New figures from Ritchie Bros. have revealed that, at the company’s recent online auction in Dubai, over 1,800 items were sold to buyers worldwide, recording the highest number of buyers and sellers in the past five years for May/June auctions.
With a larger range of sports utility vehicles and pickup trucks consigned, in addition to heavy machinery, the online auction, which was held on June 21 and 22, 2022, also recorded the highest number of lots in five years for May/June auctions. Overall, the most sought-after brands were Caterpillar, Toyota, Komatsu, Volvo, and JCB.
According to the company, the recent introduction of mobile app bidding together with increased international bidder interest at Ritchie Bros. online auctions in Dubai is driving strong results for consignors globally.
In October 2021, Ritchie Bros. acquired SmartEquip for $175mn.
The two-day June auction attracted more than 1,080 registered bidders, all participating online from the UAE and around the Middle East region, including Saudi Arabia, Jordan, Egypt, and Kuwait. International bidders participating online from further afield were registered in the US, Canada, The Netherlands, Australia and the UK, demonstrating an increasing global reach of Ritchie Bros.’ online Timed Auction format.
Top performing categories:
- SUVs & Pickups
- Rough Terrain Cranes
- Crawler Tractors
- Gen Sets
- Articulated Dump Trucks
Some of the highlights of the online auction included:
- 2020 XCMG QY160K-1 12x6x8 Hydraulic Truck Crane sold for $217,500
- 2016 CAT D8R Crawler Tractor sold for $192,500
- 2008 Komatsu PC1250-8R Hydraulic Excavator sold for $167,500
An in-app bidding functionality was recently added to the Ritchie Bros. mobile app, with the aim of making online buying easier than ever, with well over 3,500 in-app bids recorded at the June online Timed Auction.
Digital marketing campaigns and a range of online innovations including the app were key contributors to the auction’s success. International bidder interest saw an upswing with over 56,600 online searches recorded during the June auction period, confirming the widespread acceptance of online auctions in the transportation and heavy equipment sectors.
In September 2021, the company said it was offering financing from Emirates NBD at its Dubai online auction and later in the year, it introduced an online tool for asset valuation.