Ritchie Bros plots end of year machine sell-off
GCC part of 7,000 machines to go at six auctions in six weeks sale
The Dubai facility belonging to Ritchie Bros’ is participating in the Canadian auction house’s push to sell 7,000 items at six locations in the final six weeks of 2011.
Ritchie, which claims to be the world’s largest industrial auctioneer, is conducting six unreserved equipment auctions in Europe and the Middle East in the last six weeks of 2011.
The final period of the year is typically Ritchie's most profitable in the region. It sold more than 34,000 items to online and on-site bidders at auctions conducted in Europe and the Middle East in the first nine months of 2011. The auction house will look to shift at least 7,000 machines in its upcoming sales.
“Many companies upgrade or re-align their fleets before the end of the year and our upcoming auctions are great opportunities to do so,” said Guylain Turgeon, Managing Director EMEA, Ritchie Bros. Auctioneers. “Buyers from all over the world are attracted to our auctions because they need the equipment and trucks to finish their projects.”
Ritchie posted a record first half gross auction revenue of $2 billion earlier this year but was forced to revise its auction schedule in the third quarter following uncertainty in the world’s money markets.
The Vancouver-based company subsequently reported that its profits halved in the third quarter, although it claims pricing for late model equipment remains firm despite the sudden decline in sales.
Despite the weak quarter, the company still expects its gross auction proceeds in 2011 to total between $3.4-$3.8 billion.