Ritchie Bros. Launches New Way to Buy and Sell Equipment
Ritchie Bros., the world’s largest seller of used industrial equipment, has launched Ritchie Bros. EquipmentOne, with new features and functionality for both buyers and sellers.
EquipmentOne is a secure online marketplace for the private sale of equipment and materials, where buyers and sellers can negotiate, complete and settle their transactions in a single transparent environment.
Qualified members from anywhere in the world can buy on Ritchie Bros. EquipmentOne. Membership is free. Members can create personal equipment watchlists, save searches and access the Ritchie Bros.’ “Orange Book,” a market reference tool that shows recent pricing for equipment of a similar type, age and usage. By highlighting a market-activity zone of prices where buyers and sellers are most active, the “Orange Book” is designed to help sellers determine a reasonable asking price and allows buyers to make reasonable offers.
The Ritchie Bros. EquipmentOne marketplace has an intuitive self-serve listing tool currently available to equipment sellers in the United States. Self-serve listing functionality for Canadians is expected to launch later this year, with further international expansion in 2014. Sellers create their own listings, including equipment photos and detailed information, and select an “Ask Price” and a “Buy-it-Now Price” for a listing period of two weeks.
Negotiations take place using the Online Negotiation Engine. Buyers make transparent offers above or below the Ask Price. The item is sold if an offer is made at the Buy-it-Now Price or, if at the end of the listing period, an offer is made in excess of the Ask Price. Otherwise the seller has four options: (a) accept the highest offer and sell them item, (b) move the item to a Ritchie Bros. unreserved auction, (c) remove the item from the marketplace or (d) re-list the item on EquipmentOne after a two-week waiting period.
“The big appeal for Ritchie Bros. EquipmentOne is the convenience and security it provides both buyers and sellers,” said Dave Dawson, CEO of Ritchie Bros. EquipmentOne. “We take care of all the advertising, collecting proceeds and more—Ritchie Bros. EquipmentOne provides a number of features and services to ensure all transactions are easy, safe and secure.
“We also provide the most equipment listings anywhere on the web by pulling in equipment being sold in our unreserved auctions as well as equipment listed on other websites all across the internet—currently we are showing more than 2.8-million listings,” he said.