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Cheap pound draws buyers

Cheap pound draws buyers

30 July 2016 Email this article

Following the market fluctuations that have come about as a result of the UK’s decision to leave the EU, international bidders flocked to an auction of construction machinery in the UK last month in search of bargains.

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More than half of the bidders at the Ritchie Bros auction at Donington Park on 12th July were from overseas, either attending in person or bidding online.

Organisers attribute the high international interest to the fall in the value of the GB pound, which has dropped from close to US $1.50 to around $1.30 this year. Against the Euro the pound has fallen from €1.36 at the start of the year to €1.19 last week.

The Donington Park auction had more than 1,600 lots including excavators, loaders, dozers, access platforms, trucks, tractors, attachments and more, with each item taking just 60 seconds to sell.

Rupert Craven, Ritchie Bros sales director for UK & Ireland, said: “We saw over a thousand bidders joining the auction, both in person and via internet. This included 450 bidders from the UK and the rest from 68 other countries around the world. Compared to our auction in May, roughly 10% more bidders from outside the UK became successful and purchased equipment at this auction. The exchange rate gives bidders from the Eurozone definitely more buying power than before.”

Besides the UK, dominant bidder countries at the auction were Poland, the Netherlands, Ireland and Germany. There were also buyers from the USA, Hong Kong, Japan, New Zealand and elsewhere.