Auctions & used plant

EURO AUCTIONS ACHIEVES BIGGEST EVER SALE

Following the news that the merger with Ritchie Bros will not happen, Euro Auctions, Leeds, produced the biggest sale in its history with 5,500+ lots and a hammer of £45.3 million

The results of the recent four-day sale at Europe’s largest auction site showed that market confidence is still high, and Euro Auctions is still able to source and bring to Leeds an abundance of excellent quality equipment and machinery. With over 5,500+lots going under the Hammer, the sale finished at just under £45.3 million, which is an all-time record for the Leeds site, combined with large numbers of onsite and online bidders, the sale showed the marketplace still regard Euro Auctions as Europe’s number one. When compared to the same sale 12 months ago, this sale was 14% up on the same auction in April 2021, with bidders from 86 countries registering for this sale. In all 571 vendors from 23 countries sent equipment to the sale. Almost 4,000 bidders registered for the sale of which 477 were first time registrations, and 16% of those first-timers were successful in purchasing on the day. As usual there was a buzz on the bidding floor on the day with bidding being carried out onsite, online and as is growing more frequent a combination of both with people visiting before and during the auction and then bidding online. Sales totals were almost equally split between the UK market and overseas. “Euro Auctions has had a great start to 2022 with the auction hammer at this latest sale up some 20% from same period in 2021, and with auction revenues up 15%, our Leeds site has recorded its largest ever sale,” reports Euro Auctions General Manager Jonnie Keys, “We are also seeing the return of the off-site auctions, where auctions take place at the sellers location, which had disappeared during the covid period and have already conducted 3 so for this year with a number already in the pipeline for later in the year. This has been particularly pleasing as this has seen an increase in the Agri sector with 2 Agri contractors trusting us to successfully dispose of their equipment. This period has also saw staff numbers grow 6% from last year and the launch of new auctions functions with the recent launch of the Virtual Equipment inspector. “Going forward we will continue to do what we are good at, in treating both buyers and sellers equally and fairly and conducting transparent unreserved auctions which our loyal customer expect and depend on as we look to increase our worldwide customer base going forward.” MARKET TRENDS

Chris Osborne, Euro Auctions Sales Manager comments, “We knew this was going to be a big sale as the yard at Leeds was close to capacity and we are still consigning good late, low hours equipment, and multiple compliments of ‘new to 48-month-old’ machines. “The equipment is out there, and we are finding it! With high demand from the market, prices were strong at this sale, and over the same auction 12 months ago demand was higher, prices were better, the levels of stock for sale were greater and demand from around the world was more evident. “There were many gems making very good money. Articulated Dump trucks stood out as making particularly strong money across the board, with mini diggers also strong. Of all the equipment sold, here are a few machines that caught my eye and I consider to be my ‘top picks’ of the best performing lots in the sale.”

auctions & used plant Euro Auctions to Stay Independent after Ritchie Bros Merger Collapses

The deal to merge Euro Auctions with Ritchie Bros has been called off after the UK Competition & Markets Authority stepped in.

In a statement Ritchie Bros said: “On 8th August 2021 Euro Auctions (the “Group”) and Ritchie Bros Auctioneers (“Ritchie Bros”) announced a transaction to combine the two leading heavy equipment auctioneering companies globally. Subsequently, on the 4th March 2022 the UK Competitions and Markets Authority (“CMA”) announced that the merger between Euro Auctions and Ritchie Bros. would be referred to a Phase II investigation into the merger’s impact on the UK’s competitive landscape. Ritchie Bros. believe there is no realistic prospect for approval by the CMA and will not proceed with the Phase II investigation following the rejection by the CMA of the remedy offered in Phase I of the process. As a result, the anticipated transaction between Euro Auctions and Ritchie Bros. will not be concluded. In a separate statement, Euro Auctions’ said its commitment to unreserved auctions provides its global customer base with the fairest and best way of buying and selling industrial plant, construction, transport, agricultural equipment and vehicles, providing solutions and services across all channels, sectors, regions and customer segments. “The Euro Auctions business remains the leading auction brand in Europe and the strong trading performance has continued in 2022 with hammer values in recent auctions surpassing impressive 2021 levels. Euro Auctions, will now continue the strategy successfully executed since 1998 of building, strengthening, investing in and growing across its eight locations in the United Kingdom, Northern Ireland, Germany, Spain, Australia, and the United States. Euro Auctions will continue to be the auction house of choice in three continents with an unrivalled customer proposition. “Euro Auctions would like to thank all its customers and suppliers and in particular its employees for their continued loyalty and looks forward to a new and exciting future together as an independent company. The focus continues to be on the expansion and growth of the business.” Euro Auctions Founder and Director Derek Keys said: “We believe that Euro Auctions unreserved model provides our customers with an honest and transparent way to buy and sell heavy equipment globally supported by best in class service from our highly experienced staff. We look forward to accelerating the growth of the Euro Auctions business as an independent global operator.” Ritchie Bros. Auctioneers said the Sale and Purchase Agreement dated August 9, 2021 (the “Agreement”) pursuant to which the RB Purchaser had agreed to purchase Euro Auctions Limited, William Keys & Sons Holdings Limited, Equipment & Plant Services Ltd and Equipment Sales Ltd. will automatically terminate on June 28, 2022. The Company intends to issue redemption notices with respect to the US$600 million aggregate principal amount of 4.750% senior notes due 2031 and the C$425 million aggregate principal amount of 4.950% senior notes due 2029 previously issued to finance a portion of the cash consideration for the proposed acquisition and expects to complete the redemptions within 10 business days. Ann Fandozzi, the Company’s Chief Executive Officer, said: “We are disappointed by the decision taken by the CMA to refer the proposed acquisition to a Phase 2 review and respectfully disagree with their views. While we believe the proposed acquisition would have accelerated our strategy, we remain committed to forging ahead in our transformational journey to become the trusted global marketplace for insights, services and transaction solutions. We will continue to seek out and execute on organic investments and key acquisitions to accelerate our pace in achieving our ultimate vision.”

