Ritchie Bros celebrates record breaking online auction

Ritchie Bros. said its recent online auction success is a sign of overall confidence in the industry and economy, despite COVID-19’s devastating impacts.

The company combined scheduled sales in Queensland and Victorian yards in a pivot online due to coronavirus, to create the IronPlanet Super Auction which was held on March 30 and 31.

The auction featured over 2350 construction, agriculture and transport items for sale.

According to Ritchie Bros., the auction reached some 60,000 participants, 30,000 bids and included attendees from China, Vietnam, New Zealand and America, as well as thousands from across Australia – a turnout that no one was expecting.

Richie Bros. Sales Director, Finlay Massey, said feedback from both buyers and sellers showed Australia’s economy remains strong across the construction, agriculture and transport sectors, where sales were strongest.

“The $31.6m in sales from our most recent auction made for the biggest online sale held in Asia Pacific - not just for Ritchie Bros., but for any industrial auction,” he said.

“We had a bigger attendance and sold more equipment than we predicted given the current climate. Recent government announcements around tax and industry assistance gave buyers confidence to keep spending. Buyers also are anticipating further stimulus activity will keep construction activity moving”, he said.

Glen Abraham from Granite Belt Fruit Freighters from The Summit in Queensland’s Southern Downs Region, said the recent online auction was a success as he achieved a clearance rate at his expected sale price prior to heading into the auction.

“Any nerves I had about the auction moving online were quickly put at ease,” he said.

“Despite the slow-down in activity across the economy, I was about to sell 16 machines I needed to clear from my books."

Massey said the results from the recent auction gave the company momentum moving into their next auction to be held on April 28 and 29.

“As we gear up for the next online auction this month, we expect to see similar results across the board as it approaches tax time and buyers look to utilise the full extent of the instant asset write off,” he said.