Ritchie Bros. Auctioneers reports on voting results from the 2023 annual and special meeting of shareholders


The Annual and Special Meeting of Shareholders (the “Meeting”) of Ritchie Bros. Auctioneers Incorporated (the “Company”) (NYSE: RBA) (TSX: RBA) was held on May 8, 2023.  Each of the matters voted upon at the Meeting is discussed in detail in the Company’s Proxy Statement dated April 7, 2023, which can be found on the Company’s website at: https://s24.q4cdn.com/560830410/files/doc_financials/2023/ar/ny20006921x500_def14a_ritchie-bros_webready.pdf.

Per TSX reporting requirements, the Company wishes to disclose that the total number of shares represented by shareholders in person and by proxy at the Meeting was 150,536,523 common shares of the Company and 485,000,000 Series A senior preferred shares of the Company, representing approximately 83.42% of the total votes eligible to be cast.  The voting results for the election of directors were as follows:

Name of Director



Erik Olsson



Ann Fandozzi



Brian Bales



William Breslin



Adam DeWitt



Robert G. Elton



Lisa Hook



Timothy O’Day



Sarah Raiss



Michael Sieger



Jeffrey C. Smith



Carol M. Stephenson



On May 10, 2023, the Company filed a report of voting results on all resolutions voted on at the Meeting on www.sedar.com.


Ritchie Bros.’ February Orlando, FL auction surpasses 10,000+ equipment items & vehicles


Ritchie Bros.’ February Orlando auction is its premier global event, with 200 acres of heavy equipment and trucks selling in just five days. This year’s event on February 20 – 24 features more than 10,000 items from 800+ owners, with all items to be sold to the highest bidders regardless of price.

“We have something for everyone in Orlando, with 10,000+ heavy industrial equipment and transportation assets ready to be purchased and taken home by new owners,” said Tom Ferguson, Regional Sales Manager, Ritchie Bros. “For those that cannot inspect items in person this year, we have added 360-degree videos for many assets, so you can virtually inspect items online in greater detail than ever before. I encourage interested bidders to get online and start searching through the massive line up of equipment we will be selling.”

Equipment highlights in the Orlando auction include 575+ excavators, 370+ truck tractors, 130+ aerial work platforms, 125+ dozers, thousands of attachments, and so much more. Bids in the auction can be made in-person, online in real time at rbauction.com, or via Ritchie Bros.’ mobile app.

Auction Schedule:

  • Day One (Mon, Feb. 20) – loader backhoes, telescopic forklifts, rough terrain forklifts, skid steers, and multi-terrain loaders
  • Day Two (Tue, Feb. 21) – motor scrapers, motor graders, articulated dump trucks, water wagons, brooms, dumpers, wheel loaders, agriculture tractors, trenchers, cable plows, directional drills, boring machines, drills, pull scrapers, log loaders, feller bunchers, skidders, mulchers, horizontal grinders, chippers, air compressors, gen sets, boom lifts, scissor lifts, light towers, and welders
  • Day Three (Wed, Feb. 22) – crawler loaders, crawler tractors, rollers, landfill compactors, crushers, screen plants, conveyors, profilers, soil stabilizers, pavers, asphalt distributor trucks, boom trucks, and cranes
  • Day Four (Thu, Feb. 23) – material handlers, excavators, fuel & lube trucks, mechanics trucks, service trucks, street sweepers, vacuum trucks, tank trucks, utility trucks, mixer trucks, concrete pump trucks, stone slinger trucks, dump trucks, and water trucks
  • Day Five (Fri, Feb. 24) – trailers, truck tractors, winch trucks, flatbed trucks, van & reefer trucks, buses, motor homes, cab & chassis, car haulers, bucket & digger derrick trucks, roll-off trucks, sanitation trucks, automobiles, motorcycles, pickups, tow trucks, rollback trucks, grapple trucks, attenuator trucks, and boats

Mr. Ferguson continued, “Our business is based on relationships, so we are also very excited to meet and network with customers onsite in Orlando this February to show them all the great new solutions and services we offer today. We will have our live auctioneers and bid catchers keeping the energy high, golf carts to tour you around the auction site, and food and drinks available to keep you fueled.”

