Ritchie Bros.' IronPlanet marketplace experiencing busiest summer ever

Rhea-AI Summary

In July, Ritchie Bros. achieved a record with 8,700 items sold through IronPlanet, generating over US$58 million. The company has surpassed US$1 billion in sales via online marketplaces from August 2019 to July 2020. Ritchie Bros. attracted 73 million visits to its platforms in H1 2020, leading to the sale of 308,000 items and over 6.1 million bids globally. CEO Ann Fandozzi emphasized the shift to online sales, stating that safety and buyer confidence are key, with services like IronClad Assurance enhancing the buying experience.

Positive

• Achieved record sales of over US$58 million in July 2020.
• Surpassed US$1 billion in total sales over the past year.
• Attracted 73 million visits to online platforms in H1 2020.
• Sold over 308,000 items with 6.1 million bids from 140 countries.

Negative

• None.

Close to 8,700 items sold through IronPlanet in July as the company surpasses US$1 billion sold through its online marketplaces over 12-month period (August 2019 – July 2020)

VANCOUVER, BC, Aug. 12, 2020 /PRNewswire/ - In the first half of 2020, Ritchie Bros. attracted 73 million visits to its various web platforms, so it should come as no surprise that the company has sold more than US$1 billion of equipment through its online marketplaces over the past year (August 2019 – July 2020). In fact, Ritchie Bros.' IronPlanet solution just had its busiest July ever, selling 8,700 items for more than US$58 million.

"The ease and comfort of buying and selling online has grown exponentially over the last several months," said Ann Fandozzi, Chief Executive Officer, Ritchie Bros. "Sellers need to reach buyers beyond their local market to maximize results and buyers are willing to go the extra mile in search of a deal."

Ms. Fandozzi continued, "In an ever-increasing 'no touch world' we have adapted to make sure our customers can get the equipment they need safely and efficiently. We offer inspection reports backed by IronClad Assurance, tons of photos, service records, and anything else a buyer may need to feel comfortable prior to bidding online."

In first half of 2020, Ritchie Bros. has sold more than 308,000 items across all its platforms. More than 6.1 million bids were placed on these items (approx. 19 bids per item), selling to buyers from 140 different countries.

2020 IronPlanet sales highlights (IronPlanet auctions are held every Thursday)

• A 2010 Caterpillar D10 dozer sold from Australia for US$346,000+
• A 2017 Soilmex SR30.23 EVO crawler-mounted piling drill rig from Australia sold for US$315,000+
• A John Deere 859M track feller buncher from Washington, USA sold for US$315,000

2020 Marketplace-E sales highlights (24/7 reserved marketplace for specialized assets):

• A Rheinwerft self-propelled seagoing barge w/ a 2014 Sennebogen 7700 crawler crane located in Germany sold for US$2.83 million
• A 2012 Caterpillar 6040 front shovel from the Netherlands sold for US$2.82 million
• A 120-acre industrial property in California, USA sold for US$1.88 million

There are currently more than 50,000 items available for purchase through Ritchie Bros. various marketplaces. For more information, visit ironplanet.com and ironplanet.com/marketplace-e.

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 number 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 the exclusive IronClad Assurance® equipment condition certification; Marketplace-E, a controlled marketplace offering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company's suite of multichannel sales solutions also includes Ritchie Bros. Asset Solutions, a complete end-to-end asset management and disposition system. Ritchie Bros. also offers sector-specific solutions including GovPlanet, TruckPlanet, and Kruse Energy, plus equipment financing and leasing through Ritchie Bros. Financial Services. For more information about Ritchie Bros., visit RitchieBros.com.

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

View original content:http://www.prnewswire.com/news-releases/ritchie-bros-ironplanet-marketplace-experiencing-busiest-summer-ever-301111043.html

SOURCE Ritchie Bros.

FAQ

What were Ritchie Bros.' sales figures in July 2020?

Ritchie Bros. sold over 8,700 items for more than US$58 million in July 2020.

How much has Ritchie Bros. sold through online marketplaces over the past year?

Ritchie Bros. has surpassed US$1 billion in sales through online marketplaces from August 2019 to July 2020.

How many visits did Ritchie Bros. websites attract in the first half of 2020?

Ritchie Bros. attracted 73 million visits to its various web platforms in the first half of 2020.

What is the significance of IronPlanet for Ritchie Bros.?

IronPlanet has been a crucial part of Ritchie Bros., contributing to record sales and facilitating online transactions during the pandemic.

When are IronPlanet auctions held?

IronPlanet auctions are held every Thursday.