January
22, 2013, Vancouver, B.C. /CNW/ – Ritchie Bros. (NYSE and TSX: RBA), the
world's largest seller of used industrial equipment, has announced the initial
release of a new online equipment marketplace called Ritchie Bros.
EquipmentOne.
January
22, 2013, Vancouver, B.C. /CNW/ – Ritchie Bros. (NYSE and TSX: RBA), the
world's largest seller of used industrial equipment, has announced the initial
release of a new online equipment marketplace called Ritchie Bros.
EquipmentOne. Complementary to the Company's flagship unreserved auction
business, Ritchie Bros. EquipmentOne (www.EquipmentOne.com) is a secure online
marketplace for equipment and materials. Buyers and sellers can use Ritchie
Bros. EquipmentOne to negotiate, complete and settle their transactions in a
safe and transparent environment. Core marketplace functionality has now been
released and enhancements are being made on an ongoing basis; the next major
release and full commercial launch is scheduled for the second quarter of 2013.
"In
late 2010 Ritchie Bros. adopted a new mission statement transitioning us from
strictly an auction company to a solutions company. Our objective is to provide
a number of different solutions to the world's builders so they can easily and
confidently exchange equipment," said Peter Blake, Chief Executive Officer
of Ritchie Bros. Auctioneers. "Our updated estimate of the global used
equipment market suggests that it is in excess of $200 billion in annual
transaction value with approximately half of all equipment transactions taking
place on a private treaty basis. Our surveys show that most of these private
sellers are unsatisfied with their current experience because it's not easy,
and in many cases it's not safe and secure. We believe Ritchie Bros., with our
brand, data and industry expertise is uniquely positioned to deliver a great
solution to this segment of the market—this solution is Ritchie Bros.
EquipmentOne and we believe it will enable the non-auction segment of the
equipment market to easily and confidently exchange equipment like they never
have before."
Ritchie
Bros. EquipmentOne was developed by building on the AssetNation platform, a leading
online marketplace and solutions platform for surplus and salvage assets
management. Ritchie Bros. acquired the AssetNation platform in May of 2012.
With this initial launch, Asset Nation’s large corporate customers are now
selling their equipment and materials on Ritchie Bros. EquipmentOne. With the
subsequent launch in the second quarter, additional functionality will be
released and a broader range of sellers will be welcomed onto the Ritchie Bros.
EquipmentOne marketplace.
"Much
of the equipment and materials sold on Ritchie Bros. EquipmentOne will be
similar to the assets sold at Ritchie Bros. auctions," said Dave Dawson,
CEO of Ritchie Bros. EquipmentOne. "But they will be listed and sold on
Ritchie Bros. EquipmentOne because the motivations and needs of some sellers
are different and better met by an online marketplace than an unreserved
auction. Ritchie Bros. auctions offer certainty of sale and global market value;
whereas Ritchie Bros. EquipmentOne offers sellers control over price and
process. The distinction isn't the type of asset; it's the needs of the
customer."
"We
have a growing and profitable core auction business and we will remain firmly
committed to it while we grow into the non-auction segment of the market by
launching another great solution for the equipment industry—Ritchie Bros.
EquipmentOne," added Mr. Blake. "We foresee many, many years of
strong growth for our flagship auction business, but we also understand there
are equipment owners whose buying and selling needs are not met by auctions.
With Ritchie Bros. EquipmentOne we are now able to provide a great solution for
that segment of the equipment market as well."
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