyers from as far away as Guatemala, Egypt, and Thailand.

Five big sellers from B.C.

More than 2,100 items were sold for approximately 500 consignors in the B.C. Regional Event, with equipment stored at three locations across the province. The May 24 – 25 auction was B.C.'s biggest ever in terms of gross transaction value and attracted 6,500+ bidders from 34 countries.

2016 Caterpillar 3252D FM roadbuilder – CA$770,000 (US$602,294)

2021 John Deere 959ML leveling heel boom log loader – CA$610,000 (US$477,142)

2019 John Deere 872GP AWD motor grader – CA$410,000 (US$320,702)

2019 John Deere 850L dozer – CA$350,000 (US$273,770)

2019 Kenworth T880 6x4 twin-axle dump truck – CA$255,000 (US$199,461)

Interested in selling with us?

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$60+ million of equipment sold in Fort Worth

2022-05-25T23:55:15Z

May Texas auction up 9% year over year

Last week, we conducted our second Fort Worth, TX auction of the year, selling US$60+ million of equipment and trucks for 700+ consignors. The three-day online auction saw gross transaction value grow approximately 9% year over year.

More than 11,100+ bidders from 60+ countries registered to participate in the May 17 – 19, 2022 online auction, with approximately 93% of the equipment purchased by Americans, including 38% sold to Texans. The remaining seven percent of the assets were purchased by international buyers from as far away as Brazil, Thailand, and Australia.

“We saw a ton of interested buyers come through our auction yard leading up to the event, inspecting and testing items in person prior to bidding from their home, office, or mobile phone,” said Chuck Roberson, Regional Sales Manager, Ritchie Bros.

“We continue to drive strong pricing for late-model equipment, including an unused 2022 K-Tec scraper pan that sold for US$205,000, with 100% of the proceeds donated by the OEM to Habitat for Humanity.”

Five big sellers from Fort Worth

More than 4,350+ equipment items and trucks were sold in the May Fort Worth auction, including these five big sellers:

2019 Komatsu PC650LC-11 hydraulic excavator – US$570,000

2019 Kenworth T880 Manitex TC50155HL 50-ton straight boom truck – US$410,000

2008 Grove GMK 6220L 12x8x10 all-terrain crane – US$400,000

2017 Case Steiger 580 4WD tractor – US$212,500

2019 Kenworth W900 6x4 twin-axle truck tractor – US$157,500

“Thank you to all our consignors and buyers for continuing to put your trust in Ritchie Bros.,” said Mr. Roberson. “We hope to see many of you at our site in July for our next big Fort Worth event. I encourage interested sellers to contact us today so we can begin marketing your assets to the world.”

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Ritchie Bros. Energy – an evolution to better serve the industry

2022-05-25T16:40:51Z

More options and better selection with Ritchie Bros. Energy

Ritchie Bros. has long history of serving the oil & gas industry, with our first energy equipment auctions held in the 1960s. For the last several years, our oil & gas equipment auctions have been held under the Kruse Energy brand, as we expanded our online selling capabilities with the acquisition of IronPlanet.

Today, Ritchie Bros. offers a complete end-to-end solution, with multiple disposition channels, value-added services, and the insights needed to make more educated decisions about your fleet. Ritchie Bros. has evolved and so has our customer base. Oil & gas companies want the same level of choice as any other consignor—by migrating from Kruse Energy to Ritchie Bros. Energy our customers will be able to leverage the full power of the Ritchie Bros. brand and everything we offer.

With Ritchie Bros. Energy, sellers can take advantage of…

Multiple disposition solutions:

o Live unreserved auctions with online bidding through Ritchie Bros. Auctioneers

o Weekly online events through IronPlanet.com

o Daily marketplace for premier assets through Marketplace-E

Asset management services
- Inspection & appraisals services
- Industry-leading market data & insights – subscribe to our free Market Trends Report!
- Global network of permanent locations & facilities
- Unmatched global reach & buyer demand

Buyers will also have more options, including…

Different Name, Same Expert Service

Our final Kruse Energy event will be held online on June 8, with a great selection of drilling surplus, handling tools, electric motors, centrifugal pumps, shop tools, and more.

Our first Ritchie Bros. Energy event will be held in September at Ritchie Bros. Fort Worth, TX auction site. There are five Fort Worth events annually and each will have dedicated “Ritchie Bros. Energy Day(s)”. Bidding will be available online in real time at rbauction.com AND via our mobile application, which wasn’t available with Kruse events.