For more information about Ritchie Bros.’ February Orlando auction, including detailed info on the equipment lineup, visit rbauction.com/Orlando2023.


Ritchie Bros. and IAA Announce Amended Merger Agreement That Enhances Value for Ritchie Bros. Shareholders While Increasing Cash Consideration for IAA Shareholders


Ritchie Bros. Auctioneers Incorporated (NYSE: RBA) (TSX: RBA) (“Ritchie Bros.”) and IAA, Inc. (NYSE: IAA) (“IAA”) today announced that they have amended the terms of their previously announced merger agreement, pursuant to which Ritchie Bros. will acquire IAA in a stock and cash transaction. The amended agreement, which delivers enhanced value to Ritchie Bros. shareholders and increased cash consideration to IAA shareholders, has been unanimously approved by each company’s Board of Directors.

Under the terms of the amended agreement, IAA shareholders will receive $12.801 per share in cash and 0.5252 common shares of Ritchie Bros. for each share of IAA common stock they own. The change in consideration mix represents a shift in the cash/stock mix to approximately 29% cash/71% stock from the previous mix of 22% cash/78% stock.

Additionally, the Ritchie Bros. Board of Directors announced that it expects to approve the issuance of a one-time special dividend to Ritchie Bros. shareholders in the amount of $1.08 per common share, which will be payable to holders of record as of a pre-closing record date to be determined with the consent of the Toronto Stock Exchange (“TSX”) and contingent on the closing of the IAA transaction.

Ann Fandozzi, CEO of Ritchie Bros., commented:

“We are pleased to have reached an amended agreement with IAA, which reflects feedback we’ve received from shareholders regarding the best structure for the transaction. We believe that the transaction with IAA will allow us to unlock significantly more value for shareholders than either company could deliver standalone through the realization of cost synergies and additional revenue opportunities. Together we expect to accelerate our marketplace vision by increasing our transaction volume, driving growth of attached services and advancing our yard strategy. We look forward to continuing to discuss the anticipated benefits of the transaction with our shareholders.”

John Kett, CEO and President of IAA, added:

“We believe that the revised transaction is in the best interests of IAA and our shareholders. The amended agreement will provide our shareholders with increased cash consideration upon close of the transaction, while retaining a significant interest in the upside potential of the combined company. Our view is unaltered that combining Ritchie Bros. and IAA’s marketplace capabilities will create a unique value proposition with significantly increased earnings power and shareholder value creation. In addition, we appreciate the collaborative and constructive dialogue with Ancora and their public support for the transaction.”

Fred DiSanto, Chairman and Chief Executive Officer of Ancora, and James Chadwick, President of Ancora Alternatives, concluded:

“Ancora is pleased to support this revised transaction, which positions IAA shareholders to benefit from a material improvement in cash consideration while retaining strong participation in the combined company’s increased earnings power. After expressing concerns regarding the initial transaction terms, we had a series of productive, private discussions with each company’s leadership team to provide feedback. We appreciate that both companies were open and responsive to our input, and we look forward to supporting Ann and her team as they integrate these two exceptional businesses.”

Pursuant to a mutual cooperation agreement reached between IAA and Ancora, Tim O’Day, a seasoned industry executive and operator and the current President and Chief Executive Officer of Boyd Group Services Inc., is expected to be appointed to the Ritchie Bros. Board of Directors upon the closing of the transaction. He will be one of the four IAA board designees, subject to satisfactory completion of customary vetting and onboarding matters. Under the terms, Ancora has agreed to vote its shares, representing approximately 4% of IAA’s voting power, in favor of the transaction.

Significant Value Creation Opportunities

In conjunction with the amended agreement, Ritchie Bros. has released an investor presentation highlighting the compelling benefits, synergies and long-term value creation opportunities expected from the pending transaction. The presentation has been filed by Ritchie Bros. with the Securities and Exchange Commission (the “SEC”) and on SEDAR. The presentation can be found on the investor relations section of Ritchie Bros.’ website.

