Ritchie Bros launches first version of online marketplace

Auctioneer Ritchie Bros has launched the first phase of its new online used equipment market place, EquipmentOne, allowing owners and buyers “to negotiate, complete and settle their transactions in a safe and transparent environment.”

The offering, which uses an e-commerce platform developed by AssetNation, the online business acquired by Ritchie Bros last year, will help the company reach customers who do not want to sell equipment through unreserved auctions. The new platform will give sellers control over price and the ability to negotiate with buyers.

Ritchie Bros estimates that only around half of the annual US$200 billion used equipment market is channelled through unreserved auctions, with many sellers unwilling to use auctions.

Dave Dawson, chief executive officer of the EquipmentOne operation, said the equipment sold will be similar to that in Ritchie’s auctions, but that “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."

The initial version of EquipmentOne is for large corporate customers with a second launch before July giving access to a broader range of sellers.

Peter Blake, Ritchie Bros chief executive officer, said the company was positioning itself as more than an auction company; “Our objective is to provide a number of different solutions to the world's builders so they can easily and confidently exchange equipment…

"We believe [EquipmentOne] will enable the non-auction segment of the equipment market to easily and confidently exchange equipment like they never have before."

He said the company’s research had shown that many private sellers who don’t use auctions were “unsatisfied with their current experience because it's not easy, and in many cases it's not safe and secure. We believe Ritchie Bros., with our brand, data and industry expertise is uniquely positioned to deliver a great solution to this segment of the market”.

Read an exclusive interview with Peter Blake in the Jan-Feb issue of IRN.