It’s an extraordinary annual event that attracts thousands of people from all around the world: it’s our Premier Global Auction held every February in Orlando, Florida, and it all started in February 1984. That’s when Ritchie Bros. conducted its first unreserved auction in Orlando with Ring Power as the primary consignor. The Ring Power Corporation, one of the largest Cat dealers in the south eastern U.S., was looking to sell its surplus used equipment, and asked Ritchie Bros. to conduct an unreserved auction in Orlando in 1984. The Ring Power auction in February became an annual event in Orlando – and evolved into the world’s largest industrial auction.
How it all began
Of all their available options at the time, only one made sense to Ring Power. “We had a lot of under-utilized rental equipment, trades and vehicles to dispose of, and we wanted to do it in a fast, efficient manner – not piece meal, over weeks or months,” said (now-retired) Senior Vice President Frank Fowler, Director of Used Heavy Equipment Sales. “That’s how we arrived at the unreserved auction concept. Where else can you have everything sold in one, two or three days – and get paid almost immediately?”
At the time, Ritchie Bros. was still a young company, and Ring Power was impressed by the company’s unique approach to conducting auctions and its commitment to no reserves, no buy-backs, and fairness, and transparency in everything we did.
From a one-off to one huge global event
After all was said and done, the 1984 auction was “a great success,” says Frank, and marked the start of a lasting partnership. Over the years, Ring Power and thousands of other sellers of all shapes and sizes have sold hundreds of millions of dollars worth of equipment at the annual Orlando auction, and after four decades, it’s evolved into Ritchie Bros.’ flagship event, not to mention the largest equipment auction in the world that sets the stage for the year to come.
The upcoming Premier Global Auction in Orlando, FL Feb 19-23, 2024 marks our 40th year. And although it has grown to be known worldwide for its sheer size and selection of equipment, Orlando has evolved in so many other ways too. Sellers now have the option of selling their inventory virtually or onsite at the 200+ acre facility. And with more ways to bid including onsite, online during the live auction, via our mobile app, or via PriorityBid which opens before the auction even begins, it’s easier for buyers which creates more competition for sellers’ equipment. Plus, there are numerous convenient services available to both sellers and buyers including equipment appraisals and inspections, refurbishing, financing and more.