The presentation lays out key areas the combined company expects to focus on to unlock value, including:

  • Capitalizing on significant earnings potential: Ritchie Bros. expects approximately $350 million to $900 million in total adjusted EBITDA growth opportunities2 following the close of the transaction. In addition to the previously announced $100 million to $120+ million in annual run rate cost synergies, key revenue growth opportunities expected from the transaction include driving IAA domestic and international revenue, growing incremental Ritchie Bros. satellite yard-driven GTV3, increased attachment of services, including from financing solutions and selling parts, and expanding in whole car sales and incremental salvage market verticals.

  • Leveraging the combined yard footprint to accelerate growth: The combined company’s expertise in yard management, zoning and regulatory requirements will allow it to leverage IAA’s locations with approximately 10,000 acres of capacity to advance Ritchie Bros.’ satellite yard strategy. With Ritchie Bros.’ substantial existing footprint in Florida and Texas, the combined company will be positioned to enhance service to insurance carriers during catastrophic events. In addition, Ritchie Bros. expects to leverage its international footprint to expand IAA’s business into new markets.

  • Continuing to strengthen the Ritchie Bros. core business as it integrates IAA: The Ritchie Bros. management team has developed plans to build on the significant growth and marketplace development they have achieved over the last three years. This includes initiatives intended to further expand and support the Ritchie Bros. sales team and leverage IAA’s yard footprint to progress toward future high single-digit / low teens GTV growth targets; advancing its omnichannel platform to increase buyer and seller activity; and accelerating growth of attached services to drive service revenue growth outpacing GTV growth.
Ritchie Bros. Strategic Investment

In a separate release issued this morning, Ritchie Bros. announced that it has entered into a securities purchase agreement with Starboard Value LP (together with its affiliates, “Starboard”) pursuant to which Starboard will make a concurrent $485 million convertible preferred equity and $15 million common share investment in Ritchie Bros., subject to customary closing conditions including the acceptance of the TSX. As stated in that release, Starboard is fully supportive of the acquisition of IAA by Ritchie Bros., however, Starboard’s investment will not vote at the Special Meeting of Shareholders to be held by Ritchie Bros. with respect to the IAA transaction.

The transaction terms are attractive to both Ritchie Bros. and IAA shareholders, with Starboard bringing additional expertise and value add to the combined company while facilitating further capital allocation flexibility.

Ritchie Bros. and IAA Financial Update

Ritchie Bros. and IAA will each announce fourth quarter financial results in mid to late February. In connection with the upcoming transaction financing, Ritchie Bros. and IAA expect to release preliminary unaudited full year results for GTV, revenue, net income and adjusted EBITDA in advance of their respective full year earnings releases that are in-line or above current FactSet mean consensus analyst estimates.

Path to Close

The companies continue to expect to close the transaction in the first half of 2023 subject to approval by Ritchie Bros. shareholders of the issuance of Ritchie Bros. common shares in connection with the transaction and approval of IAA shareholders of the transaction, as well as other customary closing conditions.

Following the close of the IAA transaction, on an as converted basis Ritchie Bros. shareholders will own approximately 59.1% of the combined company, IAA shareholders will own approximately 37.2% and Starboard will own approximately 3.7%.

Starboard’s investment and Ritchie Bros.’ contemplated special dividend are expected to be approximately neutral to the Company’s net leverage ratio. Ritchie Bros. continues to expect to have a leverage ratio of approximately 3x net debt to adjusted EBITDA4 upon the close of the IAA transaction and approximately 2x within 24 months thereafter.

The Board of Directors of Ritchie Bros. and IAA both unanimously recommend that their respective shareholder vote in favor of the transaction at the respective special meetings to be held on March 14, 2023. Shareholders of record as of the close of business on January 25, 2023 will be entitled to vote at the applicable special meetings.


Goldman Sachs & Co. LLC is serving as lead financial advisor and Guggenheim Securities, LLC is serving as co-lead financial advisor to Ritchie Bros. Evercore and RBC Capital Markets are also serving as financial advisors to Ritchie Bros. J.P. Morgan Securities LLC is serving as the exclusive financial advisor to IAA.