Over £2m-worth of classic machinery and collectors’ items sold at Vintage Sale

The first Cheffins collective vintage sale of 2022 grossed over £2m as record prices were paid for classic and vintage machinery and collectors’ items. Taking place recently at the Cheffins sale ground at Sutton, near Ely, the sale saw over 2,800 lots go under the hammer and buyers in attendance from across the UK and Europe.

The highest price paid on the day was £214,400 for a 1982 County 1474 ‘Short Nose’ tractor, which smashed its presale estimate of £120,000-140,000. Having been fully restored, the tractor saw significant presale interest and now holds the record for the most expensive modern classic tractor sold to date. Other significant sales in the tractor section include £73,000 for a 2004 JCB 2140, against an estimate of £60-65,000; £48,240 for a 1983 Mercedes-Benz MB-Trac 1500, well over its pre-sale estimate and £42,880 for a stunning 1974 County 1164, these examples were bought by collectors from across the UK and Ireland. Another noteworthy lot was a 1956 Fowler VF Crawler, which was found in original condition having been used on the Landwade Hall Estate, near Newmarket, since new. It sold for £16,080, against a presale estimate of £6-7,000 and is a new record price for this particular model. The sale also saw Cheffins largest motorbike consignment to date, with several strong prices achieved, across the 80 lots offered. A highly collectable 1923 980cc MorganDarmont Sports Model 3-wheeler sold for £21,920 to a buyer from Lincolnshire, whilst a P&M ‘Rob North’ Triumph T150 racing motorbike made £10,412, having been sold to a collector from Northern Ireland. Other significant sales in section included £9,644 paid for a 1950 499cc Norton 500T motorbike and £8,329 for a 1952 499cc Sunbeam. There was also an enormous consignment of automobilia on offer, with over 400 lots going under the hammer. The highlights from the section include £5,600 for a 1930s Shell Satam cabinet two-door petrol pump; £5,376 for a Regent 100 petrol pump globe and £4,704 paid for a 1930s Dunlop air tower model and the same price paid for a Dunlop Fort enamel sign from the 1930s. Oliver Godfrey, Head of the Machinery Department at Cheffins says: “We knew the April sale was going to be a record breaker, with a strong catalogue of varied items, however, to sell over £2m-worth is bonkers. The market is alive and well, in fact it is thriving, as collectors still have cash in the bank which they want to invest in something tangible. Something they can see and use and enjoy. “Collectors are becoming younger, so the focus in the market is really on tractors and machinery from the 1970s, 1980s and 1990s as they look to buy up a part of their youth. It is impossible to put a price on the value of nostalgia. Many buyers are also looking for tractors which they believe will become the next collector’s piece and an investment which will pay dividends. It appears that at the moment, the market’s bets are mainly focussed on Ford variants, such as County and Roadless, which are seeing double digit price growth year-on-year.” Oliver Godfrey continues: “It wasn’t only the tractors which made some serious money at this sale. The classic motorbike market is also buoyant with buyers focussing on some of the earlier models from the 1950s and 1960s, whilst the fresh-to-market automobilia items drew collectors from far and wide both to bid live and online. Automobilia has become a new collecting class all in itself and has seen strong growth in values as these vintage forecourt pieces become increasingly sought after. By hosting the sale over two days, we were able to offer live bidding on all sections and were pleased to welcome buyers old and new back to Sutton.”