You will also get the same great service you’ve come to know from Kruse Energy and Ritchie Bros. As it was at Kruse, the Ritchie Bros. Energy team will continue to be led by Kelly Kittson, Director, Strategic Accounts (pictured below).

We sat down with Kelly to ask a few questions about the oil & gas market and what customers can expect from Ritchie Bros. Energy going forward.

We all know fuel costs are at an all-time high. Can you tell us a bit about what’s going on in the oil & gas industry today?

It is an interesting time to be in the oil & gas industry. In North America, we are seeing a bit of a battle on the policy side. We are experiencing record high oil & gas prices, but we are not seeing large investment dollars going into new projects to help reduce the bottleneck and produce more supply.

There has been a lot of uncertainty in this industry, especially in recent years. The government and public focus have been to reduce fossil fuel production and become carbon neutral by 2050. This has created an environment where large energy producers are making fewer capital investments in new projects—there is little predictability and assurances of getting the ROI for a multi-million or multi-billion-dollar project. Instead, most large oil & gas organizations have been conservative, looking at share buy-backs and debt repayment.

Unfortunately, Russia’s war with Ukraine has exacerbated the situation. We already had high oil & gas prices and now we have to replace that supply. You can’t just flip a switch and produce that kind of volume tomorrow. By neglecting large capital investments, like pipelines and new areas of supply in North America, we are now paying for it. This is why the U.S. government has gone to Venezuela and the Middle East for supply and reserves.

There is a lot of opportunity, but also a ton of uncertainty for oil & gas companies today.

What impact has this had on pricing for used energy assets?

The two equipment categories that stand out to me are drill rigs and pipe. We have seen a dramatic price increase for drill pipe recently—up approximately 20-30% in the last quarter. We’ve also seen an uptick in demand for drilling rigs.

Why introduce Ritchie Bros. Energy now? How will this differ from your Kruse Energy brand?

Ultimately, this is about providing more choice for our sellers and buyers.

With Ritchie Bros. Energy our oil & gas consignors will have access to our complete suite of disposition solutions and services, along with the data & analytics that every company is asking for today.

This is also about unearthing more selection for our buyers. We are an important part of the supply chain for many customers. Supply chain issues have been well-publicized and for our customers that means that the parts they need may not be available from the OEM, so they turn to the used market. With Ritchie Bros. Energy we will be leveraging our teams globally to dig through all the nooks and crannies to find more supply for our customers.

What can customers expect from the Fort Worth “Energy Day(s)” and how will these events differ from the Kruse Energy events?

With Ritchie Bros. Energy and our Fort Worth “Energy Day(s)” customers will be a part of much larger events, with more potential bidders than we could ever attract with the Kruse Energy brand. Our Fort Worth auctions regularly surpass US$50+ million in sales and attract thousands of bidders. These events will be marketed to the world, driving stronger prices for consignors and providing more selection to buyers.

We can’t wait until September—contact us today to get your equipment added to the auction!

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Industry News Roundup: AEM’s 10 trends that will shape the construction industry

2022-05-20T20:47:24Z

New AEM report offers glimpse into construction industry’s future

The Association of Equipment Managers is offering a vision of the future for the construction industry. The member organization, who serves the interest of advancing construction and agriculture equipment manufacturers, released a whitepaper that outlines 10 trends changing the way construction companies operate in North America. You can access the full report here.

“We brought our construction-based members together to take a look at the coming decade and identify the trends that are changing the industry and impacting construction business owners,” said AEM President Megan Tanel in a statement. She says the construction industry coming to a “critical juncture,” and the report can help shape the industry’s future by outlining how to utilize technology and innovation.

Here’s is a quick summary of the 10 trends outlined in the report. Access the full report from the AEM website.

1. Increased regulation of carbon-based fuels spurs adoption of alternative power solutions

With power solutions reducing carbon emissions of the next decade, construction companies will see their fleets transform while building out new infrastructure.

2. Renewable energy production booms

Construction companies will take steps to lower their own GHG emissions, and build the vital infrastructure necessary to help renewable energies claim a significantly larger share of total energy consumption.

3. Compact equipment trends electric

Construction companies will look to electrification to meet regulatory and social pressures, as well as reduce operating costs. The compact construction equipment market will see more acute electrification over the next decade.

4. Connectivity leads to jobsite transformation

As part of the transformation of our industry section, the reports says construction jobsites will become better connected. Because of this decision making and efficiency will improve using real-time data.

5. Pathway toward autonomous machinery

Construction companies will embrace automation because it will enable them to meet and overcome challenges with safety, labor, efficiency and productivity in the next decade.

6. Sensors improve efficiency and safety

Wearable devices with sensors, such as watches and helmets, will improve efficiency and safety on construction jobsites.

