Richie Bros. (NYSE and TSX: RBA), a Burnaby-based industrial auctioneer that boasts over 110 brick and mortar locations in 25 countries around the world, reached a major milestone on Wednesday. Following the mid-day sale of a $92,500 Terex TA30 6×6 articulated dump truck, the company topped the $1 billion annual sales mark for the first time in its history.
The online auction service has sold more than $5 billion worth of equipment since its introduction in 2002. According to the Vancouver Sun, one in two people who bid with Ritchie Bros. use their online auctioneering option. In 2010, the company earned approximately $3.3 billion in revenue from their live auction sites and $870 million from online bidding. Online sales have grown considerably since Ritchie Bros. introduced bidding in six additional languages in April 2010.
“Selling $1 billion of equipment over the internet in one year puts Ritchie Bros. in the realm of household names like Toys ‘R’ Us and Zappos,” said Ritchie Bros. CEO Peter Blake. “This milestone reminds us that our customers — the world’s builders — embrace the use of technology, much like the rest of the world, to do what they do every day. We’re proud to offer a world-class service that makes it easy for our customers to buy the equipment they need, when they need it, from anywhere in the world,” he continued.