Construction Equipment Global Auction Breaks Records 16/03/2008

The US sees record breaking industrial equipment auctions in Fort Worth and Dubai. The unreserved auction conducted by Ritchie Bros. Auctioneers attracted global buyers to the largest Fort Worth auction in the companies history. On March 5-7 2008, the auction sold close to 3,300 trucks, Caterpillar motor graders, backhoe loaders, and other industrial equipment machines for total gross auction proceeds in excess of US$57 million, which beat all the previous site records of US$46 million last year.

The unreserved public auction pulled in more than 3,100 registered bidders from 39 countries including 47 US states and Canadian provinces, which was another new Fort Worth site record. Global bidders from outside the United States spent more than US$19 million of equipment, almost 33 percent of the total gross auction proceeds. David Hobbs, Ritchie Bros. Division Manager said, we had a great sale, with strong prices across the board and a number of new Fort Worth site records. While the US market is experiencing a slight downturn, the demand for construction equipment in other parts of the world, like Caterpillar motor graders, dozers, excavators and backhoe loaders remains very high. This allowed the auctioneers to sell the equipment for more money globally than they might have got if sold within the US.

The auction featured more than 1,800 transportation and industrial equipment from over 230 consignors, another new site record and earned more US$26 million in gross auction proceeds. In the Dubai auction one of the successful bidders who registered on line from Portugal bought a Caterpillar 966G wheel loader for US$190,000 and an onsite bidder from Singapore purchased two wheel loaders, and a Caterpillar motor grader.

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