Ritchie Bros.'; Flexible Solutions Deliver Strong US$44 Million Onsite Sale for Industry Leader WB Pipeline

Rhea-AI Summary

RB Global, Inc. subsidiary Ritchie Bros. Auctioneers sold nearly $44 million of equipment for WB Pipeline LLC in a Texas auction. The auction attracted global bidders and featured over 2,700 pieces of equipment. 94% of the equipment was purchased by U.S. buyers, with 64% sold to Texas buyers.

Custom-tailored onsite plan attracts global bidders to unreserved Texas auction

HOUSTON and WESTCHESTER, Ill., Aug. 17, 2023 /PRNewswire/ - RB Global, Inc. (NYSE: RBA) (TSX: RBA), a trusted global marketplace for insights, services and transaction solutions for commercial assets and vehicles, today announced that its subsidiary Ritchie Bros. Auctioneers (America), Inc. sold nearly US$44 million of equipment for industry-leader WB Pipeline LLC on August 9, in Splendora, Texas. Thousands of bidders onsite and online around the world competed for more than 2,700 pieces of diverse, well-maintained, ready-to-work equipment items in Ritchie Bros.' largest pipeline construction auction of the year.

The auction was part of a strategic downsizing initiative for WB Pipeline. The company will continue to serve its clients with unwavering dedication and uphold its commitment to safety, quality and customer satisfaction.

"The collaboration between WB Pipeline and Ritchie Bros. proved to be a winning combination, resulting in a dynamic auction atmosphere that effectively showcased the high-quality equipment available," said WB Pipeline CEO, William B. Haines. "This achievement underscores Ritchie Bros.' ability to deliver outcomes for their clients, solidifying their reputation as a leader in the auction industry.

"We extend our heartfelt appreciation to all those who participated in the auction," Haines added.

More than 5,500 people from over 40 countries registered to bid in the unreserved auction in suburban Houston. Approximately 94% of the equipment was purchased by U.S. buyers, including 64% sold to Texas buyers. The remaining 6% was sold to international buyers in Canada, Mexico, Belize, Bolivia and the United Arab Emirates.

"Ritchie Bros. was able to build a custom-tailored onsite plan for the restructuring of WB Pipeline that created a lot of energy around some of the best pipeline fleet in the world," said Jeff Jeter, Chief Revenue Officer at RB Global. "Our flexible solutions, marketing efforts and execution had customers excited and ready to go on auction day. I want to thank WB Pipeline and all our buyers for making this event a success!"

Ritchie Bros. has more than 50,000 equipment items and trucks in its upcoming auctions and online marketplaces, including auctions in Houston on August 22-25; Orlando on August 31-September 1; Fort Worth on September 19-21; and a Southeast Regional auction on September 21-22. For a complete list of upcoming auctions and events, visit rbauction.com/auctions.

About RB Global

RB Global, Inc. (NYSE: RBA) (TSX: RBA) is a leading, omnichannel marketplace that provides value-added insights, services and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Through its auction sites in 14 countries and digital platform, RB Global serves customers in more than 170 countries across a variety of asset classes, including automotive, commercial transportation, construction, government surplus, lifting and material handling, energy, mining and agriculture. The company's marketplace brands include Ritchie Bros., the world's largest auctioneer of commercial assets and vehicles offering online bidding, and IAA, a leading global digital marketplace connecting vehicle buyers and sellers. RB Global's portfolio of brands also includes Rouse Services, which provides a complete end-to-end asset management, data-driven intelligence and performance benchmarking system; SmartEquip, an innovative technology platform that supports customers' management of the equipment lifecycle and integrates parts procurement with both OEMs and dealers; Xcira, a leader in live simulcast auction technologies; and VeriTread, an online marketplace for heavy haul transport. 

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SOURCE RB Global

FAQ

Who sold the equipment in the Texas auction?

RB Global, Inc. subsidiary Ritchie Bros. Auctioneers sold the equipment.

How much equipment was sold in the auction?

Nearly $44 million worth of equipment was sold.

Who purchased the majority of the equipment?

U.S. buyers purchased 94% of the equipment, with 64% sold to Texas buyers.

Where can I find upcoming auctions and events by Ritchie Bros.?

You can find a complete list of upcoming auctions and events at rbauction.com/auctions.