TORONTO, Ont. -- Ritchie Bros. says the results of its first Toronto auction of the year suggest the local economy is on the mend.
About 75% of the 1,800 pieces of equipment sold at the March 3 auction were purchased by Ontario buyers, the auction company said. More than 2,700 bidders participated on-site and online, according to the company.
"The outcome of our first Toronto auction of the year was very positive," said Brian Dykstra, regional manager, Ritchie Bros. Auctioneers. "We had over 4,700 people in attendance on auction day. We've not seen the site this full and action-packed for a long time. The large assortment of late model equipment and trucks in the auction attracted a very active and competitive bidding crowd and pricing remained strong throughout the entire sale. What was even more surprising was the high level of local bidder and buyer participation. It's a good sign that things are starting to pick up in the Ontario economy."