Tight equipment supply at Edmonton auction
EDMONTON, AB - Ritchie Bros.' Edmonton auction house sold $553 million in equipment this year, dropping the hammer last week on the sixth and final sale of 2017. "Online and onsite bidders were eager to snatch up equipment for winter work, resulting in strong pricing both days of the auction last week," said Trent Vandenberghe, sales director. "We continue to see relatively tight equipment supply as many companies are hanging on to surplus equipment in anticipation of upcoming projects. This continues to result in higher demand at our auctions and an uptick in pricing across many equipment categories." More than 4,500 pieces of equipment and trucks were sold for $66 million at the most recent auction, which attracted more than 7,850 bidders. About 5,850 of the bidders were online, and secured 71% of the available equipment.