Ritchie Bros., the world’s largest industrial auction company, recently conducted two unreserved auctions in Dubai resulting in total gross auction proceeds in excess of $50m.

The ‘live’ broadcast at the Big 5 PMV, the Middle East’s newest construction industry event, comes at a time when industry analysts are predicting growth of 15-20 per cent for the heavy equipment market for the next five years, fueled by the large number of current and planned construction projects in the region.

Already well-established in the Middle East and able to access the global marketplace through its presence in over 25 countries around the world, Ritchie Bros. is uniquely positioned to serve this growing market.

Stephen Branch, General Manager Middle East, CIS, Southern Asia said: ‘The Big 5 PMV provides a great opportunity for us to demonstrate our unreserved auction methods to exhibitors and visitors, as we continue to build our presence in the region.’

Organised by Streamline Marketing Group in conjunction with dmg World Media, and taking place at Airport Expo Dubai from 25-29 November, the Big 5 PMV will bring more than 200 plant, machinery, construction vehicle and equipment suppliers together with key buyers from across the region and overseas.

Ritchie Bros. has been conducting unreserved industrial auctions in the Middle East for ten years, and now conducts four regular two or three-day auctions each year at its auction site within Dubai’s Jebel Ali Free Zone.

The Company’s June 2007 auction in Dubai generated more than US$24 million in gross auction proceeds and set new site records for on-site attendance, internet registrations and internet sales.

In September, a combined industrial equipment auction with Singapore at the Dubai site attracted more than 500 registered bidders from 47 countries, including 86 who registered to bid online via the company’s online bidding service (rbauctionBid-Live). The Dubai auction generated over US$26 million in gross auction proceeds

Established in British Columbia, Canada in 1958, Ritchie Bros. has over 110 offices in more than 25 countries, including 37 auction sites. In 2006 the company conducted more than 300 unreserved industrial and agricultural auctions around the world, generating gross auction proceeds in excess of $2.7bn.

Every Ritchie Bros. auction is completely unreserved. There are no minimum bids or reserve prices and everything sells to the highest bidder on auction day, regardless of price. Owners are forbidden to bid on their own equipment, ensuring there can be no price manipulation.

‘Our commitment to unreserved auctions helps us attract hundreds of interested buyers to every auction, many from outside the region or country in which the auction is being held, helping equipment owners achieve global market value for their surplus industrial assets,’ said Stephen Branch, General Manager Middle East, CIS, Southern Asia.

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Posted: 10|8|07 at 11:52 am. Filed under: Auction News.