01:02:37 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Ritchie Bros Auctioneers Inc
Symbol RBA
Shares Issued 107,710,085
Close 2015-03-24 C$ 31.64
Market Cap C$ 3,407,947,089
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Ritchie Bros. sells over $54M (U.S.) of kit in Wyoming

2015-03-26 07:32 ET - News Release

Mr. Ravi Saligram reports

RITCHIE BROS. CONDUCTS RECORD-BREAKING US$54+ MILLION CRANE AUCTION IN WYOMING; LARGEST SINGLE-OWNER AUCTION IN COMPANY HISTORY FEATURED 2,290+ CRANES, HEAVY-SPEC TRUCKS, TRAILERS AND OTHER EQUIPMENT FROM COMPLETE DISPERSAL FOR ENERGY TRANSPORTATION

Ritchie Bros. Auctioneers Inc. conducted the largest single-owner auction in company history this week, selling more than $54-million (U.S.) of equipment for Energy Transportation in Casper, Wyo., including 38 cranes, which sold for over $35-million (U.S.) total. The unreserved public auction on March 25, 2015, attracted over 3,000 on-site and on-line bidders from 47 countries. All assets in the auction were sold for Energy Transportation, the largest supplier of fully operated and maintained crane services, specialized rigging, and heavy haul transportation in the state of Wyoming. Among the auction highlights: a 2010 Liebherr LTM1500-8.1 600-ton 16-by-eight-by-12 all-terrain crane that sold for $3.35-million (U.S.) -- the most expensive all-terrain crane sold by Ritchie Bros. to date.

"Our extremely successful Casper auction, featuring high-quality cranes, trucks and trailers, is one of the largest underwritten complete dispersals the company has ever done," said Ravi Saligram, chief executive officer, Ritchie Bros. "The strong performance and pricing we achieved today reflects the power of Ritchie Bros.' brand to reach and attract buyers from all over the world. This auction epitomized our strong customer relationships, our marketing prowess, our operational know-how, and most importantly the trust consignors place in us with their high-value fleets."

More than $43-million (U.S.) (78 per cent) of equipment was sold to buyers outside the state of Wyoming. On-line bidders purchased approximately $20-million (U.S.) (36 per cent) of equipment.

"The combination of an exceptional fleet of equipment, targeted marketing to our global network, and our reputation for fair and transparent auctions brought the crowds out today in Casper," said Rob Giroux, vice-president, sales, at Ritchie Bros. "We registered thousands of bidders from every continent, including the biggest crane buyers in the industry, and saw active bidding at the auction site as well as on-line. We were honoured to work with Dan McGlade on this dispersal, and are extremely pleased at the results we delivered."

Energy Transportation was founded by Mr. McGlade in the early 1980s. In early 2015 he sold the operating interests of Energy Transportation to NCSG Crane & Heavy Haul Corp., but chose to sell the company's equipment separately by way of a Ritchie Bros. unreserved auction. Energy Transportation's entire fleet was sold in the Casper auction on March 25.

"Bidder turnout was even bigger than we expected, which resulted in strong equipment values in the auction," said Mr. McGlade. "Ritchie Bros. is the only company that could have put this sale together. Their marketing efforts alone were outstanding. They did everything possible to make sure people were aware of the auction and the results today are evident.

"After 30-plus years building this company and this fleet, for me today is bittersweet. There's an outstanding group of people who have built this company. NCSG will continue to employ this amazing team and continue to offer customers the same great service Energy Transportation has built its name on," added Mr. McGlade.

More than 2,290 cranes, heavy-spec trucks, trailers and other equipment were sold in the one-day auction. Selling prices for each item can be found under auction results on the company's website.

Specific equipment sales highlights included:

  • A 2010 Liebherr LTM1500-8.1 600-ton 16-by-eight-by-12 all-terrain crane -- sold for $3.35-million (U.S.);
  • A 2011 Liebherr LR1600/2 660-ton crawler crane -- sold for $3.3-million (U.S.);
  • A 2013 Grove GMK7550 550-ton 14-by-eight-by-14 all-terrain crane -- sold for $2,725,000 (U.S.);
  • Two 2008 Manitowoc 16000 1, 2 and 3 440-ton crawler cranes -- sold for $2,325,000 (U.S.) each;
  • A 2012 Grove GMK6350 350-ton 12-by-eight-by-12 all-terrain crane -- sold for $2.2-million (U.S.);
  • A 2010 Kenworth C500 six-by-six off-highway prime mover (T/A) -- sold for $400,000 (U.S.);
  • A 2013 Kenworth C500 six-by-eight T/A bed truck -- sold for $375,000 (U.S.);
  • Two 2002 Scheuerle 375-ton 12-line platform trailers -- sold for $420,000 (U.S.) and $395,000 (U.S.).

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