Goodwin Procter LLP, McCarthy Tétrault LLP and Skadden, Arps, Slate, Meagher & Flom LLP are serving as legal advisors to Ritchie Bros. and Cooley LLP, Blake, Cassels & Graydon LLP and Latham & Watkins LLP are serving as legal advisors to IAA. Olshan Frome Wolosky LLP is serving as Ancora’s legal counsel.

Laurel Hill Advisory Group and MacKenzie Partners Inc. are serving as proxy solicitation agents for Ritchie Bros. and Innisfree M&A Incorporated and Kingsdale Advisors are serving as proxy solicitation agents for IAA.


Media Advisory – Ritchie Bros. To Host Investor Event on May 18, 2022


Ritchie Bros. (NYSE: RBA) (TSX: RBA) today announced that it will host an investor event Wednesday, May 18, 2022 in Fort Worth, Texas and virtually. The event will take place from 10 AM ET to 12:45 PM ET (9 AM CT to 11:45 AM CT) and will feature presentations and Q&A with various members of Ritchie Bros. management team.

In-person attendance is limited. If you would like to attend in person, please contact [email protected] no later than May 4th for additional information.

Analysts and institutional investors may also participate via conference call, using the following dial-in information:

1-888-664-6392 (toll-free North America
1-416-764-8659 (Toronto & overseas long-distance)

Please ask to participate in Ritchie Bros. Investor Day call, and quote conference ID 08448939 if prompted.

Media and other interested parties may listen to the conference call via webcast, by selecting the Ritchie Bros. Investor Day call webcast link at https://investor.ritchiebros.com.

Please note that there will be presentation slides accompanying the Investor Day call. The slides will be displayed live on the webcast, and will be available to download via the webcast player or at https://investor.ritchiebros.com/events-and-presentations the day of the call.

A replay of the conference call can be accessed after 2:00 pm Eastern time / 11:00 am Pacific time until May 25, 2022, at 416-764-8677 or 1-888-390-0541 (using passcode 448939 #).


Ritchie Bros. kicks off March with big auctions in Edmonton and the U.S. Rocky Mountain region


A week after selling 11,000+ items in Orlando, FLRitchie Bros. was right back at it with multi-day online auctions in Edmonton, AB and the Rocky Mountain region of the U.S. The two unreserved auctions attracted a combined 26,250+ bidder registrations and US$95+ million in gross transaction value.

On March 2 – 3 Ritchie Bros. sold 3,700+ equipment items from five locations in one Rocky Mountain regional event. Highlights included a 2017 CMI Bandit 12 portable dry-mix concrete plant that sold for US$500,000; a 2012 Grove TMS9000E 110-ton 8×4 hydraulic truck crane that sold for US$340,000, and a 2015 Caterpillar 160M3 AWD motor grader that sold for US$275,000.

“We achieved excellent results in last week’s Rocky Mountain regional event, resulting in a lot of very happy consignors, many of whom are eager to sell again soon,” said Chad Apland, Regional Sales Manager (Denver), Ritchie Bros. “Immediately following the auction we began receiving calls from customers asking how quickly they can get their equipment on the market to take advantage of the strong pricing we are achieving today. We have IronPlanet sales every Thursday, our Marketplace-E platform is stocked 24/7 with premier assets, and our next Rocky Mountain regional event will be in May—whatever you need, we are here to help!”

Ritchie Bros. also held its first Edmonton, AB auction of 2022 last week, selling CA$59+ million (US$46+ million) of trucks and equipment on March 1 – 3. Sales highlights included a 2012 Caterpillar D6T LGP dozer that sold for CA$317,000 (US$248,888); a 2021 Kenworth T800 8×6 truck tractor that sold for CA$295,000 (US$231,251); and a 2018 Hitachi ZX225US-6 hydraulic excavator that sold for CA$267,5000 (US$209,693).

“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. 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.”

Ritchie Bros. has more than 60,000 items listed in its upcoming auctions and online marketplaces, including a three-day Fort Worth, TX auction with 4,000+ items on March 15 – 17 and 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, Regional Sales Manager (Edmonton), Ritchie Bros. “The recent rise in oil prices is driving new exploration in Alberta and increased demand for oil & gas-related equipment. Now is a great time to sell—please don’t hesitate to contact us so we can start advertising your assets to the world.”


