Ritchie Bros. sells US$500 million of equipment through Marketplace-E in 12 months

Rhea-AI Summary

Ritchie Bros. has achieved remarkable success with its Marketplace-E, selling over 34,000 items for more than US$1.2 billion in three years. In the past year alone, over US$500 million of equipment was sold. The platform has increased sales speed by approximately 40%, thanks to a dedicated team utilizing real-time demand data. Major customers like Sunbelt Rentals have benefited from enhanced asset management and disposal strategies through the service.

Positive

• Sold over US$500 million of equipment through Marketplace-E in the last year.
• Items are selling approximately 40% faster on Marketplace-E due to enhanced analytics.
• Increased customer base with over 2,500 customers utilizing Marketplace-E.

Negative

• None.

In just three years Ritchie Bros. has sold 34,000+ items through Marketplace-E for US$1.2+ billion

VANCOUVER, BC, Sept. 20, 2021 /PRNewswire/ - Ritchie Bros. launched its Marketplace-E solution as a price-controlled option for consignors with Make Offer and Buy Now formats. In 2021 this new innovative solution is continuing to gain steam, with more than US$500 million of equipment sold through Marketplace-E over the past 12 months.

"We have built out an amazing team of multilingual Marketplace-E Specialists who leverage Ritchie Bros. analytics and real-time demand data to help you find the right buyer," said Kari Taylor, Chief Revenue Officer, Ritchie Bros. "As a result of these changes, items are selling approximately 40% faster on Marketplace-E today!"

Ritchie Bros. continues to increase the presence of Marketplace-E across all its websites, driving more buyers than ever to the site. This year Marketplace-E has helped more than 2,500 customers sell items, including premier North American rental company Sunbelt Rentals, which has a fleet of 600,000 assets across its 975 rental locations.

"We are a long-time Ritchie Bros. customer and are pleased with our partnership and their ongoing investments made on behalf of Sunbelt Rentals. This allows us to focus on our core business of delivering world class customer service and solutions. The Ritchie Bros. team continues to focus on innovative ways to improve fleet disposal, asset management, and recovery against OEC," said James Dennis, Vice President Fleet Management at Sunbelt Rentals. "We now have access to an expanded footprint and tools to help us better manage how, when, where, and what price to sell our assets—because we have the flexibility of choosing the proper Richie Bros channels, using a Ritchie Bros. location, or remarketing directly by Sunbelt we are improving the efficiency of our disposition process as well as recovery on equipment sold."

Five Big Marketplace-E Sellers in 2021:

• 2019 (unused) CMI asphalt plant – CA$3.04+ million (sold from Newfoundland & Labrador in Canada)
• 2015 Elrus aggregate crushing spread – CA$2.85 million (sold from Manitoba)
• 2013 Vermeer T1255III trencher w/ rotating milling drum – €950,000 (sold from Germany)
• 2015 Caterpillar D8T dozer – US$306,000 (sold from North Dakota)
• 2018 Caterpillar 349FL excavator – US$286,000 (sold from Texas)

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 solutions also includes Ritchie Bros. Asset Solutions and Rouse Services LLC, which together provides a complete end-to-end asset management, data-driven intelligence and performance benchmarking 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:https://www.prnewswire.com/news-releases/ritchie-bros-sells-us500-million-of-equipment-through-marketplace-e-in-12-months-301380180.html

SOURCE Ritchie Bros.

FAQ

How much equipment has Ritchie Bros. sold through Marketplace-E?

Ritchie Bros. has sold over US$1.2 billion worth of equipment through Marketplace-E in three years.

What was the sales figure for Ritchie Bros. Marketplace-E in the last year?

In the last year, Ritchie Bros. sold over US$500 million through Marketplace-E.

How much faster are items selling on Marketplace-E?

Items on Marketplace-E are selling approximately 40% faster than before.

How many customers have used the Marketplace-E platform?

More than 2,500 customers have sold items using the Marketplace-E platform.