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

  • Trading on carbon markets
    August 2, 2012
    Anticipating new trends, IRF is organising a panel discussion on this promising and fast-growing market during the 2nd International Roads & Environment Conference Signing the declaration on Energy, Security and Climate Change in Hokkaido, Japan, during the last G8 meeting, 17 leaders of the world's major economies have underlined the potential of appropriate market mechanisms when looking for global solutions in the fight against climate change. Emissions' trading is one of the options and certainly the in
    Read More
  • Golden opportunities in the MINT - Mexico, Indonesia, Nigeria, Turkey
    May 21, 2015
    Mexico, Indonesia, Nigeria, Turkey – Global Report offers up some food for thought about where smart money might be headed within the next several years – David Arminas writes China’s rate of growth may be slowing down, but other South East Asian companies are being quick to offer alternate investment opportunities, notably Indonesia. Nigeria, too, has had issues with security of investment. But there are signs that the government may be getting serious at last about tightening up rules and regulation
    Read More
  • Powerscreen promises eye-catching new models
    March 9, 2017
    Powerscreen is set to introduce a wide number of eye-catching new crushing and screening plants onto the global market over the next 12 months. The Northern Ireland-headquartered Terex brand is at CONEXPO-CON/AGG 2017 showcasing its Premiertrak 600 jaw crusher, Warrior 600 screen and Warrior 2400 screen.
    Read More
  • New tests, new technology, new users: why materials testing is a growing market
    February 7, 2017
    A look back at some of the developments this year, and a look ahead to what may come next reveals the increasing use of materials testing. New technology and new ways to process and analyse data will drive change even further - Kristina Smith reports For materials testing equipment manufacturers, constant change is business as usual. New tests emerge, new standards are written and new practices spread around regions and the world. There are also new materials to deal with: bitumen modified with polymers
    Read More

Highlighted Content