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

  • Mecalac expanding with key acquisition
    July 13, 2018
    French construction machine manufacturer Mecalac is expanding its operations with a key acquisition. The Mecalac Group is adding to its range of products by taking over production of a range of compact wheeled loaders, currently being manufactured by the French company Pichon. The deal will be finalised on January 1st, 2019. The Pichon firm specialises in the design and manufacture of agricultural equipment and is based at Landivisiau in Brittany (France). Following the deal, Pichon will cease production of
    Read More
  • Symology supplies the foundations for Tarmac’s Street Works business
    April 7, 2017
    UK contractor Tarmac has been in partnership with Symology since 2011, using a shared management service for asset management to meet tougher government street work regulations, writes Matt Waite Tarmac, with more than 6,600 employees, is the UK’s leading sustainable building materials and construction solutions business. The company has over 330 UK sites from which it delivers contracting and highways maintenance services as well as products such as aggregates, asphalt, cement, lime and ready-mix concre
    Read More
  • Metso and Magotteaux reach exclusive impactor wears distribution deal
    April 11, 2013
    Metso and Magotteaux of Belgium have signed an agreement to distribute Magotteaux special, composite type wear parts for impact crushers on an exclusive basis. The contract is valid on worldwide basis excluding the US, Canada and Mexico, where the agreement is of non-exclusive type. "With this agreement, we are able to combine Metso's proven knowledge of impact crushers with the special experience of Magotteaux regarding composite type of blow bars used with impactors. As a result, we can offer our customer
    Read More
  • IRF Executives Talks: shaping the future of Intelligent transportation
    August 29, 2024
    Technological advances for the intelligent transportation sector are developing at incredible speed globally. For many leaders in the sector, one of the biggest challenges is how they should use new technology to shape the future of intelligent transportation. SWARCO chief executive, Michael Schuch, put forward his ideas in conversation with IRF Director General Susanna Zammataro ahead of the IRF World Congress in Istanbul in October.
    Read More

Highlighted Content