7. Fewer workers, different skillsets

Construction companies will be taking shovels out of workers’ hands and replacing it with a joystick, according to one construction company owner cited in the report. Technology will allow for increased productivity on jobsites with fewer available workers.

8. Business models shift toward subscriptions

As equipment technology speeds up, construction companies will shift from capital expenditure to operating expenditure, meaning they won’t employ the traditional model of buying and maintaining fleets.

9. Construction data will reveal its value

An abundance of construction-related data will be used by companies increasingly for decision making. The monetization of this data within the industry is also expected.

10. Cybersecurity becomes central to corporate strategy

The increased connectivity on construction jobsites will present cybersecurity challenges and companies will need to focus on protected themselves against potential risks.

Visit the AEM website to access the entire detailed report .

Ritchie Bros. is the world’s trusted provider of equipment-related data insight, services, and transactional solutions. We help customers buy, sell, and manage their assets. For more information, visit RitchieBros.com.

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CA$31+ million of equipment sold in Winnipeg's largest auction ever

2022-05-20T16:12:03Z

May 11 – 12 auction attracted 3,950+ online bidders

Last week, we conducted our largest-ever auctions in Ontario and Manitoba, selling CA$71+ million (US$54+ million) of equipment and trucks in Toronto and CA$31+ million (US$24+ million) of assets in Winnipeg.

The May 11 – 12 online Winnipeg, MB auction featured 2,190 equipment items and trucks selling for Borland Construction Inc., one of the oldest and largest heavy construction companies in the region. The May 11 – 12 online auction attracted 3,950+ bidders from 28 countries, with Canadians purchasing 94% of the assets, including 70% sold to Manitobans.

“Borland runs a very diverse operation and has an impeccable maintenance program, resulting in a ton of interest for their late-model equipment,” said Sam Webber, Territory Manager, Ritchie Bros.

“We don’t think anyone could do a better job than Ritchie Bros. in creating demand for our equipment,” said Henry Borger, President, Borland Construction. “Ritchie Bros.’ reputation attracted thousands of bidders from around the globe and their online platform enabled them to bid securely and efficiently.”

“The knowledge and assistance from Ritchie Bros.’ representatives were invaluable. They provide all the key ingredients—bidders, information, and process—for a competitive auction that maximizes returns.”

The momentum built from the massive Borland consignment resulted in an additional auction being added to our calendar on April 27, featuring hundreds of items from Manitoba companies. The online Timed Auction event included a 2014 Elrus CH660 cone crusher that sold for CA$395,000 (US$308,337); a 2014 Caterpillar D6T LGP dozer that sold for CA$365,000 (US$284,919); and a 2009 Kenworth T800 6x4 truck tractor that sold for CA$146,000 (US$113,968).

“We are excited to help Manitoba companies of all sizes and industries and have a multitude of solutions to meet the growing needs of our customer base,” said Ritchie Bros. Regional Sales Manager Jason Huber. “Please don’t hesitate to contact us if you have any surplus and/or idle assets.”

Five big sellers from Winnipeg

2018 Caterpillar 988K wheel loader – CA$665,000 (US$510,454)

2018 Caterpillar 973K crawler loader – CA$610,000 (US$468,236)

2016 Wirtgen WR240I wheel soil stabilizer – CA$605,000 (US$464,398)

2013 ELRUS mobile control van – CA$480,000 (US$368,448)

2011 ELRUS CH440 Tri-Axle Cone Crusher – CA$435,000 (US$333,906)

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Digging into farm equipment trends in our May Market Trends Report

2022-05-19T20:49:26Z

Agriculture equipment prices are up approximately 14% year over year

In our May Market Trends Report we take a deep dive into the agriculture industry and rising farm equipment prices and showcase trends in tractor, combine, header, sprayer, and air drill sales. The May report also takes a look at trends in truck tractor, earthmoving, and aerial equipment sales. As the report sums up, despite decreasing inflation rates for most U.S. and Canada price indexes, pricing is still up year over year.

Subscribe for free and download the May report today.

Rising agriculture equipment prices: tractors

As we look to our main feature this month, we are seeing pricing strength for agricultural equipment this year, particularly in Canada. Looking at tractor sales in 2022, median prices are up across the board, with the biggest price inflation for tracked and 4WD units. In Canada we've sold more than 25 tracked tractors in 2022, many of which were late model-units resulting in an approximately 18% median price increase from last year. Meanwhile, pricing for 4WD units in the U.S. is up approximately 76% over 2021.