Ritchie Bros. sells US$41+ million of equipment in its largest-ever Chehalis, WA auction


Ritchie Bros. has just completed its largest-ever auction in Chehalis, WA, selling 2,600+ equipment items and trucks for 500+ owners and generating US$41+ million in gross transaction value.

The December 21, 2021 online auction attracted 9,950 bidders from 58 countries, which is a 27% increase year over year and a new record for the Chehalis site. Approximately 95% of the assets in the auction were purchased by U.S. buyers, including 33% sold to buyers from Washington State. The remaining 5% was sold to international buyers from as far away as FranceHonduras, and Vietnam. Leading up to the auction, Ritchie Bros. saw a 44% increase in online equipment views, while pageviews were up 18% year over year.

“We’ve had a fantastic year in the Pacific Northwest with strong pricing across all our marketplaces and have capped it off with our largest Chehalis auction ever,” said Griffin Squires, Regional Sales Manager, Ritchie Bros. “Transportation and excavation equipment continues to bring record prices. We also saw strong returns for a fantastic forestry package we signed up early. It’s a seller’s market right now, so I encourage anyone with surplus equipment to contact us today.”

Equipment in the December online Chehalis auction was sold from four locations, including satellite yards in Spokane, WA; and Wasilla, AK; and an owner’s property in Billings. MT. Highlights included 140+ truck tractors, 75+ excavators, 40+ loaders, 35 dozers, and more—all items were sold without minimum bids or reserve prices.

“We would like to thank all the customers who participated in our auctions and marketplaces in 2021,” added Mr. Squires. “For any last-minute end-of-year purchases, I encourage you to check out our Marketplace-E and Ritchie List platforms today. We will be back with our next Chehalis auction in March 2022!”

5 Big Sellers from the December Chehalis event:

  • 2018 Peterson 5710D tracked horizontal grinder – US$795,000
  • 2020 Vermeer WC2500TX tracked chipper – US$340,000
  • 2011 Caterpillar 988H wheel loader – US$305,000
  • 2015 Aspen HHT/RL tri-axle removable gooseneck 75-ton lowboy – US$275,000
  • 2019 Caterpillar 330 hydraulic excavator – US$260,000

2021 Pacific Northwest Marketplace-E sales highlights:

  • 2015 Caterpillar 390FL excavator – US$435,000 – sold July 2021
  • 2006 Potain tower crane – US$375,000 – sold November 2021
  • 2016 Volvo L350F wheel loader – US$270,000 – sold November 2021
  • 2004 Gomaco Commander III concrete paving equipment – US$315,000 – sold February 2021
  • 2016 Ponsse C50 logging processor – US$270,000 – sold June 2021


  • Gross Transaction Value (GTV): US$41+ million
  • Total Registered Bidders: 9,950
  • Total Number of Lots: 2,600+
  • Total Number of Consignors: 500+

Ritchie Bros. sells US$99+ million of equipment in its largest-ever pipeline construction auction


Last week Ritchie Bros. sold US$99+ million of pipeline construction equipment in its largest-ever single-owner auction, for Barrilleaux Inc. In less than two days the company sold 3,100+ items from three Barrilleaux locations in New Mexico and Texas to thousands of online bidders from around the world.

“It was a great couple of days with excellent results that went way beyond our target,” said owner Glen Barrilleaux. “I’ve built a great relationship with Ritchie Bros. over the past 15-plus years I’ve been working with them. This whole process went so smoothly because of their professionalism and hard work. I wouldn’t hesitate to recommend Ritchie Bros. to anyone looking to conduct their retirement sale.”

More than 6,900+ people from 56 countries registered to bid in the August 10 – 11 unreserved auction. Approximately 95% of the equipment was purchased by U.S. buyers, including 41% sold to Texas buyers. The remaining 5% was sold to international buyers from as far away as BelizeMorocco, and Australia.

