Online bidding statistics
Ritchie Bros. sold more than $540 million of equipment, trucks, and other assets to online bidders during the first half of 2011, representing a 26-percent increase compared to the same period in 2010 (2010 – $430 million). Internet bidders comprised approximately 50 percent of the total bidder registrations at Ritchie Bros. industrial auctions in the first half of 2011.

Since launching its real-time online bidding service in 2002, the company has now sold almost $4.7 billion worth of trucks, equipment, and other assets to online bidders, confirming Ritchie Bros.’ position as the world’s largest seller of used equipment and trucks to online buyers.

Website statistics
There was a 20 percent increase in the number of unique visitors to rbauction.com for the six months ended June 30, 2011 compared to the same period in 2010. More than 2 million unique visitors made 23.3 million equipment searches during the six months ended June 30, 2011 compared to 1.7 million unique visitors and 15.6 million searches, respectively, in the same period in 2010.

Strategic initiatives
The company launched a range of value-added services for its customers in the USA and Canada on July 1, 2011, with many of these services also available at other auctions around the world.

These value-added services include the Detailed Equipment Information program, Insurance Services, and Powertrain Service Warranty.

In addition, the company launched a new financial services company, Ritchie Bros. Financial Services (RBFS), which provides financing options for customers who purchase equipment at Ritchie Bros. auctions. RBFS currently has five lenders signed up in the United States and seven lenders signed up in Canada to participate in the financing program.

The company expects to complete the roll out of these services to its remaining auction locations around the world in 2012. The company’s value-added services are designed to extend the appeal of its auctions, enhancing the company’s ability to retain existing customers and attract new customers. In addition, Ritchie Bros.’ revised administrative fee structure took effect on July 1, 2011, and the company continues to anticipate a positive impact on its net earnings as a result of these initiatives.

Summary comments
“We are very pleased to have achieved a new company record for gross auction proceeds of $2 billion for the first half of 2011,” said Peter Blake, CEO, Ritchie Bros. Auctioneers. “Our strong first-half results reflect successful execution of our strategy, including the use of our strong balance sheet to secure consignments to our auctions.