Ritchie Bros. industrial auction sets another record as Alberta’s economy struggles

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Ritchie Bros.’ five-day industrial auction ended Saturday after the company’s auctioneers sold $240 million of industrial equipment.

CALGARY – Thousands of pieces of machinery are moving out of Alberta to busier economies where they might be put to use, after the largest industrial auction held in the province to date closed on the weekend.

Ritchie Bros.’ five-day industrial auction just outside Edmonton ended Saturday after the company’s auctioneers sold $240 million of industrial equipment, an 11.5 per cent jump over last year’s record-setting sale

The auction is the company’s largest in Canada every year, but as Alberta’s economy continues to contract following the collapse in oil and gas prices, the latest sale set records for its size.

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