If you’re in need of industrial trucks or heavy equipment, Ritchie Bros. Auctioneers can help. This company offers the purchase and sale of heavy industrial equipment through online and live auctions. The company also manages and disposes of industrial assets. To learn more about this company, visit ritchiebros.com.
In the early 1970s, Ritchie Bros. Auctioneers had about 25 employees and handled sales totaling over C$1.5 million. Employees would visit the auction site at least two months before the auction to catalog and inspect equipment. They would also prepare advertising and brochures. In addition, they offered financing on-site. This meant that bidders from all over the world could purchase a piece of equipment without having to pay full price right away.
In addition to offering a streamlined buying process, Ritchie Bros auctions offer a wide variety of equipment. Hundreds of different used pieces of equipment are offered at each auction, making them a “one-stop-shop” for equipment buyers. Each piece of equipment has a unique bid number, and bidders wait patiently for it to move to the center stage. The auctioneer then calls for bids and each item is sold to the highest bidder.
The company’s success has led to an expanding global business. The company began holding auctions in the United States in the 1970s and sold over C$110,000 worth of equipment. By 1983, the company had sales totaling over $100 million in North America. The company now operated auctions throughout Asia, Australia, and the Middle East. They opened sales offices in Germany, the Netherlands, the Philippines, and the United Arab Emirates.
The company conducts hundreds of public auctions every year in multiple countries. They also offer a variety of services, including appraisal and financing. In addition, they ship and refurbish heavy equipment. Currently, the company has over 40 auction sites around the world. For more information, visit the company’s website.
The company continues to experience an upward trend in buyer demand and equipment pricing. In Fort Worth, Texas, for example, they sold more than $43 million in equipment at their annual auction. The auction attracts more than 13,500 bidders from 66 countries. In addition, more than 29,000 PriorityBids were made during the auction. More than 85% of the equipment in the Fort Worth auction was sold to U.S. buyers and 15% to international buyers.
The company has expanded into several countries in recent years, including Japan and the Asia-Pacific region. In 1998, the company goes public on the New York Stock Exchange, and in 2008, they celebrate their 50th anniversary by opening offices in Australia, New Zealand, and Panama. In February of 1999, they acquired Forke Auctioneers, a major industrial equipment auctioneer based in Lincoln, Nebraska. Today, the company has grown to US$4.9 billion in revenue.
The company began conducting auctions in 1958. These days, the company sells industrial assets such as heavy machinery, trucks, and other industrial assets through online and live auctions. They also have over 110 locations in nearly 30 countries.