Ritchie Bros Middle East, a global marketplace for insights, services, and transaction solutions for commercial assets and vehicles, held four online auctions in 2023 and sold more than 5,200 lots.
The auctions attracted the participation of over 4,400 bidders from over 70 countries and generated 1.6 million visits to Ritchie Bros’ online auction and buying platform Marketplace-E.
In 2023, Ritchie Bros significantly invested in manpower, infrastructure, and advertising, which enabled the organization to extend its reach in the region and attract a large number of bidders who purchased a variety of heavy machinery at the auctions and via Marketplace-E.
UAE buyers
Of the total number of buyers who purchased equipment from Ritchie Bros Middle East in 2023, the majority were based in the UAE (1,248 bidders). Rounding out the top five participating countries were the USA (742 bidders), Canada (481), Saudi Arabia (84) and The Netherlands (71).
Strong demand for hydraulic excavators was a continuing trend in 2023, with this item being the most popular equipment category sold during the year. Wheel loaders, crawler tractors, generator sets and rough terrain cranes were among the top five equipment categories purchased in 2023.
The 2015 ZOOMLION QUY260 ton crawler crane was the most expensive piece of machinery purchased at a Ritchie Bros. Dubai auction in 2023, selling for $345,000. The 2008 TEREX CEDARAPIDS JC5460, priced at $615,000, was the most expensive item sold on the company’s online equipment platform Marketplace-E.
The 2019 VÖGELE Super 1800-3
The Middle East’s ongoing investment in infrastructure may have contributed to the sale of the most unusual item in the Ritchie Bros fleet — the 2019 VÖGELE Super 1800-3. This unique spray paver is used to place a thin asphalt overlay as well as conventional binder and surface courses in the construction of roads and bridges.
Speaking on the trends observed in the heavy machinery industry in the last twelve months, Shirin Bazargan, Regional Operations Manager at Ritchie Bros, said the prices of many popular equipment types had normalised after rising exponentially following the Covid-19 pandemic.
“Compared to 2022, we saw the demand for wheel loaders increase, with a 16% increase in prices, while the costs of crawler tractors and crawler excavators have reduced significantly after a surge in demand and price in 2022. Crawler excavators registered a cost reduction of 22.6% in 2023 when compared to 2022, while the price of crawler tractors reduced by a whopping 65.5% in 2023 compared to the previous year,” Bazargan said.
Looking ahead, the Ritchie Bros team is anticipating more machinery additions to its fleet, more buyers and more bidders at upcoming auctions, and more initiatives to help customers make the best decisions when purchasing used heavy equipment. The first auction of the year in Dubai will be held on March 5 and 6, 2024.--TradeArabia News Service
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