Ritchie conducts live Big 5 auction
Heavy equipment market growing by 20% annually.
Ritchie Bros. Auctioneers will broadcast its Dubai and Moerdijk (the Netherlands) auctions 'live' from an exhibition booth at the Big 5 PMV.
Ritchie Bros. recently conducted two unreserved auctions in Dubai, resulting in total gross auction proceeds in excess of US $50 million.
The broadcast comes at a time when industry analysts are predicting annual growth of about 20% for the heavy equipment market for the next five years, fuelled by the large number of current and planned construction projects in the region.
Stephen Branch, general manager Middle East, CIS, Southern Asia said: "The Big 5 PMV provides a great opportunity for us to demonstrate our unreserved auction methods to exhibitors and visitors, as we continue to build our presence in the region."
Ritchie Bros. has been conducting unreserved industrial auctions in the Middle East for ten years, and now conducts four regular two or three-day auctions each year at its auction site within Jebel Ali Free Zone.
The company's June 2007 auction in Dubai raised more than $24 million in proceeds and set new site records for on-site attendance, internet registrations and internet sales. In September, a combined equipment auction with Singapore at the Dubai site attracted more than 500 registered bidders from 47 countries, including 86 who registered online. The Dubai auction generated over $26 million in proceeds.