As the construction sector has expanded in the Middle East and around the world, so have the ways and means of procuring equipment to use in construction projects. Ritchie Bros. the global leader in the equipment and vehicles auction space, knows all about it – as do the people working there.
PMV Middle East recently caught up with Aneel Jacob, Senior Territory Manager at Ritchie Bros.’ Middle East operations in Dubai to get an overview of how the process of acquiring machinery and vehicles has changed over the long years that he has seen pass under his watch.
Jacob is a veteran of the auction industry and has been with RB for over two decades now. His job involves a lot of travelling and he says he spends most of my days on the road, meeting with partners and clients to understand their requirements, hear what projects they are working on and see how Ritchie Bros. can support them.
“Proactively engaging with customers in this way is fundamental to my role and helps me achieve my target of growing sales for the company by forming strong personal and professional relationships with new and existing stakeholders. The real joy is when I get to see new customers continue to work with us, as it shows how much they value the advice and expertise I am able to offer them as part of the Ritchie Bros. team,” Jacob says.
As someone who has had a fascination for machines and a curiosity about how they worked from a very young age, Jacob seems the apt candidate to engage with customers – and with machinery.
“I knew Ritchie Bros. was a place where I could grow my passion for equipment and that is why, when presented with the opportunity to work with Ritchie Bros in 1999, I grabbed it with both hands. Initially I worked in the yard at the Dubai office. From there, I worked in different branches of the organisation, such as in inventory control, as an equipment inspector, as a sales site coordinator and in the documentation team to assist with import and export. This was before moving on to my role in the sales department as Territory Manager in 2005,” Jacob explains.
“Working with Ritchie Bros. has been an absolute privilege. The company has given me room to hone my skills and grow. The opportunities in different roles within the organisation have prepared me well for my current role as territory manager. As a company, Ritchie Bros. prioritises transparency and trust when helping customers buy and sell heavy machinery. This is why Ritchie Bros. has a reputation as a trusted auctioneer in the heavy equipment industry.”
Long tenure at Ritchie Bros.
With such a long tenure, and after having worked in so many roles, what is his assessment of the auction industry in terms of its importance, the changes he has seen and the direction it is headed in?
“Over the years, demand has been rising for used heavy machinery in the region, and the construction and logistics sectors play a significant role in this need. This is where auctions come in, as these industries rely on auctions to acquire such assets at competitive prices to complete their projects,” Jacob explains.
“Auctions and asset disposition have evolved a great deal. For example, the sector has undergone a digital transformation, with more auction houses digitising their platforms and conducting online auctions. Ritchie Bros. in the Middle East transitioned to online auctions during Covid-19, and we have continued to hold online auctions as they have allowed us to reach a wider audience and enabled more local and international buyers to participate in our auctions. Technology has also helped us increase the diversity of our assets, as we have extended our network of sellers and feature a greater variety of equipment in our auctions.”
Jacob adds that he works in a strategic location for Ritchie Bros. – the Middle East territory – which is ideally situated to serve markets in both the East and West. The extended network of sellers and buyers in the markets is supported by Ritchie Bros. and since the company moved its auctions online, “we’re witnessing much higher interest from international buyers and sellers and are sending equipment to other countries within the GCC, Europe and Africa”.
Elaborating on the effects of this online transition, he says: “In addition to a greater adoption of technology, we have also seen increased demand for more transparency. Buyers are becoming more informed, and they have a greater appetite for details about the equipment they are buying so they can make better informed decisions.
“To meet this demand, we have a comprehensive process when receiving equipment and prepare detailed inspection reports for every asset. This ensures bidders and buyers at Ritchie Bros. auctions have access to all the information they need, and it has helped us to create trust and build even stronger relationships with our buyers and sellers.”
Ritchie Bros.’ benefits to sellers
Speaking about the benefits of selling plant and equipment through Ritchie Bros., and the services that the auctioneer offers, he explains: “Ritchie Bros. offers an all-inclusive service to help sellers get the most value for their assets. When you sell with us, your items are exposed to an extensive network of buyers from all across the globe through Ritchie Bros.’ various buying platforms. We also offer tailored marketing support to promote your assets, expertise on how to use our channels and access to historical data that can help you as a seller and know the best time to sell your items – knowledge that we share with all our sellers.”
Assisting sellers in this way is very much a team effort, he adds, and Ritchie Bros.’ success can be attributed to the operations and sales support staff behind the scenes that manage all documentation, contracts and payments, and offer stellar after-sales services.
“They also advise on the transportation of assets to and from our yard, conduct inspections and prepare the detailed inspection reports that are then hosted on all our channels for buyers to see.”
So now that you know all about the benefits of using Ritchie Bros.’ services, how exactly do you go about doing it? Jacob says the process is as easy as it can be, for most of the work is done by the Ritchie Bros staff.
“Simply reach out to your territory manager or contact our auction site in Dubai first and share the list of items you would like to sell. Be sure to include as much detail as possible, as this will help us advise you on putting all the necessary documentation together. The territory manager will then arrange a time to come and view the assets and give you an estimate for the sale of the machines. Once agreed and the contract is signed, our team will coordinate the transport, inspections and reports. Selling with a reputed auctioneer like Ritchie Bros. really is that easy,” Jacob explains.
He goes on to reveal some insider tips: “You can sell your assets at any time of the year, but the end of the year is the best time to generate some extra revenue for your business going into the new year. We recommend joining our upcoming auction on December 13-14, as this is an excellent way to leverage Ritchie Bros.’ expansive buyer network and give you the support needed for a seamless seller experience.”
For more information about this upcoming auction in Dubai and how to participate, visit www.rbauction.com/dubai or call Ritchie Bros.’ Dubai office at +97148120600.