Auctioneer reveals measures to support equipment sellers through Covid-19

AUCTIONEER Ritchie Bros. has revealed it is supporting customers during the Covid-19 crisis by offering flexible disposition options to improve cash flow, including advance payment options and purchasing seller assets outright.

To comply with social distancing measures, the business has taken all of its auctions online and revealed it has seen very little change in anticipated demand – or selling price levels – for construction and agricultural machines.

Karl Werner, international president at Ritchie Bros. said, “Despite these uncertain times, we’re hearing from customers that there is still lots of work going on in the world – maintaining highways, power and telecommunications, water and sewerage systems, as well as transporting groceries and medicines – and we provide the equipment to companies delivering these essential services. The regular in and outflow of fleet management does not stop and we’re here to help, with a variety of sales solutions and contract options to suit any need.”

Ritchie Bros. has an advance payment option, where funds can be provided in advance against the expected sale price for equipment, if a seller does not wish to wait until the next scheduled auction.

Werner added, “Our vast experience of buying and selling equipment around the world means we can estimate equipment value with a high degree of accuracy. Final sale prices are usually within a small range of our expectations. That allows us to offer customers the option of drawing funds in advance of a sale with an advance payment or using another of our bespoke selling options. We’re seeing in these times there is more need for services like this.”

Sellers can also transfer ownership directly to Ritchie Bros., to limit administration around the sale.

“Naturally, there is some uncertainty at the moment, but we want to reassure our clients and discuss options that will give them the best outcome for their business now and in the long term,” Werner said.