US$41+ million of equipment sold at auction in Dubai

Ritchie Bros. started strong with its first Dubai auction of 2016, selling US$41+ million of equipment and trucks on March 1-2, 2016 a 54% increase in gross auction proceeds compared to the March Dubai sale last year.

"People from 71 countries registered for the auction, with buyers from as far away as Germany, Taiwan and the United States participating in person or online in real time," said Eduard Faig, Regional Sales Manager, Ritchie Bros.

"An international audience helped us achieve solid pricing despite challenges for some of our customers working in the oil and gas sector. In particular we saw strong demand for the Caterpillar D8R dozers, concrete pump trucks and mobile cranes in the auction.

" In total, more than 925 people registered for the auction, including 400+ online bidders. Out-of-country buyers purchased US$17+ million of the equipment (43 percent). All items were sold with no minimum bids or reserve prices.

Ritchie Bros. sold more than 2,000 items in the auction--630 more than March 2015--including 100+ excavators, 55+ dozers and 40+ cranes. Ritchie Bros.' next Dubai, ARE auction will take place May 24-25, 2016.