Ritchie Bros reports 40% rise in auction bidders
By Leila Steed19 April 2021
Ritchie Bros, the construction equipment auctioneer, has seen its online Dubai, UAE, auction attract almost 1500 bidders – up 40% on the previous year.
The two-day auction, which took place in March, saw around 1470 registered bidders from 105 countries purchase over 1380 pieces of equipment.
While the impact of Covid-19 is likely to be partially responsible for the rise in bidders, Ritchie Bros’ fully integrated demographic targeting strategies and digital marketing campaigns have played a key role driving the auction’s success.
In total, the company’s website saw potential buyers from several geographical areas – in particular the Gulf region – perform over 51,500 equipment searches. The company said this illustrates the effectiveness of its digital strategy.
Eduard Faig, regional sales manager at Ritchie Bros Middle East, India and Africa, said, “As our auctions are held entirely online, we are really able to focus our digital capabilities and demonstrate to sellers how Ritchie Bros is uniquely positioned to extend our international reach into new markets using our easy-to-use Online Timed Auction system.”
According to the online auctioneer, participant data from its March event showed that, after the UAE, Egypt has become the largest buyer market in the Middle East for the first time.
Faig said, “International demand for heavy machinery is currently high. At Ritchie Bros, we keep close track of the data to optimise our campaigns and advise our customers on the best selling and buying options.”
Ritchie Bros’ next Dubai auction will take place in June. The unreserved auction is said to offer sellers guaranteed sales as equipment items are sold to the highest bidder without reserve prices or minimum bids in place.
In addition to all the items being listed on the auctioneers’ website with descriptions, images and other information, buyers will also be able to view the equipment at Ritchie Bros’ Dubai site in Jebel Ali Free Zone from mid-June 2021.