A look at combines, sprayers, air drills and more

For combines and headers, we have seen relatively flat pricing year over year, with the most popular combine models being all John Deere units: the S680, S690, and 9600. For sprayers, air drills, and seeders we have seen a moderate increase in pricing this year, despite units being older and having more hours than units sold in 2021.

Prices show strengthening for used agriculture equipment

As the report estimates, overall, for the 3 months ending April, prices for used agriculture equipment increased 14% (± 1.5%) compared to the same time frame last year.

Get the full May Market Trends Report for more on farm equipment and other asset trends

Get the full look at farm equipment and other equipment trends in the May edition of the report, and see detailed pricing trends and stats for:

Tracked Tractors
MFWD Tractors
4WD Tractors
Utility Tractors
Combines
Headers
Sprayers
Air Drills & Seeders
Discs
Harrows & Packers

Subscribe now and we’ll email your free report each month.

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CA$71+ million of equipment sold in Toronto's largest auction ever

2022-05-19T18:05:43Z

May 10 – 12 auction attracted 7,950+ online bidders

The May 10 – 12 online Toronto, ON auction attracted 7,950+ bidders around the world, with Canadians purchasing approximately 91% of the assets, including 65% sold to Ontarians.

"We bulldozed past our previous Toronto sales record, set last May, with gross transaction value up approximately 35% year over year," said Ryan Pottruff, Regional Sales Manager, Ritchie Bros.

"There was a lot of demand from consignors to be a part of this event, so we made full use of our Thunder Bay satellite yard and an additional offsite location in the Toronto area to ensure there was enough room for everyone, and it paid off. Consignors were very pleased with the strong pricing we achieved during all three days of the auction."

More than 730 companies sold equipment in the three-day auction, including Bolton, ON-based consignor James Dick Construction.

"We got more money for our trucks than we anticipated," said Toronto consignor James Dick of James Dick Construction. "We've been in the snow plow business for a lot of years, but we want to focus more on our aggregate and hauling business going forward. I've been dealing with Ritchie Bros. since I started—their advertising is the best!"

Five big sellers in Toronto

Approximately 4,200+ equipment items and trucks were sold in the May Toronto auction, including 260+ truck tractors, 75+ snow plow trucks, 140+ compactors, 90+ loaders, 80 motor graders, 75+ skid steers, and 45+ skid steers. Every item in the auction was sold without minimum bids or reserve prices. Below are five of the biggest selling items in the auction:

2018 Caterpillar 988K wheel loader – CA$365,000 (US$280,503)

2019 Gomaco GT3600 curb & gutter machine – CA$340,000 (US$261,290)

2021 International HV607 SBA plow truck – CA$270,000 (US$207,495)

2021 John Deere 550K dozer – CA$182,500 (US$140,251)

2019 Volvo VNL twin-axle truck tractor – CA$177,500 (US$136,409)

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Industry check in with transportation expert Rob Slavin

2022-05-13T19:18:26Z

Truck tractor pricing could hit a speed bump, explains Slavin

After an unprecedented year (2021), with COVID and other disruptive economic forces accelerating pricing, the transportation industry is still adjusting and finding its new normal among a new set of macroeconomic factors. Our in-house transportation industry expert Rob Slavin, Senior Valuation Analyst, speaks with us to break down what we are seeing so far in the sector in 2022, what we can expect looking forward, and why the uncharted pricing of 2021 is likely in the rearview mirror.

Q:The last time we talked, you were telling us about the unprecedented demand for truck tractors in 2021. What are you seeing in terms of demand so far in 2022?

Rob: Many factors came together to support what happened in 2021. Lack of supply of used assets, inability to get new truck inventory in reasonable time frames, historically high spot rates, lower interest costs, limited driver pool, lower fuel costs, high consumer spending, and plenty of freight in the market.

As I spoke about in our last interview, we saw the highest price increase on used trucks that our industry has ever seen. Most of it on sleepers, which jumped in value as much as +140% over the same age/similar mile units a year earlier. Everyone is expecting new Class 8 deliveries will be similar to what we saw in 2021, which didn’t lead to a surplus of equipment on the ground.

What has changed dramatically, however, is fuel prices, especially for small fleets/owner operators – those that live off spot-rates.

Q: In our recent Inside Edge Podcast, you discussed truck pricing trends. Are you still seeing an upward trajectory or has there been some stabilization?

Rob: We started 2022 with equipment continuing a similar increase to what we saw in previous quarterly jumps. It was mid to late-Q1 when we started to see a noticeable price drop on the units that jumped the most as a percentage of sale price. We are still seeing very strong pricing, and I don’t expect a cliff event. But I do expect prices will continue to drop over 2022.

