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

  • Chinese firm Shantui is developing a long term business strategy for growth
    November 13, 2014
    Chinese manufacturer Shantui is expanding its operations with a more diverse range of products – Mike Woof reports Chinese manufacturer Shantui is reorganising its operations to cope with the current tough market conditions, taking a long term view that is geared for future growth. The firm has expanded its operations significantly, broadening its product line away from its reliance on the bulldozer business where it has its origins. Demand for concrete equipment has been strong in China and the firm saw t
    Read More
  • Chinese firm Shantui is developing a long term business strategy for growth
    January 6, 2017
    Chinese manufacturer Shantui is expanding its operations with a more diverse range of products – Mike Woof reports Chinese manufacturer Shantui is reorganising its operations to cope with the current tough market conditions, taking a long term view that is geared for future growth. The firm has expanded its operations significantly, broadening its product line away from its reliance on the bulldozer business where it has its origins. Demand for concrete equipment has been strong in China and the firm saw t
    Read More
  • MOBA founder Paul Harms will be “sorely missed” after death aged 82
    March 4, 2013
    Paul G. Harms, founder and long-time managing director of MOBA, has died aged 82. For more than 30 years Harms led and shaped the German firm, from its foundation in 1972 to its current position among leading international companies in mobile automation. Born in 1931 in Osnabrück, Germany, on leaving school Harms completed an apprenticeship as an instrument mechanic then worked as thermal technician for Georgsmarienhütte AG. At the same time, Harms attended technical evening school and then studied mechanic
    Read More
  • Montreal’s new Champlain Bridge is shaping up for Christmas
    September 10, 2018
    Montreal’s Champlain Bridges - one going up, one coming down, reports David Arminas The importance of the new Champlain Bridge to Montreal and Canada can’t be overstated, given the crumbling nature of the not-so-old original Champlain Bridge. The original steel truss affair across the St Lawrence River and the adjacent St Lawrence Seaway canal is “a lifeline for residents and businesses” in greater Montréal, according to the national Auditor General - the public sector spending watchdog. “It accommodates
    Read More

Highlighted Content