Ritchie Bros’ 1st auction in India successful
Ritchie Bros. Auctioneers (NYSE and TSX: RBA) successfully held its first unreserved public equipment auction in India on Friday, September 25, 2009. An international crowd of bidders, both on-site and online, purchased hundreds of equipment items for more than Rs. 17,43,40,000 at the one day unreserved sale in Hyderabad.
"We welcomed hundreds of visitors to the auction site, of which more than 200 registered to bid. Even though we welcomed so many new customers, they felt comfortable placing bids and clearly came to Hyderabad to buy equipment. Everyone at the auction, including our own staff, enjoyed the excitement of the first ever Ritchie Bros. auction in India and this resulted in a fantastic atmosphere," said Sameer Malhotra, country manager for Ritchie Bros Auctioneers.
Bidders participated in the unreserved public auction from all over India, as well as many other countries around the world. Customers from as far away as the UAE, Japan, Lebanon, Singapore, Thailand and Canada purchased trucks and equipment at the auction.
"This auction proves that the Indian market is ready for our unreserved equipment auctions," said Guylain Turgeon, MD for Ritchie Bros. Auctioneers. "People came in great numbers and were very excited to be part of the event. In the 30 years I’ve been working at Ritchie Bros., I’ve never experienced such overwhelming reactions from a crowd as I’ve experienced at our first auction in India," he said.
Ritchie Bros. Auctioneers, established in 1958, conducts hundreds of unreserved auctions each year around the world. At an unreserved auction, there are no minimum bids or reserve prices. Every item is sold to the highest bidder on auction day, regardless of price.