Ritchie Brothers banks big gains

May 8, 2002
Canada-based Ritchie Bros. Auctioneers said its gross auction sales topped $293.2 million in the first quarter, with net income reaching $5.4 million, even as the volume of used trucks and equipment the company auctions continues to rise. Ritchie Bros. said first-quarter gross auction sales of $293.2 million generated auction revenues of $29.3 million, compared to gross auction sales of $289.7 million,
Canada-based Ritchie Bros. Auctioneers said its gross auction sales topped $293.2 million in the first quarter, with net income reaching $5.4 million, even as the volume of used trucks and equipment the company auctions continues to rise.

Ritchie Bros. said first-quarter gross auction sales of $293.2 million generated auction revenues of $29.3 million, compared to gross auction sales of $289.7 million, auction revenues of $25.4 million, and net income of $3.1 million in the first quarter of last year.

During the first three months of 2002, Ritchie Bros. said it sold more than 29,000 lots for more than 3,700 consignors at 22 auctions attended by over 28,000 bidders.

"We have been enjoying record attendance at many of our auctions and this tells me that contractors have an increasing amount of confidence in their future prospects," chairman & CEO David E. Ritchie said.

Ritchie added that it appears used equipment market conditions are improving measurably.

About the Author

Sean Kilcarr | Editor in Chief

Sean previously reported and commented on trends affecting the many different strata of the trucking industry. Also be sure to visit Sean's blog Trucks at Work where he offers analysis on a variety of different topics inside the trucking industry.

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Report: The 2024 State of Heavy-Duty Repair

From capitalizing on the latest revenue trends to implementing strategic financial planning—this report serves as a roadmap for navigating the challenges and opportunities of ...

Fleet Industry Benchmarks: How does your fleet stack up?

Discover how your fleet compares to industry benchmarks and gain insights from a 2024 Benchmarking Report on maintenance spend, turnaround time, and more. Join us to identify ...

Build a Tolling Program to Manage Toll Fees and Risks

Fleets looking to effectively manage their operational costs should consider their tolling costs. Download the PrePass whitepaper, “Build a Tolling Program to Manage Toll Fees...

Reducing CSA Violations & Increasing Safety With Advanced Trailer Telematics

Keep the roads safer with advanced trailer telematics. In this whitepaper, see how you can gain insights that lead to increased safety and reduced roadside incidents—keeping drivers...