Ritchie Bros Auctions

by admin

If you’re in the market for heavy industrial equipment, trucks, and other assets, Ritchie Bros. Auctioneers can help you sell them at auction. The company’s services include online auctions, live auctions, and other transactional channels. Here’s what you can expect from these services.

In 1987, Ritchie Bros. auctioneers held its first auction outside North America in Liverpool, England. The auction sold equipment used to rebuild infrastructure in the Falkland Islands. Since then, the company has expanded into various parts of the world, establishing sales offices in the Netherlands, Germany, the Philippines, and the United Arab Emirates.

The company continues to see a steady upward trend in equipment pricing and buyer demand. In its recent Fort Worth auction, the company sold over US$55 million worth of equipment. It attracted 13,500 bidders from 66 countries. Each lot received 100+ views on the auction website, and the company received more than 29,000 PriorityBids. About 85 percent of the auctioned equipment was bought by U.S. buyers, and 15% was bought by international buyers.

The Ritchie Bros auction process is easy to follow. The auctioneer starts by asking for an asking price, and if no one wants to bid, the price is reduced. At the end of the auction, the bid catcher relays the bid to the auctioneer, who then announces the winning bidder.

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