In a coming together of two construction machinery giants, used equipment from the world’s largest manufacturer—Caterpillar—will be sold by the world’s largest equipment auctioneer—Ritchie Bros. The global strategic alliance dovetails with Ritchie Bros.’ agreement to purchase its major online competitor, IronPlanet, for $758.5 million.
IronPlanet investor Caterpillar Inc., Peoria, Ill., announced Aug. 29 a strategic alliance agreement with Ritchie Bros. Auctioneers, Vancouver, British Columbia, under which the Canadian-based company will become Caterpillar’s preferred global partner for live onsite and online auctions. The agreement will, says Caterpillar, both complement its existing dealer channels and enhance its delivery of Internet-of-things connectivity offerings to improve customer fleet utilization.