Ritchie Bros. Launches Online Marketplace

January 22, 2013

Ritchie Bros. has launched a new online equipment marketplace, EquipmentOne, as a secure online marketplace for equipment and materials. Buyers and sellers can use Ritchie Bros. EquipmentOne to negotiate, complete and settle transactions.

Core marketplace functionality has now been released and full commercial launch is scheduled for the second quarter of 2013.

“Our objective is to provide a number of different solutions to the world’s builders so they can easily and confidently exchange equipment,” said Peter Blake, CEO of Ritchie Bros. Auctioneers. “Our updated estimate of the global used equipment market suggests that 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. Our surveys show that most of these private sellers are unsatisfied with their current experience because it’s not easy, and in many cases it’s not safe and secure. We believe [EquipmentOne.com] will enable the non-auction segment of the equipment market to easily and confidently exchange equipment like they never have before.”

Ritchie Bros. EquipmentOne was built on the AssetNation platform, which it acquired in May 2012. With this initial launch, AssetNation’s large corporate customers are now selling their equipment and materials on Ritchie Bros. EquipmentOne. With the subsequent launch in the second quarter, additional functionality will be released and a broader range of sellers will be welcomed onto the Ritchie Bros. EquipmentOne marketplace.

“Much of the equipment and materials sold on Ritchie Bros. EquipmentOne will be similar to the assets sold at Ritchie Bros. auctions,” said Dave Dawson, CEO of Ritchie Bros. EquipmentOne. “But they will be listed and sold on Ritchie Bros. EquipmentOne because the motivations and needs of some sellers are different and better met by an online marketplace than an unreserved auction. Ritchie Bros. auctions offer certainty of sale and global market value, whereas Ritchie Bros. EquipmentOne offers sellers control over price and process. The distinction isn’t the type of asset; it’s the needs of the customer.”