Ritchie Bros Phx Auction Results

FWIW - If you buy something on Ironplanet (Ritchie) from Sunbelt Rentals other than being a rental unit they do repair the equipment to operational condition.

Bought several things on IP from Sunbelt. Our Wacker trench roller has given us 5 years of service with minimal issues. Bought it for $3K out the door, a new one is $33K. Also bought 2 hot water pressure washers for $1K both working condition. Sold 1 of the 2 for $1K and the 2nd one is still in use at our yard.

Bought a Honda 3" water pump that according to the description the "motor was locked up" and a Sunami submergible 1" pump for $150 from Sunbelt on IP. The little Honda engine wouldn't turn over when I picked it up which was no big deal since the 1" submersible worked and ran $450 at the time. Got the Honda to the yard, broke the pump apart and the pump vanes were rusted together. Some PB Blaster and wire brush later it was pumping water. Still works great today.

Buy beware at auctions and only spend what you're willing to loose, kinda like gambling.

The only big companies I've seen putting stuff in auctions in the last five years were going out of business or were being liquidated in bankruptcy. The newer equipment I've seen was ex rental company stock that had to be moved to make way for new stock. Many times it's easier in the long run to purchase rental machines through rental purchase options. I think that the days of big companies buying machines for one job and then liquidating them when the job was done are long gone.

I don't see the economies falling apart at all for the next two years. I hear lots of gloom and doom from people who are informed through the fascist web sites on the internet.

John C. said:

The only big companies I've seen putting stuff in auctions in the last five years were going out of business or were being liquidated in bankruptcy. The newer equipment I've seen was ex rental company stock that had to be moved to make way for new stock. Many times it's easier in the long run to purchase rental machines through rental purchase options. I think that the days of big companies buying machines for one job and then liquidating them when the job was done are long gone.

I don't see the economies falling apart at all for the next two years. I hear lots of gloom and doom from people who are informed through the fascist web sites on the internet.

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That still happens here, a group of 2-3 companies form a company for a large few year job and then everything goes to auction at the end. I've noticed more running rental equipment lately though, or at least the Cat or Komatsu rental tags on them, maybe going to leases for job duration instead? But plenty of companies who are still buying new stuff every few years and putting used stuff at auction. I don't understand it, a 5 year old piece of equipment is still very reliable, but oh well.

The weirdest one is a company who use to do concrete curbs got into excavating about 3-4 years ago. Now they have a massive Cat fleet, talking multiple 400-600 track hoes probably go to have 15 hoes, 20+ dump trucks, etc etc all bought in the last few years. Got to be all financed to the hilt, they have got to be preying they can keep everything busy for a few years at least or they don't have a chance. Every thing they are buying is brand new cat.

Truck Shop said:

As far as equipment goes-I wouldn't touch anything sold through a auction. There's a reason it's there and for sale-it's not just a gamble it's roughly a 98% chance
your buying someone else's sack of troubles. Because maintenance costs have climbed do you really think the previous owner has spent the time and cash to
keep it maintained? If he had I doubt it would be on the chopping block.

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That is where I come in. I play with tractors and forklifts more as a hobby. Buy them cheap and broken. Then I make the repairs, play with them a while and then sell and make a little money. That is just not happening these days though.

Lots of possibilities on new equipment. Finance and capital leases are popular. Suspended payments are happening all the time between jobs. I don't see any companies using the auctions to liquidate if there is any warranty left on the machine. The dealers usually will provide plenty of incentives as there are lots of pots of money to dip into when trading used machines in. Down here you even get plenty of tax incentives to purchase new. If there are any major failures in process, the machine ends up in the auction. I see lots of high hour large company machines end up in the auctions. As the appraiser for a large machinery dealership for years, there is no way to make money on machines that need expensive repair work done before you can sell it.

As with any purchase, buyer beware!

John C. said:

Finance and capital leases are popular. Suspended payments are happening all the time between jobs. I don't see any companies using the auctions to liquidate if there is any warranty left on the machine.

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Exactly-If there is any warranty left on any class 8 truck the dealers want it and will give top on trade in value. Rigs with warranty don't end up at auction.

After the crash of 2008 the Cat dealer in Pasco was loaded to the hilt with returned equipment of all
kinds. A friend was working there at the time. Quote from him {Looks like good equipment from a drive
by just don't stop and look too close}.

I bought my Komatsu D39-P1at an Iron Planet auction in 2008, it was at a construction company that might have been hurting for cash or pulling the plug. 1700 hours for about $20k, undercarriage was 90%. Good machine, no surprises. I was financially able to take advantage of a down economy.