Ritchie Bros online sales hit US$1 billion for 2011

Online auctioneer of heavy equipment and trucks, Ritchie Bros Auctioneers announced on December 7 that its online equipment sales for 2011 had exceeded US$1 billion.

Todd Halina, vice president, construction for Chemco Electrical in Edmonton, Canada, was the online bidder that took Ritchie Bros past the US$1 billion milestone when he purchased a 2005 Terex TA30 6x6 articulated dump truck for CA$92500 (US$91700).

Canada-based Ritchie Bros Auctioneers introduced a real-time online bidding service in 2002. Since then, online bids have grown to now represent 50% of all bids at Ritchie Bros auctions, with 2011 figures totalling 190000 online bidder registrations from 118 countries.

The online service now provides equipment information in 21 languages and is used by bidders from Europe, the Middle East, Asia and Australasia, as well as the US.

"Selling $1 billion of equipment over the internet in one year puts Ritchie Bros. in the realm of household names like Toys 'R' Us and Zappos," said Peter Blake, Chief Executive Officer, Ritchie Bros. Auctioneers.

"This milestone reminds us that our customers - the world's builders - embrace the use of technology, much like the rest of the world, to do what they do every day."

In addition to exceeding US$1 billion in online sales in 2011, Ritchie Bros also conducted 307 auctions in 14 countries, sold more than 268000 lots including 71000 lots sold online, and recorded more than 393000 bidder registrations (figures up to December 7).

Ritchie Bros will conduct 21 more unreserved public equipment auctions before the end of 2011.