Ritchie Brothers announced the initial release of an online equipment marketplace called Ritchie Bros. EquipmentOne, what the company calls a secure online marketplace for equipment and materials. Buyers and sellers can use Ritchie Bros. EquipmentOne to negotiate, complete and settle their transactions in a safe and transparent environment.
The company said core marketplace functionality has been released and enhancements are being made on an ongoing basis. The next major release and full commercial launch is scheduled for the second quarter of 2013.
“In late 2010, Ritchie Bros. adopted a new mission statement transitioning us from strictly an auction company to a solutions company,” said Peter Blake, CEO of Ritchie Bros. Auctioneers. “Our objective is to provide a number of different solutions to the world’s builders so they can easily and confidently exchange equipment. Our updated estimate of the global used equipment market suggests that it is in excess of $200 billion in annual transaction value with about 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 Ritchie Bros., with our brand, data and industry expertise is uniquely positioned to deliver a great solution to this segment of the equipment market to easily and confidently exchange equipment like they never have before.”
Ritchie Bros. developed EquipmentOne on the AssetNation platform, an online marketplace and solutions platform for surplus and salvage assets, acquired by Ritchie Bros. in May 2012. With the initial launch, AssetNation’s large corporate customers are now selling their equipment and materials on EquipmentOne.
“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 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.”
Blake added that Ritchie Bros. remains fully committed to its auction business
“We foresee many, many years of strong growth for our flagship auction business, but we also understand there are equipment owners whose buying and selling needs are not met by auctions,” said Blake. “We are now able to provide a great solution for that segment of the equipment market as well.”
Ritchie Bros. is based in Vancouver, B.C., Canada.