RB Global Ord Shs Stock Price, News & Analysis

The Annual and Special Meeting of Shareholders for Ritchie Bros Auctioneers (NYSE: RBA) took place on April 27, 2022. Approximately 86.33% of outstanding shares were represented. Key voting results included the election of directors, with significant support for Ann Fandozzi (93,698,494 votes) and Mahesh Shah (93,694,591 votes). The complete voting results are available in the Company’s Proxy Statement and on the SEDAR website. Established in 1958, Ritchie Bros is a leading global asset management firm specializing in used heavy equipment and other assets.

Ritchie Bros is set to host Canada’s largest equipment auction from May 2 to 7 in Edmonton, featuring over 11,000 items from more than 1,400 consignors. The event showcases a diverse range of equipment including 270+ truck tractors, 190+ excavators, and 950+ trailers, all sold without minimum bids. As demand for used equipment rises, bidders can participate online or in person. Day-wise schedules detail the auctioning of different equipment categories, including complete dispersals from well-known contractors.

Ritchie Bros. Financial Services has achieved a historic milestone with over US$1 billion in open credit approvals for equipment and truck financing, marking an 18% year-over-year increase in applications. The surge in demand reflects a strong sellers' market as equipment prices reach record highs. Key financing solutions include PurchaseFlex and LeaseFlex, offering flexible, low-cost options. The introduction of EquityFlex allows clients to refinance existing equipment for capital. This robust financing capability aligns with the growing inventory of over 50,000 items available through Ritchie Bros.

Ritchie Bros. held a successful unreserved online auction from April 12-14, attracting over 10,750 bidders from 55 countries. The auction generated more than US$57 million by selling over 4,400 equipment items and trucks. Approximately 88% of sales were to U.S. buyers, with Texans accounting for 44% of purchases. The auction saw a 70% increase in online equipment views year-over-year. Notable sales included a 2017 Manitowoc crane for US$470,000 and a 2020 Caterpillar excavator for US$460,000. Part two of a major dispersal will occur in June.

Ritchie Bros (NYSE: RBA) announces its First Quarter 2022 earnings conference call on May 10, 2022, at 11:00 a.m. Eastern time. The earnings results will be released on May 9, 2022, after market close. Analysts and investors can join the call using the provided dial-in numbers or listen via webcast. Presentation slides will accompany the call, available for download on the company's investor site. The call replay will be accessible until June 10, 2022.

BNP Paribas Leasing Solutions, a leader in equipment financing with over €35.7 billion in managed assets, has partnered with Ritchie Bros. Asset Solutions to enhance asset valuation and management. Effective April 1, 2022, this collaboration allows BNP Paribas to leverage Ritchie Bros.' valuation tools for accurate residual values in financing contracts. The partnership aims to streamline asset tracking and meet Basel regulatory requirements, facilitating data-driven decisions on financing. Ritchie Bros. Asset Solutions integrates various services for better asset management.

Ritchie Bros achieved a record-breaking success at its Sacramento Timed Auction event, selling over 2,800 items for more than US$29 million on March 30, 2022. The event attracted over 8,250 bidders from more than 40 countries, marking a 25% year-over-year increase. Approximately 97% of the sold equipment went to U.S. buyers, with a significant 63% sold to Californians. The Timed Auction format allows buyers to set maximum bids and receive updates on bidding activity, enhancing convenience for users.

Ritchie Bros. held its largest Montreal auction from March 23-25, 2022, generating over CA$48 million (US$38 million) in sales from approximately 3,000 items, attracting over 7,400 bidders from over 40 countries. The event highlighted unprecedented demand for transportation equipment. Additionally, the Northeast Regional Event on March 22-23 garnered US$42 million from around 4,900 items, with over 8,900 bidders participating. Notable sales included high-value units like a Caterpillar dozer sold for CA$252,000. The company's strong performance reflects a growing global market for used heavy equipment.