Auction House closing

Ritchie Bros Auctions closing Northern BC Location

November 10, 2017
Posted by: web-admin

International industrial sales group Ritchie Bros. Auctioneers is closing five locations across North America, including Prince George, to focus on online sales and larger locations.

In an email to employees, company CEO Ravi Saligram said the closure of small sites comes as more people are taking part in auctions online rather than in person.

“In fact, over half of all winning RBA bids today come from online bidders,” he wrote.

He also said those who attend live auctions prefer to do it at larger locations where more equipment is being sold.

During a Ritchie Bros. auction near Edmonton in 2016, more than 11,000 bidders from every Canadian province, 48 states and 50 countries registered for the auction. As many as 5,000 are estimated to have attended in person, with the rest watching online.

Melissa Barcellos, manager of economic development for the City of Prince George, said she was “very disappointed” by the news.

“While they don’t have a large staff, Ritchie Bros. have been attracting people to attend their events from around the region, the province and even sometimes from out-of-country. That impacts hotels, restaurants, spending within the city.”

She also said the auctions offered an opportunity to showcase the city as a business destination, and was a way for local businesses to affordably purchase equipment without having to travel.

Read the full article here: CBC News