Ritchie Bros. launched EquipmentOne, its online marketplace for the private sale of equipment and materials where buyers and sellers can negotiate, complete and settle their transactions all in one safe and transparent environment.
“Ritchie Bros. EquipmentOne offers sellers control of the selling price and process while providing buyers complete transparency and security—it’s unlike any other marketplace in the industry,” said Bob Armstrong, Chief Strategic Development Officer.
Qualified members from anywhere in the world are able to buy on Ritchie Bros. EquipmentOne. Membership is free. Members can create personal equipment watchlists, save searches and have access to the Ritchie Bros. Orange Book, a market reference tool that shows recent pricing for equipment of 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 help buyers determine reasonable prices to offer.
The Ritchie Bros. EquipmentOne marketplace has an intuitive self-serve listing tool that is 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.
“Our Online Negotiation Engine provides complete transparency into the negotiation process, ” said Dave Dawson, CEO of Ritchie Bros. EquipmentOne. “The EquipmentOne Total Buyer Protection ensures buyers are protected through an escrow process, seller experience ratings and facilitated dispute resolution.”
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.
Source: Ritchie Bros.