Ritchie Bros rolls-out EquipmentOne service

By Murray Pollok09 April 2013

A selection of wheel loaders crosses the ramp on day two of the Ritchie Bros. Orlando, FL auction

A selection of wheel loaders crosses the ramp on day two of the Ritchie Bros. Orlando, FL auction

Ritchie Bros has fully launched its new EquipmentOne service, an online marketplace that allows buyers and sellers to negotiate prices and complete sales.

With the new service Ritchie aims to target the $100 billion market in used equipment sales that is not conducted through auctions.

Under EquipmentOne, sellers create their own listings - including photos and detailed information - select an ‘ask price’ and a ‘buy-it-now price’ for a listing period of two weeks.

Price negotiations take place using an 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, within the two-week listing period, an offer is made in excess of the ask price.

Bob Armstrong, Ritchie’s chief strategic development officer, said “our current estimate of the global used equipment market suggests 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.

“With Ritchie Bros EquipmentOne we are now able to provide these private treaty buyers and sellers a safe, convenient and profitable way to exchange equipment and materials."

Buyers and sellers have to sign up to the EquipmentOne service, at no cost, and can create personal equipment watchlists, save searches and access Ritchie’s Orange Book, which shows recent pricing information.

The new service has a ‘self-serve’ listing tool that is currently available to equipment sellers in the US, with Canada to follow later this year, with further international expansion in 2014.

MAGAZINE
NEWSLETTER
Delivered directly to your inbox, World Construction Week Newsletter features the pick of the breaking news stories, product launches, show reports and more from KHL's world-class editorial team.
Longer Reads
Computer vision AI sees the way forward
Salman Chaudhary, CEO at EmpiricAI, explains why computer vision AI offers a glimpse of the future of health & safety in the construction sector
How wearable technology is used in construction
Wearable technology is helping construction companies become more productive and is also boosting health and safety 
Post-pandemic demand lengthens delivery times for construction equipment
Government stimulus measures following the global pandemic have led to a surge in demand for construction equipment
CONNECT WITH THE TEAM
Andy Brown Editor, International Construction Tel: +44 (0) 1892 786 224 E-mail: andy.brown@khl.com
Simon Kelly Sales Manager Tel: +44 (0) 1892 786 223 E-mail: simon.kelly@khl.com
CONNECT WITH SOCIAL MEDIA