Rising Oil Prices Driving New Exploration and Increased Equipment Demand in Alberta

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Edmonton oil & gas auctions

CA$59M+ of equipment sold in Edmonton

We held our first Edmonton, AB auction of 2022 last week, selling more than 4,500 equipment items and trucks for CA$59+ million (US$46+ million). The March 1 – 3 unreserved auction attracted 15,200+ online bidders from 51 countries, with approximately 92% of the assets selling to Canadians, including 57% sold to Albertans.

"The recent rise in oil prices is driving new exploration in Alberta and increased demand for oil & gas-related equipment," said Trent Vandenberghe, Regional Sales Manager (Edmonton).

Sales highlights included…

  • 2012 Caterpillar D6T LGP dozer – CA$317,000 (US$248,888)
  • 2014 Peterbilt 367 2013 Rebel on 8x6 sleeper hydro vacuum truck – CA$340,000 (US$266,526)
  • 2021 Kenworth T800 8x6 truck tractor – CA$295,000 (US$231,251)
  • 2018 Hitachi ZX225US-6 hydraulic excavator – CA$267,5000 (US$209,693)
  • 2007 Kenworth C500B 8x4 420" WB bed truck – CA$240,000 (US$188,136)

"I think Ritchie Bros. is the benchmark for selling equipment, with the reputation they have built and the services they provide," said Jim Bardick of J&V Trucking Ltd., who conducted a fleet realignment in last week's Edmonton auction.

"Their financial arm is a huge advantage for sellers and a great benefit for buyers," added Mr. Bardick. "Most banks are so restrictive, but Ritchie Bros. Financial Services understands equipment and auctions, which is very important when items are selling for a premium. At the end of the sale, we had exceeded expectations and were very proud of how Ritchie Bros. represented our company and our equipment."

We currently have more than 60,000 items listed in our upcoming auctions and online marketplaces, including a six-day Edmonton site auction in early May.

"We already have a big complete dispersal from Crow Enterprises consigned to our May Edmonton sale, with some excellent dirt moving equipment," said Trent Vandenberghe.

Now is a great time to sell—please don't hesitate to contact us so we can start advertising your assets to the world.

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