Caterpillar and Ritchie Bros announce a strategic alliance

Caterpillar has announced an alliance with Ritchie Bros, a global industrial auctioneer and equipment distributor, for the Canada-based company to conduct live onsite and online auctions for used Caterpillar equipment.
September 1, 2016 Read time: 2 mins

178 Caterpillar has announced an alliance with 8031 Ritchie Bros, a global industrial auctioneer and equipment distributor, for the Canada-based company to conduct live onsite and online auctions for used Caterpillar equipment.

The announcement comes on heels of Ritchie Bros buying auctioneer 714 IronPlanet, a private company based in the United States but operating globally, for around US$758.5 million.

The new strategic alliance between Ritchie Bros and Caterpillar replaces and expands on existing agreements in place between Caterpillar, its dealers and IronPlanet.

IronPlanet was set up in 1999 and focuses on the needs of corporate accounts, equipment manufacturers, dealers and government entities in equipment disposition solutions. The company conducts its sales primarily through online-only platforms, with weekly online auctions and in other equipment marketplaces.

In 2015, IronPlanet had sales of around $787 million of gross merchandise value (GMV) through their sales channels during 2015, according to a joint statement.

Under Caterpillar’s deal with Ritchie Bros, the auctioneer will provide Caterpillar and its dealers with access to proprietary auction platforms, software and other value-added services. This will enhance the exchange of information and services between customers, dealers and suppliers, according to a statement from Caterpillar.

“The strategic alliance is also expected to strengthen Ritchie Bros’ relationship with Caterpillar's independent dealers around the world by providing them enhanced and continued access to a global auction marketplace to sell their used equipment.”

The strategic alliance between Ritchie Bros and Caterpillar will have an initial five-year term. After completing the acquisition of IronPlanet, Ritchie Bros will operate live onsite auctions at participating Caterpillar dealers' locations under the Cat Auction Services brand and also encompass Ritchie Bros other onsite and online brands.

Finance & Funding

For more information on companies in this article

Related Content

  • CNH Global alters alliance with Kobelco Construction Machinery
    January 2, 2013
    CNH Global says it’s entering the ‘next phase’ of agreements with Kobelco Construction Machinery, following an ongoing strategic review of its construction equipment business. Under the new, non-exclusive licensing and supply agreements, which took effect on January 1, 2013, CNH and Kobelco Construction Machinery are unwinding their joint ownership and equity participations in all the companies formed in connection with their previous alliance and eliminating any geographical exclusivity rights associated w
    Read More
  • China is crucial market for Caterpillar’s long term operations
    January 6, 2017
    China has long been an important market for Caterpillar, which first began operating in the country in the early 1970s following talks between China and the US. Its first equipment in China was for generators to power a communications system supplied to China by the US following the talks. The company also worked closely with LiuGong as part of a technology transfer agreement, which highlights Caterpillar’s focus on China. The global crisis has not been an easy time for any construction equipment manufactur
    Read More
  • China is crucial market for Caterpillar’s long term operations
    November 29, 2012
    China has long been an important market for Caterpillar, which first began operating in the country in the early 1970s following talks between China and the US. Its first equipment in China was for generators to power a communications system supplied to China by the US following the talks. The company also worked closely with LiuGong as part of a technology transfer agreement, which highlights Caterpillar’s focus on China. The global crisis has not been an easy time for any construction equipment manufactur
    Read More
  • Cummins posts record second-quarter revenues
    August 7, 2023
    Cummins has recorded second-quarter revenues of $8.6 billion
    Read More

Highlighted Content