Auction strength

Positive news comes from equipment auction specialists Ritchie Bros and IronPlanet. Ritchie Bros reports strong performance for its online construction machinery marketplace, EquipmentOne, in the first year since the service was set up. The service was initially launched in early 2013 and had a full commercial launch in April. The Marketplace already has hundreds of thousands of qualified members around the world. Sellers can make their own listings or work with Ritchie Bros to create listings including equ
April 4, 2014 Read time: 2 mins
Positive news comes from equipment auction specialists 318 Ritchie Bros and 714 IronPlanet. Ritchie Bros reports strong performance for its online construction machinery marketplace, EquipmentOne, in the first year since the service was set up. The service was initially launched in early 2013 and had a full commercial launch in April. The Marketplace already has hundreds of thousands of qualified members around the world. Sellers can make their own listings or work with Ritchie Bros to create listings including equipment photos, detailed asset information, and price parameters. Negotiations take place using the Online Negotiation Engine. Buyers are able to make transparent offers for the seller's consideration during the listing period. When the listing period concludes and the item is sold, EquipmentOne provides financial settlement services to ease transactions.

Meanwhile IronPlanet made a strong start to 2014, selling US$26.8 million in used heavy equipment and trucks during a global auction event held recently. The four-day auction included equipment listed in the US, Canada, Mexico and Europe.

In Total, 1,795 items were sold to over 1,000 buyers. Strong demand in the market was demonstrated by online bids placed from 78 different countries as well as from every US state and all 10 Canadian provinces. IronPlanet will continue to feature regular online weekly auctions in North America and monthly online auctions of equipment in Europe.

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