Click here to close now.




















Welcome!

Microsoft Cloud Authors: Elizabeth White, the Editor, Michael Krems, Xenia von Wedel, Jayaram Krishnaswamy

News Feed Item

Ritchie Bros. conducts final auctions of 2012 and sets new records

Record $3.9 billion of equipment sold in 2012, including $1.3 billion sold to online bidders

VANCOUVER, Dec. 21, 2012 /PRNewswire/ - Ritchie Bros. Auctioneers Incorporated (NYSE and TSX: RBA), the world's largest auctioneer of industrial equipment, sold approximately $3.9 billion of equipment at 328 unreserved auctions around the world in 2012. This represents a 5% increase in gross auction proceeds over 2011 and the highest gross auction proceeds in Company history. The Company achieved gross auction proceeds of $1 billion in the fourth quarter alone. Ritchie Bros. (www.rbauction.com) attracted record online bidder registrations and sold approximately $1.3 billion of equipment, trucks and other assets to online bidders in 2012, an 18% increase over 2011 and the highest amount ever sold online by the Company in one year.

Ritchie Bros. conducted its final unreserved auctions of 2012 yesterday (December 20) in Los Angeles, California, and St. Louis, Missouri and plans to release its full audited annual financial statements and Management's Discussion and Analysis for 2012 on February 26, 2013. All dollar amounts in this release are stated in United States dollars, unless otherwise indicated.

Summary comments
Peter Blake, Ritchie Bros. CEO, commented: "Against the backdrop of market turbulence through the year, we are pleased with our 2012 results as we emerged well positioned to continue the growth of our core unreserved auction business and we are ready to begin a new path that will introduce a new customer base to our brand. In 2012, we saw the intense competition for quality low hour used equipment recently transition to a less competitive and more familiar environment for our business to grow over the long term. These changes in the evolving equipment market contributed to our performance in the year where we saw significant gains in our online presence and bidder portal, with over 5 million unique visitors to our 21 language website and $1.3 billion in annual online equipment sales. Our auctions in Canada recorded over $1 billion in gross auction proceeds for the year, an amazing feat from our network of 10 permanent auction sites within Canada."

"We are realizing benefits, from prior investments in capital and strategic initiatives, ranging from our continuing improvements in operating leverage to the expansion of our global auction site network with our new Donington Park, UK yard and the opening of replacement sites in Chehalis, WA (replacing Olympia, WA) and Raleigh-Durham, NC (replacing Statesville, NC)." added Mr. Blake. "2013 is shaping up to be a great year of milestones, with the impending launch of our new online, non-auction marketplace as a result of our AssetNation acquisition. We also will be conducting our first unreserved auction in Beijing, China, as well as our upcoming six-day auction in Orlando, Florida and Grand Opening auction in Geelong, Australia - all demonstrating the breadth in our mission statement to deliver compelling business solutions that enable the world's builders to easily and confidently exchange equipment."

Industrial auction results

  Year ended December 31, 2012 Year ended December 31, 2011
Number of industrial auctions 221 228
Bidder registrations 389,500 385,000
Buyers 99,250 95,550
Consignments 42,100 41,300
Lots 287,000 286,500

Average industrial auction

  Year ended December 31, 2012 Year ended December 31, 2011
Gross auction proceeds $16.5 million $15.5 million
Registered bidders 1,760 1,690
Consignors 190 181
Lots 1,300 1,180

The world's largest heavy equipment auction: Orlando, FL
Ritchie Bros. held the world's largest heavy equipment auction in Orlando, Florida on February 13 - 18, 2012 and, in the process, broke multiple Company records. New records were set for gross auction proceeds ($203 million), number of lots sold (more than 10,000), total number of registered bidders (8,670), number of sellers (830), online gross auction proceeds (more than $47 million) and number of online bidders (4,070).

New Canadian sales record
The Company achieved a historical milestone after selling more than CA$1 billion of equipment and trucks in its Canadian auctions in 2012. The new record was set at the Ritchie Bros.' unreserved public auction in Edmonton, AB on December 13 - 14, 2012. Other 2012 highlights from Ritchie Bros. Canadian auctions include:

  • Largest Canadian auction in Ritchie Bros. history: Edmonton, AB on April 24 - 26, 2012 CA$108 million ($110+ million)
  • Largest Saskatchewan auction in Ritchie Bros. history: Saskatoon, SK on December 4, 2012 CA$30 million ($30+ million)
  • Largest Quebec auction in Ritchie Bros. history: Montreal, QC on December 5 - 6, 2012 CA $42 million ($43+ million)

First China auction announcement
On November 28, 2012, Ritchie Bros. announced it will be holding its first unreserved public auction in China during the first half of 2013. The Company will bring the certainty of unreserved auctions to Chinese equipment buyers and sellers now that the Company's Wholly Owned Foreign Enterprise application has been approved by the Chinese government.

