Ritchie Bros. Toronto Auction Brings In CA$44 Million
Dec. 29, 2021 - Competition for used equipment and trucks has never been stronger, with supply chains disrupted and online demand driving record pricing for consignors.
In early December, Ritchie Bros. attracted more than 8,500 online bidders from 65 countries to compete for about 3,400 items selling in Toronto, Ontario. The auction generated more than CA$44 million in gross transaction value and set a new December record for the site.
"We are seeing record equipment and truck pricing right now across all our auctions and marketplaces," said Ryan Pottruff, regional sales manager, Ritchie Bros. "We've had an incredible year in Ontario, with multiple record-breaking site auctions and significant growth in the region for our online Marketplace-E channel, which provides sellers more control over the selling price and process for premier assets. We have also introduced a new satellite yard in Thunder Bay for customers in the region who want to display equipment and sell virtually in our Toronto sales."
More than 775 companies sold equipment in the December 6-8 Toronto auction, including close to 50 items sold for G&G Service, an equipment and trucking company in Thunder Bay.
"Pricing is unbelievable right now," said Ken Gaudette, owner of G&G Service. "The new Thunder Bay yard has great visibility from the highway and it's well organized."
About 84% of the items in the Toronto auction were bought by Canadian buyers, including 67% sold to Ontarians. The remaining 16% was purchased by international buyers from as far away as India, Peru, and Vietnam.
Leading up to the auction, the company saw a 108% increase in watchlisted items, compared to last year, while online equipment pageviews were up 13%.
"We would like to thank all the customers who participated in our Ontario auctions this year," added Pottruff.
Ritchie Bros. has a Canada East Timed Auction event scheduled for February 8, 2022 and the company's next Toronto site auction will be held March 2022.
Five Big Sellers from the December Toronto site auction:
2020 Caterpillar 336GC hydraulic excavator – CA$350,000 (US$272,265)
2015 Vermeer HG6000TX crawler horizontal grinder – CA$300,000 (US$233,370)
2020 Kenworth T880 T/A sleeper heavy haul truck – CA$217,500 (US$169,193)
2012 Link-Belt RTC-80110 110-ton 6x6x6 rough terrain crane – CA$210,000 (US$163,359)
2007 Western Star 4900SA T/A sleeper tow truck – CA$180,000 (US$140,022)
2021 Ontario Marketplace-E sales highlights:
2018 John Deere 870G LC hydraulic excavator – CA$850,000 (US$668,000) – sold February 2021
2013 Peterson Pacific 5710C horizontal grinder – CA$640,000 (US$508,000) – sold March 2021
2013 Soilmec SC90HD crawler crane – CA$440,000 (US$343,000) – sold November 2021
2013 Kobelco CK110G crawler crane – CA$340,000 (US$281,000) – sold May 2021
2019 Western Star 4900SB vacuum truck – CA$330,000 (US$260,000) – sold September 2021