“This was the nicest fleet of equipment I’ve seen in my 40+ years in the auction business,” said Alan McVicker, Regional Sales Manager, Ritchie Bros. “Combine that with our ability to drive unprecedented demand and you get amazing results, with several items from this auction achieving higher prices than retail. We’d like to thank Mr. and Mrs. Barrilleaux for putting their trust in Ritchie Bros. and we wish them all the best in their retirement.

“We now turn our attention here in Houston to next week’s live auction on August 24 – 26, when we once again will be open on auction day to our valued customers. We also have close to 1,000 Texas-based items available right now on Marketplace-E, plus another 1,000+ available in IronPlanet’s upcoming weekly featured auction.”

The Barrilleaux auction was live simulcast from Ritchie Bros. site in Houston, where customers were welcomed back for the first time in 18 months. Still, most of the action was online, with customers completing more than 450,000 equipment views and making close to 13,000 PriorityBids.

Five Big Sellers:

  • 2015 Vermeer T1155III crawler trencher – US$800,000
  • 2019 Caterpillar D8T crawler tractor – US$620,000
  • Unused 2020 Caterpillar 14M3 motor grader – US$520,000
  • Unused 2020 Caterpillar 926M wheel loader – US$225,000
  • 2021 Peterbilt 389 sleeper truck tractor – US$265,000


  • Gross Transaction Value (GTV): US$99+ million
  • Total Registered Bidders: 6,900+
  • Total Number of Lots: 3,100+
  • Total Number of Consignors: 1

Ritchie Bros. will sell more than 35,000 equipment items and trucks in its upcoming events, including the Houston, TX auction on August 24 – 26; an Orlando, FL auction on September 2 – 3; and a Southeast Regional auction on September 9 – 10.


Ritchie Bros. sells US$95+ million of equipment in its largest Texas auction ever

Last week, Ritchie Bros. conducted its largest Texas auction ever, attracting 76 percent more bidders year over year and achieving US$95 million in gross transaction value—surpassing its previous Texas sales record, set June 2020, by 17 percent.

The March 17 – 18, 2021 Fort Worth auction attracted a record 16,000+ bidders from 79 countries. Approximately 83 percent of the equipment in the auction was sold to U.S. buyers, including 34 percent sold to Texas buyers, while international buyers from as far way as FranceGhana, and Vietnam purchased the remaining 17 percent.

“Our consignors are benefiting from robust equipment and truck demand we are helping drive in 2021,” said Chuck Roberson, Regional Sales Manager, Ritchie Bros. “With all bidding online, demand has skyrocketed over the past year. Our Fort Worth auction last week saw online pageviews per lot increase 59% year over year, while watchlists per lot and PriorityBids increased 78% and 157% respectively. As a result, we have a lot of happy sellers right now rushing to get more equipment consigned for our next event—now is a great time to sell!”

Equipment highlights in the Fort Worth auction included a 2015 Tadano GR1000XL-3 4x4x4 rough terrain crane that sold for US$385,000 to an online buyer from Indonesia; a 2016 Caterpillar 349FL hydraulic excavator that sold for US$245,000 to a buyer from Texas, and a 2018 Peterbilt 389 T/A sleeper truck tractor that sold for US$124,000 to a buyer from Arizona. All items were sold unreserved, with no minimum bids or reserve prices.

“Even with all bidding online we still safely welcomed thousands of masked buyers onsite to inspect equipment in person prior to bidding,” added Mr. Roberson. “We also sold more than 800 items last week with our Virtual Sales Option, as many consignors from outside the state were eager to be a part of the sale. Our auctions are becoming more digital and more convenient, resulting in more bidders and better returns for sellers.”


  • Gross Transaction Value (GTV): US$95+ million *new site record
  • Total Registered Bidders: 16,000+ *new site record
  • Total Number of Lots: 5,800+
  • Total Number of Consignors: 760+ *new site record

Ritchie Bros. will sell more than 65,000 equipment items and trucks in its upcoming auctions, including a Northeast Regional Event on March 23 – 24; a Chehalis, WA auction on March 25; and an Atlanta, GA event on March 26. The company also has weekly featured online auctions at IronPlanet.com and a daily reserved option with Marketplace-E.