Tight Supply Means Prime Selling Opportunity at Mid-Year Auctions

A decision by OEMs several years ago to adjust production volume in response to the global downturn is now having an impact on the supply of quality, low-hour equipment. Couple that with the construction industry picking up momentum and you’ve got a challenging environment for buyers. For sellers, however, it means high demand and a market prime for great returns on consignments.

“Our construction customers are consigning with Ritchie Bros. because they know that with these market conditions, we’re going to get them the best result,” said Finlay Massey, Ritchie Bros. Director of Sales, Asia Pacific. “Anyone who is considering realising the value of their assets should do so now. The market is right, demand is high, and auctions will provide the best possible outcome.”

David Fanning, who leads Ritchie Bros.’ marketing team in the Asia Pacific region, says he is getting calls daily for quality equipment, from local and international customers. “We’re seeing increased demand across the board, from all major industries including construction, transport, and agriculture,” he said. “And people want the equipment yesterday.”

To give customers more choice when it comes to selling and buying, the Ritchie Bros. team in Australia is doing something a little different this year. Traditionally, mid-year auctions are held in the same week of June, but this year the onsite auctions will be spread out to the following dates:

• Brisbane, Thursday June 15
• Geelong, Thursday July 6

“The changes have been hugely popular with our customers, with some customers making the decision to consign inventory to both auctions. Consignments to date are more than $18 million, with almost half of that signed in the last week,” added Finlay Massey.

These auctions are expected to attract a global audience with on-site crowds of 4,000+ over the two auctions, as the global marketing program starts reaching buyers in the market.