Vancouver-based Ritchie Bros. Auctioneers (TSX: RBA) sold approximately $561 million of equipment at 31 unreserved auctions around the world in September, the highest September gross auction proceeds in company history and one of its largest ever months.
The company also achieved its highest ever third-quarter gross auction proceeds with approximately $848 million of equipment sold during the quarter ended September 30. "Our record September and third-quarter gross auction proceeds reflect steady improvement in equipment supply and demand dynamics," said Peter Blake, CEO of Ritchie Bros.
"New equipment supply and demand continued to become more balanced during the quarter, which is beginning to increase the availability of used equipment in the market. This is a positive development for our business and growth prospects, though increasing equipment supply resulted in generally more variability in used equipment prices at our auctions in the month of September."
Highlights of the month included heavy equipment and truck auctions in Alberta ($54 million), Australia ($67 million) and Texas ($40 million). A mining auction at the company's new permanent auction site in Raleigh-Durham, North Carolina, on September 26 and 27 sold more than US$76 million of trucks, heavy construction, earthmoving and mining equipment.