Ritchie Bros. encourages customers to embrace online bidding

RITCHIE Bros. is encouraging customers to participate in its construction equipment auctions online or via its mobile application as the world grapples with concerns around large gatherings in the face of the coronavirus (COVID-19) situation.

The company confirmed it will continue to conduct regular onsite auctions, but with temporary changes to the process and procedures of the events.

Ritchie Bros. added it will follow all local legislation on limiting onsite attendance to maintain the safety of customers and employees. While customers are being urged to participate online rather than in person, an auctioneer will still be used to conduct the auctions. All equipment and trucks will be sold virtually.

Upcoming auctions in the UK, France and Germany will be held entirely as Timed Auctions – an online bidding system with set opening and closing times for each item. When bidding closes on an item, it is sold to the highest bidder. Closing times may vary per item and are available on rbauction.com.

  • St Aubin sur Gaillon, France – all items will be sold via Timed Auction between 13 – 18 March
  • Maltby, UK – all items will be sold via Timed Auction between 20 – 25 March
  • Meppen, Germany – all items will be sold via Timed Auction between 19 – 27 March
  • Caorso, Italy – auction is postponed to 28 April

Ann Fandozzi, chief executive officer at Ritchie Bros. said, “The safety of our customers and employees is our first priority. The demand for equipment right now is high—as witnessed by the strong pricing we’ve seen in all our recent events. With our online bidding technology, we can keep the market moving while simultaneously keeping people safe.”

Upwards of 78% of winning bids in Ritchie Bros. live auctions are made online, the firm stated. Visits to rbauction.com and web account creations have increased by 15% and 19% respectively, while mobile application users have also risen drastically, up 90% year over year.

Ms. Fandozzi added, “If you do not have an online bidding account, we encourage you to set one up — it’s easy and we have a customer service team available to handle any questions you may have.”