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

  • LiuGong Construction Machinery sales double in North America
    May 2, 2012
    LiuGong Construction Machinery says doubling its North American-based equipment sales in 2011, compared to the previous 12 months, reinforces the company's goal of being among the world's top 10 equipment manufacturers by 2015.
    Read More
  • ECED construction machinery dealers think tank
    July 4, 2012
    ECED's first 'Machinery Dealers Think Tank' in Lisbon proved a big success Dr. José Gameiro, President of the European Confederation of Equipment Distributors (ECED) and a member of the Board of the Portuguese association ACAP, hosted the Fall General Assembly of the ECED Lisbon, Portugal. Preceding this bi-annual formal gathering (on 22 November), Dr. José Gameiro welcomed 17 independent distributors from Portugal, France, UK, Spain, Austria and Eastern Europe, as well as seven of the most prominent nation
    Read More
  • Booming Chinese aggregate demand
    February 22, 2013
    Global demand for construction aggregates is set to increase 5.2% a year until 2015 to 48.3 billion tonnes, according to research by The Freedonia Group in the United States. The same source tips China alone to account for half of all new aggregate demand worldwide in the period 2010-2015. Guy Woodford reports on the growing importance of the Asian aggregates market. China is already the biggest nation for aggregate production and use in the world, and the competition among the giants of aggregate productio
    Read More
  • More satellites, more signals
    July 20, 2012
    Greater GPS accuracy suggests closer tolerances for surveying and machine control functions What happens in the future for GPS surveying and machine control could depend on satellite choice and signals. Right now there are around 30 satellites in orbit, largely built by the US, but by 2012 that could rise to 120 as Europe, China, India and Russia fully enter the market. A chequered history has faced the European's Galileo system. At long last, the finance appears to be in place and the European Commission a
    Read More

Highlighted Content