Q: Some are anticipating a big downtrend in the freight industry, are you seeing the same indicators?

Rob: Yes, some are predicting a “bloodbath” in the industry. That’s interesting. It reminds me of 2019 (specifically Q3/Q4), a time that I jokingly refer to as the “truckpocalypse,” as in the worst of times. Here’s a quick example: we sold 2015 Freightliner Sleepers in that time frame with mileage in the 500-600k for mid-$20,000 range. If we sold those same units 2 years later, they would have gone up 148% in value.

So, what’s the big difference between then and now? New truck deliveries, for one. In 2018-2019, those were very big years in new truck deliveries in the US. In fact, 2019 was the second biggest new truck delivery year with 276,000 C8 deliveries; only second to 2006 (pre-emission year). And 2018 saw 250,000 C8 deliveries. This caused an oversupply of used and that meant LOW pricing.

Even with the limited supply, I never expected these current prices to hold. What we just experienced, in my opinion, is a “once in a lifetime market.” I originally expected a slow drop in prices over the course of the year.

Q: What are the indicators that may speed up the price drop?

Rob: First: diesel pricing – today it just hit a US national average of $5.62/per gallon. That’s up from $3.22/per gallon in May 2021 (75% increase) and up $3.13 (124% increase) from May 2020’s pricing of $2.49. I never expected fuel to jump so high – so fast! This will impact smaller fleets who live more off spot rates than the large fleets who typically have contract rates with a fuel surcharge that offset that increase.

Second: repossessions. Maybe I am jumping the gun, but if spot rates don’t see an increase to offset the diesel pricing increase, those that jumped into this market may consider leaving.

Third: inflation/consumer spending. During COVID, travel was limited and restaurants were closed. It became an “e-commerce” economy and many families had plenty of excess cash to buy “stuff” when restrictions lifted. But with inflation up to record levels and consumer spending down that limits the need for transportation. And look for that to get worse in the near future. Imports into port cities are expected to dramatically drop in the June to July time frame.

Q: If there is another downturn, do you have any tips on how to prepare or shield yourself against it?

Rob: Too many people spend their “extra” income on wants versus needs. If you’re getting ready to “brace for impact” – stockpile your cash now for down months. That new flooring, kitchen upgrade, new bedroom furniture can wait. If you can, lock in some dedicated contracts, even though it may not be as lucrative as spots rates have been in the past.

Thousands of companies sell trucks and transport equipment through our multiple sales channels every year. Learn more about selling with Ritchie Bros., or contact us to discuss your options.

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Top 10 transportation items sold in April 2022

2022-05-11T00:01:29Z

Big ticket sellers from our multiple sales channels last month

Here’s your monthly look at our Top 10 big ticket transportation items sold via Ritchie Bros. multiple sales channels in April 2022.

1. 2018 KENWORTH T-800 8x6 Sleeper Combo Vacuum Truck – CA$458,000

Sold via Ritchie Bros. live auction in Grande Prairie, AB.

2. 2019 WESTERN STAR 4900SA 8x6 Combo Vacuum Truck – CA$455,000

Sold via Ritchie Bros. live auction in Grande Prairie, AB.

3. 2020 DRAKE 4 Row Of 8 Swingwide Extendable Low Loader – AUS$465,000

Sold via Ritchie Bros. live auction in Australia.

4. Unused 2022 DRAKE 4 Row Of 4 Hydraulic Widening Low Loader – AUS$415,000

Sold via Ritchie Bros. live auction in Australia.

5. 2020 PETERBILT 567 8x4 Truck Tractor (Tri/A) – US$242,500

Sold via Ritchie Bros. live auction in Houston, TX.

6. 2021 PETERBILT 567 8x4 Truck Tractor (Tri/A) – US$240,000

Sold via Ritchie Bros. live auction in Houston, TX.

7. 2019 Peterbilt 389 6x4 Tri/A Day Cab Truck Tractor – US$195,000

Sold in Montana via Marketplace-E.

8. 2017 PETERBILT 389 8x4 Truck Tractor (Tri/A) – US$192,500

Sold via Ritchie Bros. live auction in Houston, TX.

9. 2018 PETERBILT 567 6x4 Truck Tractor (T/A) – US$172,500 each

Sold via Ritchie Bros. live auction in Houston, TX.

10. 2022 MACK GR64B 6x4 Batcher Truck – US$325,000

Sold via Ritchie Bros. live auction in Houston, TX.

Learn more and sign up today!

