Ritchie Bros. Holds Great Lakes Event

Tue October 12, 2021 - Midwest Edition #21
Ritchie Bros.

Ritchie Bros.' latest Great Lakes Regional Event featured more than 3,600 equipment items and trucks stored in three locations: Columbus, Ohio; Chicago, Ill.; and a new local yard in Detroit, Mich. The two-day online auction attracted more than 10,000 bidders, resulting in strong competition and more than $43 million in gross transaction value.

Approximately 88 percent of the equipment in the auction was purchased by United States buyers, including 16 percent sold to Ohio; 11 percent to Illinois; and 5 percent to Michigan. The remaining 12 percent was purchased by international buyers from as far away as Germany, Australia and Ghana.

Leading up to the event, Ritchie Bros. attracted 88 percent more PriorityBids per lot and 40 percent more online equipment views than the previous Great Lakes auction in June.

"Our regional auctions continue to attract unprecedented demand — with bidder registrations up 23 percent from our previous Great Lakes auction — resulting in strong market pricing across all asset categories," said Tim Keane, regional sales manager, Ritchie Bros. "Last week we saw particularly strong returns for transportation equipment, with van trailer prices reaching record levels. If you have surplus equipment, trucks and trailers, we encourage you to contact us to take advantage of this seller's market today."

Equipment in the auction was sold for more than 600 equipment and truck owners, including several items for GMC Excavation & Trucking Ltd., based in Galion, Ohio.

"Working with Ritchie Bros. is easy, and they bring great returns, with most of my items last week selling for more than I expected," said Steve Beck, owner of GMC Excavation and Trucking.

Five Big Sellers of Great Lakes Regional Event
  • 2011 Grove GMK6220L 220-ton 12x8x10 all-terrain crane — $505,000
  • 2017 John Deere 470G LC hydraulic excavator — $270,000
  • 2012 Caterpillar D8T crawler tractor — $215,000
  • 2018 Kenworth T880 5-axle dump truck — $155,000
  • 2019 Western Star 5700XE sleeper truck tractor — $145,000
Auction Quick Facts:  Great Lakes (September 2021)

Gross Transaction Value (GTV):

more than $43 million

Total Registered Bidders:

more than 10,000

Total Number of Lots:

more than 3,600

Total Number of Consignors:

more than 600

Ritchie Bros. will sell more than 35,000 equipment items and trucks in its upcoming events. The company also has weekly featured online auctions at IronPlanet.com and a daily reserved option with Marketplace-E.

For more information, visit ritchiebros.com.

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