Ritchie Bros. has formally leased land in the Tianzhu Free Trade Zone (Shunyi, Beijing) in preparation for this first unreserved public auction in China. Strategically located within minutes of Beijing Capital International Airport, the Tianzhu Free Trade Zone is connected to one of China's largest roll-on, roll-off ports in Tianjin.

Other auction site records broken and milestones reached in 2012
Ritchie Bros. set a number of other records in 2012, including:

  • Tipton, California - $17 million: new regional record and most agricultural lots ever sold at a US auction (February 17)
  • Brisbane, Australia - AU$52 million ($54 million): the largest single-day auction in Company history (March 20)
  • Caorso, Italy - €13 million ($17 million): the largest Italian auction in Company history (March 8 & 9)
  • London, Ontario - CA$3 million ($3 million): new regional record (March 28)
  • Polotitlan, Mexico - Nearly $19 million: the largest Mexican auction in Company history as well as most bidders registered for a Mexican auction (March 28 & 29)
  • Regina, Saskatchewan - CA$9 million ($9 million): new regional record (March 29)
  • Toronto, Ontario - CA$27 million ($28 million): new regional record (September 25 & 26)
  • Raleigh-Durham, North Carolina - $76 million: new regional record and first time selling more than 60 D11 crawler tractors in a single auction (September 26 & 27)

Auction site network expansion
Ritchie Bros. conducted Grand Opening auctions at four new or replacement permanent auction sites in 2012:

  • Las Vegas, Nevada
  • Donington Park, United Kingdom
  • Chehalis, Washington (replaced Olympia, Washington)
  • Raleigh-Durham, North Carolina (replaced Statesville, North Carolina)

Dividends
Ritchie Bros. increased its quarterly cash dividend in 2012, and paid out total dividends during the year of approximately $50 million compared to $46 million in 2011.

Online bidding statistics
Ritchie Bros. sold over $1.3 billion of equipment, trucks and other assets to online buyers in 2012, representing a 18% increase compared to $1.1 billion in 2011 and more than any other company in the world. Internet bidders comprised over 60% of the total bidder registrations at Ritchie Bros. industrial auctions in 2012.

Website statistics
The Ritchie Bros. website (www.rbauction.com) attracted more than 5.5 million unique visitors in 2012 (a 38% increase compared to last year), and they had over 12.8 million visits to the website (28% more than 2011).

Upcoming auctions
There are currently 77 unreserved auctions on the 2013 Ritchie Bros. auction calendar at www.rbauction.com, which commences with a two-day auction in Houston, Texas on February 6 & 7, to be followed by auctions in Las Vegas, NV (February 8), Donington Park, UK (February 12), Phoenix, AZ (February 12 & 13), Tipton, CA (February 15) and a six day auction in Orlando, Florida on February 18 - 23. 2013.

Definitions of non-GAAP measures
Gross auction proceeds represent the total proceeds from all items sold at Ritchie Bros. auctions. The Company's definition of gross auction proceeds may differ from those used by other participants in its industry. Gross auction proceeds is an important measure the Company uses in comparing and assessing its operating performance. It is not a measure of the Company's financial performance, liquidity or revenue and is not presented in its consolidated financial statements. The Company believes that auction revenues, which is the most directly comparable measure in its Consolidated Income Statements, and certain other line items, are best understood by considering their relationship to gross auction proceeds. Auction revenues represent the revenues earned by Ritchie Bros. in the course of conducting its auctions, and consist primarily of commissions earned on consigned equipment and net profit on the sale of equipment purchased by the Company and sold in the same manner as consigned equipment.

About Ritchie Bros.
Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the world's largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. Ritchie Bros. offers services that enable the world's builders to easily and confidently exchange equipment. The Company conducts hundreds of unreserved public auctions each year, selling a broad range of used and unused industrial assets, including equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. Ritchie Bros. has over 110 locations in more than 25 countries, including 44 auction sites worldwide. The Company maintains a website at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com.

Forward-looking Statements
The discussion in this press release relating to future events or operating periods contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that involve risks and uncertainties, including, in particular, statements regarding anticipated results for future periods; the continued growth of the Company's unreserved auction business; the impact of introducing a new customer base; anticipated benefits from investments in capital and strategic initiatives; the impact from launching a new online, non-auction marketplace; and the impact from the first unreserved auction scheduled to be conducted by the Company in China. These risks and uncertainties include: the numerous factors that influence the supply of and demand for used equipment; fluctuations in the market conditions and values of used equipment; seasonal and periodic variations in operating results; actions of competitors; the success of the Company's new initiatives (including the new marketplace); economic and other conditions in local, regional and global markets; and other risks and uncertainties as detailed from time to time in the Company's SEC and Canadian securities filings, including the Company's Management's Discussion and Analysis of Financial Condition and Results of Operations for the year ended December 31, 2011 and for the three and nine month periods ended September 30, 2012, available on the SEC, SEDAR and the Company's websites. Actual results may differ materially from those forward-looking statements. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

SOURCE Ritchie Bros. Auctioneers

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater.
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...