On Nov. 12, 2008, a new auction occurred. Cold, wet and windy, the day was not helped by the fall financial meltdown or the dreary mood at the site of the lead consignor: Midwest contractor McAninch Corp.’s maintenance yard in Des Moines. Prices matched the mood and were down by double digits compared to prior months.
Despite the economy, the unreserved sale still generated $8.8 million on 275 pieces of equipment, with an average unit price of $32,000. Foreign bidders supplied 14% of the gross revenue. “If you have work, it’s a good time to buy used equipment,” says Rick Albin, president and CEO of Cat Auction Services. A former Ritchie Bros. employee, Albin says dealers are well equipped to support contractors’ used equipment. So, he thought, why not help them buy and sell it at auction?