Top 10 construction items sold in April 2022

2022-05-10T18:47:44Z

Big ticket sellers from our multiple sales channels last month

Here’s your monthly look at our Top 10 big ticket construction items sold via Ritchie Bros. multiple sales channels in April 2022.

1. 2021 CAT 980M Wheel Loader – CA$635,000 (US$508,530)

Sold via Ritchie Bros. live auction in Saskatoon, SK.

2. 2012 CAT D9T Dozer – CA$610,000 (US$482,700)

Sold via Ritchie Bros. live auction in Grande Prairie, AB.

3. 2020 CAT 349F L Hydraulic Excavator – US$460,000

Sold via Ritchie Bros. live auction in Houston, TX.

4. 2021 CATERPILLAR 745 Next Gen 6x6 Articulated Dump Truck – AU$635,000 (US$452,370)

Sold via Ritchie Bros. live auction in in Queensland, Australia.

5. 2020 CATERPILLAR D6XE LGP Crawler Tractor – AU$585,000 (US$416,750)

Sold via Ritchie Bros. live auction in in Queensland, Australia.

6. 2020 CAT 336 (Unused) Hydraulic Excavator – US$385,000

Sold via Ritchie Bros. live auction in Houston, TX.

7. 2021 JOHN DEERE 824L Wheel Loader – CA$420,000 (US$332,350)

Sold via Ritchie Bros. live auction in Grande Prairie, AB

8. 2019 CAT D6T LGP Dozer – US$290,000

Sold via Ritchie Bros. live auction in Houston, TX.

9. 2014 CAT D6T LGP Dozer – CA$365,000 (US$284,900)

Sold via Ritchie Bros. live auction in Manitoba, Canada.

10. 2018 CAT D8T Dozer – US$275,000

Sold via Ritchie Bros. live auction in Houston, TX.

Learn more and sign up today!

CA$204M+ of equipment sold in Canada's largest auction

2022-05-09T23:40:53Z

23,800+ bidders from 55 countries participate in Edmonton

Last week we conducted our largest Canadian equipment auction of the year, selling 11,000+ equipment items and trucks for 1,600+ consignors in Edmonton, AB, and generating 204+ million (US$158M+) in gross transaction value.

“There was a lot of excitement in the market for our spring Edmonton auction, with many customers quick to comment on the incredible lineup of equipment we put together this year,” said Ryan Eacrett, Vice President, Ritchie Bros.

“Late-model construction equipment was especially in demand last week in Edmonton, bringing incredible results for consignors, while transportation assets continued their long run of great pricing. We saw strong participation from bidders around the world, but Canadian buyers were very aggressive, buying up most of the assets.”

The May 2 – 7, 2022 online auction attracted more than 23,800 bidders from 55 countries, with approximately 91% of the equipment sold to Canadians, including 56% sold to Albertans. The remaining nine percent of the assets were purchased by international buyers from as far away as Belgium, India, Australia, and Peru.

Equipment highlights in the six-day auction included 300+ truck tractors, 190+ excavators, 130+ skid steers, 130+ dozers, 100+ forklifts, 60+ aerial work forms, 50+ agricultural tractors, and more. Approximately 70 items were sold for Alberta company Green Pastures Holdings Ltd.

"We've been buying and selling with Ritchie Bros. since we started our company 17 years ago," said Kevin Kossman, who owns and operates Green Pastures with his wife, Liela. "They are always professional and organized, their financing is great, and our sales rep is always quick to respond. As far as I'm concerned, Ritchie Bros. is the only way to sell equipment."

Top 10 Sellers in Edmonton

2017 Caterpillar 627K motor scraper – CA$1,020,000 (US$794,070)

2008 Caterpillar D10T crawler tractor – CA$875,000 (US$681,188)

2018 Caterpillar 745 articulated dump truck – CA$705,000 (US$548,843)

2021 Hitachi ZX470LC-6 VG hydraulic excavator – CA$560,000 (US$435,960)

2018 John Deere 844K-III wheel loader – CA$525,000 (US$408,713)

2015 Kenworth C500 National NBT45TM 45-ton straight boom truck – CA$440,000 (US$342,540)

2014 Foremost on a 2014 Kenworth T800 8x6 vacuum truck – CA$390,000 (US$303,615)

2017 Caterpillar 160M VHP Plus AWD motor grader – CA$385,000 (US$299,723)

2021 Kenworth T800 8x6 sleeper winch tractor – CA$382,500 (US$297,776)

2021 Kenworth T800 8x6 truck tractor – CA$340,000 (US$264,690)

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Big returns for ag equipment & farmland this spring

2022-05-09T17:53:21Z

45 farm auctions attracting 101,000+ global bidders

Each spring, Ritchie Bros. helps dozens of farmers from Western Canada retire and sell their equipment, farmland, and real estate to interested buyers around the world. This year we conducted 45 farm auctions in March and April with our Timed Auction technology, achieving outstanding results for consignors.

