InfraStructures - December 2011/January 2012 - Over $1 Billion in Annual Online Sales

Over $1 Billion in Annual Online Sales

On December 7, Ritchie Bros. Auctioneers and, the world's largest on-site and online auctioneer of heavy equipment and trucks, reached and exceeded US$1 billion in online equipment sales for 2011 alone. Ritchie Bros. introduced its real-time online bidding service in 2002 and now sells more construction, transportation and other equipment over the internet than any other auctioneer – more than US$5 billion worth since 2002.

Today, one in two people bidding at Ritchie Bros. auctions participate online in real time; the others bid in person at the auction site. Online bidding has made it easier for Ritchie Bros. customers to buy equipment on a global scale; so far in 2011, Ritchie Bros. has attracted more than 190,000 online bidder registrations from people in 118 countries.

Todd Halina, vice president, Construction for Chemco Electrical in Edmonton was the online bidder that purchased the lot that resulted in the US$1 billion milestone.

Usage of the service has grown steadily since it was launched in 2002, when online bidders at Ritchie Bros. auctions purchased about US$82 million of equipment. Recent enhancements have added to its global appeal. In April 2010, Ritchie Bros. introduced online bidding in an additional six languages. In July 2011, Ritchie Bros. introduced detailed equipment information in 21 languages on rbauction.com, giving customers the ability to do a virtual equipment inspection before bidding online or on-site.

Source: Ritchie Bros. Auctioneers