Online boom brings new sales channel to Australian machinery market

BRISBANE, QUEENSLAND, Australia, Oct. 17, 2017 /CNW/ - Machinery auction expert Ritchie Bros. is about to raise its stake in the Australian market with the introduction of its new online-only brand: IronPlanet.

Complementing Ritchie Bros.' onsite auctions, IronPlanet is an online-only marketplace offering new benefits to customers, including selling without transporting items to a centralized location and the ability to sell items for a fixed price, negotiate offers or set a reserve. IronPlanet also offers a world-class inspection service that gives buyers confidence to buy online, sight unseen.

"We are excited to bring the IronPlanet marketplace to Australia. Since IronPlanet launched in North America 18 years ago it has grown to become a leader in online auctions and marketplaces, with 1.9 million users globally," said Richard Tucker, Ritchie Bros.' Director, Operations, Asia-Pacific.

Ritchie Bros. acquired IronPlanet earlier this year, deciding to quickly expand the brand and its service to its Australian customers.

"By introducing IronPlanet we're now offering a true multichannel solution in Australia, with options for customers to sell, buy and list equipment when, where and how they want, whether onsite or online," added Mr. Tucker.

"We believe IronPlanet will be very beneficial for all Australians, but especially those located in cities like Sydney and Perth that are located further away from our permanent sites in Brisbane and Geelong."

Ritchie Bros. has been helping Australians sell construction, mining, transportation, and agricultural machinery for more than 20 years through its full-service onsite auctions. In 2017 the company has sold more than 8,000 items in Australia.

"Today we are dealing with customers who are much more comfortable with the online sales experience. Last year approximately 49 percent of the equipment sold in our onsite auctions was sold to online buyers."

Buyers can virtually inspect items online and review detailed inspection reports completed by qualified inspectors. Equipment sold through IronPlanet is backed by the company's IronClad Assurance, guaranteeing the accuracy of the inspection report on each 'item' sold.   

"Our goal is to be a one-stop-shop for all asset management and disposition. As well as providing equipment buyers the largest selection of equipment available anywhere in Australia."

Ritchie Bros. solutions now include:

• IronPlanet's reserved online marketplace: flexible online auctions offering customers the choice of selling assets at a fixed price, negotiating offers, or setting a reserve (minimum) price. Equipment is not required to be transported to a central location prior to being sold.
• IronPlanet's monthly online featured auctions: regular online-only, unreserved monthly auctions. Equipment is not required to be transported to a central location prior to being sold.
• Ritchie Bros. Auctioneers' unreserved onsite auctions: full-service, unreserved auctions with a live auctioneer and real-time online bidding. Equipment is stored at, and the auction is held at, a central Ritchie Bros. auction site. There are approximately 8 – 10 onsite auctions held in Australia each year.

For more information, visit IronPlanet.com and RBauction.com.

About Ritchie Bros.:

Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a multitude of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company's selling channels include: Ritchie Bros.Auctioneers, the world's largest industrial auctioneer offers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing its exclusive IronClad Assurance® equipment condition certification; EquipmentOne, an online auction marketplace; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company also offers sector-specific solutions including GovPlanet, TruckPlanet,Kruse Energy Auctioneers, and Cat^® auctions, plus equipment financing and leasing through Ritchie Bros. FinancialServices. For more information about the unprecedented choice provided by Ritchie Bros., visit RitchieBros.com.

Photos and video for embedding in media stories are available at rbauction.com/media. 

SOURCE Ritchie Bros. Auctioneers