“By attracting unprecedented demand, we have been able to achieve record-breaking returns for equipment and farmland in 2022,” said Jordan Clarke, Sales Director, Ritchie Bros. “Earlier this year, we sold a 155± acre home quarter in Torquay, SK for $1.33 million—setting a new highwater mark for the region.”

“Two months later, we sold 6,100± acres of farmland and a home quarter in The Pas, MB for a combined $12.9 million,” added Mr. Clarke. “Meanwhile, equipment has also been achieving record high prices this spring.”

Top 10 farm items sold in Spring 2022

More than 5,000 agricultural items were sold through Ritchie Bros. Timed Auctions this spring, including 70+ combines, 60+ air drills, 50+ 4WD tractors, and 120+ parcels of farmland. All items were sold without minimum bids or reserve prices. Here are 10 big highlights from our Spring 2022 farm auction season:

2016 Case IH 620 QuadTrac tractor – CA$550,000

Sold in Moose Jaw, SK on April 7, this 620 is the highest priced Case IH QuadTrac sold in our history.

2016 John Deere 9570RX tractor – CA$520,000

Sold in Vauxhall, AB on March 31.

2017 John Deere 9260RX tractor – CA$455,000

Sold in Hudson Bay, SK on April 14.

2017 John Deere 9570R 4WD tractor – CA$425,000

Sold in Hudson Bay, SK on April 14.

2017 John Deere R4045 120-ft high clearance sprayer – CA$410,000

Sold in Borden, SK on April 8.

2014 Bourgault 3320PHD QDA 76-ft air drill – CA$405,000

Sold in Hudson Bay, SK on April 14.

2017 Versatile 550DT track tractor – CA$405,000

Sold in The Pas, MB on March 16.

2018 John Deere S780 combine – CA$400,000

Sold in Swift Current, SK on March 24.

2017 Case IH 580 QuadTrac tractor – CA$395,000

Sold in Hudson Bay, SK on April 14.

2016 Bourgault 3320XTC 66-ft air drill – CA$395,000

Sold in Vauxhall, AB on March 31.

What customers are saying

Marlow Farms – The Pas, MB on March 26, 2022
“From our initial meetings, we knew we had made the right decision to sell with Ritchie Bros.,” said Frank Marlow, who’s family sold thousands of acres of farmland in The Pas, MB. “The whole process from auction preparation to sale day was handled professionally. They put a great deal of effort into advertising our farm and equipment. We would encourage anyone to use Ritchie Bros.—with their global reach, knowledge of the agriculture industry, and great customer service, we highly recommend using their auctions services.”

Cristo Farms – Assiniboia, SK on April 12
“Book your sale with Ritchie Bros.—their reach is outstanding, and their professionalism will always make you feel completely comfortable,” said Robin Cristo of Cristo Farms Ltd., which sold 70+ items at an April 12 auction in Assiniboia, SK on April 12. “The crew that was here were very professional—they all knew their job and did it flawlessly.”

Wenc Farms – Foam Lake, SK on April 8
“Hats off the whole Ritchie Bros. crew!” said Gary Wenc, who sold 240+ items on April 8 for Wenc Farms. “Thank you from the bottom of or hearts. The team explained every detail of the auction process and were always quick to get answer any of our questions.”

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Tips for cross-border buyers at Ritchie Bros. auctions

2022-05-04T18:59:59Z

Get more for your money up north – tips for U.S. equipment and truck buyers.

With the huge selection of quality equipment selling in Canada and the strong U.S. dollar, it’s a great time for U.S. businesses to head north of the border to buy equipment. Your dollar is worth approx. 25% more in Canada!*

Before you head up north to bid in person or decide to register and bid online, here are a few tips to help you buy and export your equipment purchase:

#1 Find out what you can (and can’t) export

Navigating the ins and outs of EPA (and DOT) regulations can be challenging. Ritchie Bros. has partnered with Pacific Customs Brokers to make it easy. Pacific Customs Brokers can handle all Canadian border crossings (air, rail, truck and boat) and provides 24-hour service.

