DAVENPORT — One of Central Florida’s biggest bidding wars got underway next to Interstate 4 in Polk County Monday as thousands of prospective buyers vied for bulldozers and cranes at one of the country’s largest heavy-equipment auctions.
Wearing a worn camouflage hat over straight hair that brushed his lower neck, second-generation auctioneer Jim Davis Jr. strolled past parking attendants toward a line of mostly men awaiting shuttle buses. The biggest change at Ritchie Bros. auctions over recent decades, he said, has been the influx of buyers who don’t even need to show up.
“The internet has ruined everything — well not ruined it, but now I’m fighting with everyone [to bid],” said Davis, who drove his hand-rebuilt V-10 truck from Vermont for his annual sojourn to Davenport, about 35 miles southwest of Orlando. Ritchie Bros. opened its Florida operation here in 2003.
This week’s auction comes as the U.S. dollar’s mounting strength has softened demand for domestic goods from foreign buyers. It also comes as construction companies begin to gear up for promises of public investment into highways, bridges and buildings by a new federal administration. Florida’s construction industry has been booming for several years.
The internet further changes the dynamics of the annual event.
“The big thing today is people’s time,” said Ritchie Bros. sales manager Steve Kriebel from his office overlooking the sun-drenched rows of equipment. “We have buyers who want to coach their kids’ soccer game. The next generation is more comfortable with technology. They can decide whether they want to bid onsite or online.”
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Ritchie Bros. shifted its business model by adding online auctions more than a decade ago, timed online auctions for smaller pieces in 2011 and an eBay-style auction called Equipment One for larger specialty pieces in 2013.
Auctioneers estimate that half the bids over the next four days — the last day is Friday — will come from onsite shoppers like Davis and the rest from online buyers who may hail from as close as Orlando or as far away as Vietnam or Japan.
Even with new virtual opportunities to buy, rows of indoors bleachers were filled with a variety of prospective buyers. They watched as a parade of equipment rolled past and looked at an overhead screen showing a photo and details of each piece as it came up for trade. As the auctioneer spoke in rapid-fire bursts, bidders tipped a hat or raised a hand to catch the attention of four “bid catchers” until a top price was reached.
More modest pieces roll out early in the week. Mid-morning on Monday, bidding started at $15,000 on a 2013 Volvo multi-terrain loader with 1,287 hours of use. Within about 20 seconds, it sold for $20,000.
By the end of the week, some of the cranes may fetch as much as $1 million.
Ritchie Bros. said auction pre-registration estimates were up from last year. In 2016, about a quarter of the 9,869 bidders bought $172 million worth of equipment. About a quarter of last year’s buyers were from Florida, a fifth from 80 other countries and the rest from elsewhere in the U.S.
Walking across part of the the 200-acre site, Davis eyes several excavators parked in a row and hoists himself into the cab of one, turning the key. Nothing happens. He then offers a tip for buyers: “Look it over really good before you bid on it.”
The longtime auction buyer and seller also suggested buyers go in with a price limit and stick to it. Purchasing two or three pieces of equipment can help spread the cost of transporting them. Consider the add-on costs of the auction house and taxes, he added.
After surveying the prospects that might sell back home in Vermont, Davis said, he would spend the evening comparing specifications, how many hours machines have been used and online prices. He said contractors looking for equipment in Vermont generally aren’t flush with cash but they are feeling more optimistic with a new president who speaks of more construction.
With some research and good timing, he said, there is money to be made at the auction.
“You can double up on your money,” Davis said. “It’s better than going to Vegas.”
mshanklin@orlandosentinel.com or 407-420-5538
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