Take advantage of high prices and sell surplus gear

Ritchie Bros unreserved end-of-year auction scheduled for December 1 and 2

Machinery
The Ritchie Bros unreserved end-of-year auction is scheduled to take place online on December 1 and 2.

The Ritchie Bros unreserved end-of-year auction is scheduled to take place online on December 1 and 2.

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Demand for used machinery is presenting businesses carrying surplus equipment with the opportunity to take advantage of high prices.

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Demand for used machinery is presenting businesses carrying surplus equipment with the opportunity to take advantage of high prices.

Ritchie Bros regional sales manager Dale Spedding said market demand was at a record-high and online bidder participation is surging.

The company has shifted to entirely holding auctions online as a result of the COVID-19 pandemic.

This trend is set to continue with two national auctions on the horizon - the IronPlanet end-of-year auction on November 17 and the Ritchie Bros unreserved end-of-year auction on December 1 and 2.

"Our online auctions in 2021 shattered records for bidder participation, as well as provided consistently strong buyer demand to push up selling prices," Mr Spedding said.

"Our buyers have delivered a message to us: they want the safety and convenience of online bidding.

"We're seeing surging online demand with website traffic up 71 per cent, and bidder registration up 46pc."

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Mr Spedding said with most businesses shutting down over the Christmas period, selling equipment before the new year could be a "pretty handy" cash injection.

Fellow Ritchie Bros regional sales manager Cody Watson said "if you need to sell your equipment, now is the time".

"Once the new year ticks over, that's another year older your machinery becomes," Mr Watson said.

"Equipment is expensive to own, and when it sits idle, it doesn't contribute to your bottom line.

"Sell your surplus equipment that isn't generating revenue and put it into a marketplace where people are fighting over it instead of letting it depreciate."

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The story Take advantage of high prices and sell surplus gear first appeared on Farm Online.

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