Got questions about what you can or can’t import, or paperwork you need? Contact Pacific Customs Brokers:

By phone – toll free: 1.888.538.1566
Email: rba@pcb.ca

These cheat-sheets give you a general overview of U.S. importation requirements, but as regulations change regularly, please contact Pacific Customs Brokers for the latest requirements:

Importation standards for equipment less than 25 years old	Importation standards for equipment more than 25 years old	Importation standards for tires

Click to download	Click to download	Click to download

#2 Discover easy cross-border financing

Most U.S. lenders make you pay for cross-border purchases out of your own pocket; when the equipment is on U.S. soil you get a refund. We make it much easier.

We can pre-approve your financing before the auction, and don’t need to know when and where you plan to buy. And our application process is fast – you can often be approved the same day!

Learn more about our cross-border financing or apply for financing now.

#3 Lock in your preferred exchange rate, pay in your home currency

Paying for your auction purchases in your home currency has never been easier. Lock in a preferred rate and see the total in your home currency in just a few easy steps with Ritchie Bros. Financial Services Currency Exchange, then pay your invoice via wire transfer. Ritchie Bros. has partnered with a leading financial institution to provide this free service to our cross-border and international buyers.

Learn more: rbauction.com/CurrencyExchange

#4 Get fast, competitive shipping quotes

We’ve partnered with uShip and VeriTread so you get the best rates on cross-border shipping. Get a free estimate before you bid, or get competitive quotes after you buy.

You can even use your financing to pay for cross-border shipping. We also offer low-cost, all-risk cargo insurance to protect your purchases while they’re in transit.

#5 Simplify your logistics needs

Get your equipment to where it needs to be with Ritchie Bros’. full-service door-to-door logistics and shipping solutions. We take care of every step of the journey with our all-inclusive service to get your equipment across borders, continents and oceans quickly and efficiently.

Call: +1 (855) 331-5736 or learn more about logistics.

#6 Get your equipment border-ready!

Soil-contaminated equipment may not be allowed entry into the U.S. Ritchie Bros. provides professional cleaning and refurbishing services to ensure your purchase has no soil contamination.

You can even finance cleaning with a working capital loan.

Get more for your money up north: See equipment for sale in Canada

Sources:
*Currency conversion from http://www.xe.com

Announcing the discontinuation of our Euro Auctions acquisition

2022-04-29T21:50:08Z

We remain committed to our transformational journey

Despite interest, desire, and compelling benefits to customers, we have made the difficult decision to not move forward with the Euro Auctions acquisition. After nine months of review, the UK Competition and Markets authority has informed us we must now proceed to Phase 2, with little chance of approval, based on expert third-party assessments.

“We are disappointed by the decision taken by the CMA to refer the proposed acquisition to a Phase 2 review and respectfully disagree with their views,” said Ann Fandozzi, Ritchie Bros. Chief Executive Officer. “While we believe the proposed acquisition would have accelerated our strategy, we remain committed to forging ahead in our transformational journey to become the trusted global marketplace for insights, services, and transaction solutions. We will continue to seek out and execute on organic investments and key acquisitions to accelerate our pace in achieving our ultimate vision.”

Today we have a solution for every situation and continue to make investments in our technology, with live unreserved auctions, weekly featured IronPlanet events, a 24/7 Marketplace-E solution for premier assets, and our brand-new equipment listing service, Ritchie List. We also have launched data and insight tools, an inventory management system, parts procurement software, and so much more, and will continue to innovate and find new ways to increase efficiency and understanding in the markets in which we operate.

Timed Auction bidding now available on the mobile app

2022-04-28T21:16:26Z

Bid quicker and more efficiently than ever

We introduced our online Timed Auction bidding technology 11 years ago as a way to more efficiently sell attachments and small consumer items. No more waiting around until the end of the day for the smaller stuff to sell, now you could place a max bid on an item, walk away, and let the system bid for you. Well, now it’s even easier, with Timed Auction bidding available on our mobile application.

Today Ritchie Bros. sells all types and sizes of equipment via Timed Auctions, not just the small stuff. In fact, for the past two years all our farm retirement auctions have been conducted via Timed Auctions with incredible results. We have also been testing selling construction and transportation equipment, as well as real estate through Timed Auctions—conducting our largest ever U.S. Timed Auction earlier this month in Sacramento, CA, selling 2,800+ for US$29+ million in a single day.

If you haven’t already, we encourage you to download our app and start bidding today!

Top Timed Auction sellers in 2022

793+ acre parcel of farmland for Marlow Farms in The Pas, MB – CA$1.71 million

155+ acre title quarter in Torquay, SK – CA$1.33 million

2016 Case IH 620 Quadtrac track tractor – CA$550,000

2019 Caterpillar 966M wheel loader – US$375,000

2017 Caterpillar 160M3 AWD motor grader – US$365,000