Volatile markets. Chip shortages. Manufacturing delays. Today’s fleet and asset managers face unprecedented challenges in obtaining the equipment they need to keep their businesses running. The demand for used equipment continues to increase, and savvy companies know that Ritchie Bros. online auctions and digital marketplaces are great solutions that deliver outstanding results and meet their asset management goals.
Fully online auctions
Online selling methods have become the new norm for many international equipment buyers, especially during pandemic times with border closures and travel restrictions. To no surprise, Ritchie Bros.’ online Timed Auctions have seen massive growth in domestic and cross-border participation, leading to a broader international footprint and stronger price performance.
How do they work?
When you think about an auction, you might think about fast-talking auctioneers leading the action. The online Timed Auctions are different. Ritchie Bros. Timed Auctions use an easy-to-use online system that tracks bids as they’re received. Bidding is open for several days, and buyers receive notifications to stay up to date. Having more time to bid is an advantage for both bidder and seller. Like pre-COVID, the auctions are still unreserved, meaning there are no minimum bids and the highest bidder always wins the item.
What makes a bidder confident enough to place a bid? Online listings for inventory in the auctions include numerous photos, inspection reports, and other details. Bidders can also come to the auction location and inspect items in person. Having these two options helps buyers understand the equipment they are bidding on. It ensures buyer confidence – essential since all equipment is sold ‘as is, where is.’
When it comes to selling, the more eyes that are on your equipment, the better the price performance can be. This is where online auctions effectively increase international reach and get your equipment in front of as many potential buyers as possible. Ritchie Bros. regularly sees big equipment going to bidders from all over the world. Dozers sold for a customer in the UAE to a buyer in Peru, excavators from the Gulf region sold to buyers in Uganda. This kind of international reach is hard to find elsewhere. Ritchie Bros. is uniquely positioned to connect Gulf-based equipment sellers to overseas buyers using its innovative online timed auction format.
Unused and near-new equipment is also available
It’s a common misconception that only used equipment is available in Ritchie Bros. auctions or marketplaces. That’s not the case. There is more unused equipment and low mileage/hour or near-new surplus equipment than people often realize. It’s advised to create a free account and check out the inventory on the rbauction.com website regularly to avoid missing the best deals.
High demand drives price performance
In the first quarter of 2021, Ritchie Bros. global website traffic was up 47% year over year, and bidder registrations were up 49%. Increased buyer activity can be attributed to the fact that auctions provide quick access to work-ready equipment, not only in the Middle East but around the world.
Overall demand remains strong, as is reflected in auction participation and price performance. The most recent Dubai online timed auction on September 14 & 15 saw attendance from 267 buyers from 47 countries, with 176 based in the UAE. The top MENA region buyer countries were UAE, Egypt, KSA, Jordan, and Lebanon, while the top international buyer countries were India, The Netherlands, the USA, Nigeria, and Kazakhstan.
Interesting trends at Ritchie Bros. are the growing interest from Kazakhstan buyers at many auctions globally. And the persistent appetite from bidders for all-terrain cranes and rock trucks, as well as motor graders and crawler tractors.
More than auctions
But Ritchie Bros. is much more than just quarterly online timed auctions.
We also operate Marketplace-E, a 24/7 online listing site with global sellers and buyers. In this online marketplace, items can be listed fast and promoted to a global audience of online buyers. Key differences are that sellers can set reserve prices. Equipment can be sold from the consignor’s location or one of Ritchie Bros.’ locations.
What’s more, Ritchie Bros. offers a comprehensive suite of asset management services, including equipment refurbishment and logistics services.
Fleet management done right
Tracking and managing a fleet of machinery can be a challenging task. But more and more businesses are using modern technology to streamline processes. Over the last few years, Ritchie Bros. has developed a new product called Ritchie Bros. Asset Solutions. This web-based, mobile-friendly suite of services tracks assets with real-time market valuations. It enables the workflow of equipment and truck inventory to multiple disposition channels with a simple click. Users can request inspections and appraisal services. In addition, the company recently launched a free, powerful Asset Valuator tool that pulls historical data from its global disposition channels, including Ritchie Bros. auctions, IronPlanet, Marketplace-E, and Mascus. Using data from millions of previously sold items, the algorithm calculates average prices and estimates the current value of the equipment to help fleet managers make the right asset management decisions.
New financing options available for buyers
Getting financing for equipment purchases just got easier. Ritchie Bros. is now offering a broader range of options for customers based in the Emirates. UAE-based buyers can benefit from an expanded range of heavy equipment and machinery eligible for financing by Emirates NBD bank. This initiative is the result of an industry-leading partnership between Emirates NBD bank and Ritchie Bros.
You can find the financing ribbon on inventory photos identifying machinery and heavy equipment eligible for this service.
Last chance to sell before the end of year
The next quarterly Dubai online timed auction in Dubai will take place in December, and hundreds of equipment items are already added to be sold. Bidding opens on December 7, 2021 and ends at staggered times on December 14 and 15. Don’t delay in consigning your equipment. The sooner your equipment is listed in the auction, the more eyes will see it around the world, and the better the auction results will be.
Available in English and Arabic
Did you know that Ritchie Bros.’ website and online auctions are almost entirely available in Arabic? In addition, Ritchie Bros. has a team of Arabic-speaking territory managers to help buyers and sellers in the region. Be sure to visit our Arabic language website: www.rbauction.ae