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Ritchie Bros.' Toronto auction sets Ontario record

Ritchie Bros.' Toronto auction sets Ontario record

TORONTO — Ritchie Bros. has announced that its May auction of construction and other equipment held in Toronto broke a record for the largest ever auction of its type held in Ontario.

The online auction held May 11 to 13 resulted in sales of approximately 4,200 items for $53 million.

More than 9,200 online bidders from 67 countries registered for the auction. Approximately 89 per cent of the assets were sold to Canadians, including 65 per cent sold to Ontario buyers, while the remaining 11 per cent was sold to buyers from as far away as Australia, Ecuador, Poland and the Philippines.

Potential buyers conducted more than 393,000 equipment views online, which is up 78 per cent compared to the May 2020 Toronto auction. One large seller was Melrose Paving Company of Mississauga, which sold 10 plow trucks.

“We built some great momentum out of our record-breaking March sale, which resulted in some fantastic packages of trucks and equipment consigned to this auction,” said John Glenn, regional sales manager for Ritchie, in a statement. “Current market conditions, and our ability to drive demand, have resulted in buyers paying a premium for equipment and trucks right now, especially hydraulic excavators, wheel loaders, truck tractors, reefer trailers and dry vans.”

Five large items sold were: a 2016 Caterpillar 982M wheel loader – $390,000; 2005 John Deere 800C hydraulic excavator – $260,000; 2016 Caterpillar 745C 6×6 articulated dump truck –$202,500; 2006 Grove RT890E 90-ton 4x4x4 rough terrain crane – $200,000; and 2015 Freightliner FL108SD T/A plow/sander truck – $180,000.

Upcoming Canadian auctions are the Chilliwack, B.C. auction on May 25 and 26; the Montreal auction on May 26 and 27; and the Saskatoon auction June 8 and 9.

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