With a tightened supply of equipment and high productivity in the construction industry, the demand for heavy machinery continues to surge into 2022. In 2021, Ritchie Bros. saw exceptional buyer participation and price-performance at its heavy equipment auctions and online marketplace. The company is now gearing up for its next online auction in Dubai on March 22-23.
Ritchie Bros.’ auctions in Dubai have seen record bidder attendance, peaking last December with 1,200+ bidders – a five-year record number. Buyers totalled 290+, with 190+ from the United Arab Emirates. The top buyer countries from the region were the UAE, Saudi Arabia, Egypt, Kuwait, and Jordan. But the auction also drew buyers from further abroad, including Angola, the United States, Ghana, India, and Belgium.
Demand for used equipment continues to increase due to unpredictable market conditions, chip shortages, and manufacturing delays. The record bidders’ numbers further show that an increasing number of fleet and asset managers are turning to online auctions and marketplaces to address unprecedented challenges in obtaining the equipment they need to keep their businesses running. Sellers, in turn, benefit from stronger pricing.
Online buying and selling methods have become the new norm for many international equipment buyers, especially during pandemic times with border closures and travel restrictions. It might come as no surprise that Ritchie Bros.’ online Timed Auctions have seen massive growth in domestic and cross-border buyer participation, leading to a broader international footprint and opening new buyer regions.
Ritchie Bros.’ successful transition to fully online auctions and marketplaces was recognised last year when the company received the Best Innovative Auction Solutions prize at the Construction Innovation Awards 2021 for its easy-to-use online infrastructure that successfully connects consignors to buyers by expanding global reach and facilitating cross-border sales.