Ritchie Brothers are famous industrial equipment auctioneers. Ritchie Brothers – Ken, John and Dave Ritchie started with a furniture store in 1955. They were required to pay a bank debt at a very short notice and one of the friend suggested they auction the extra inventory of furniture to raise funds. They conducted their first auction in 1958 and started this as a formal business by conducting multiple auctions.
The Ritchie Brothers started regular auctions and established Ritchie Bros. Auctions Galleries Ltd. in 1958. Dave Ritchie moved to Vancouver, British Columbia in 1963 and established first auction company for equipment there. They started conducting auctions in different provinces of Canada like Alberta, Saskatchewan, Manitoba and other eastern parts of Canada. In 1969, they made their first presence outside Canada, in USA. They slowly expanded their operations in USA and by 1985 they have sold more than USD 1 billion of equipment through auctions.
In late 1980s the Ritchie Brothers auction expanded to other parts of the world like Australia, Middle East, Mexico and Africa.
It was the first company to adapt technology to conduct auctions.
· They started their remote bidding auctions via video in 1989;
· They launched their website rbauction.com in 1996;
· They were the first to start internet based auctions in 1999.
The company became public in 1998 and was listed on New York stock exchange followed by Toronto stock exchange in 2004. The company launched RitchieWiki, a useful website for Mining, Construction, Agricultural, forest and transport industries. This website is linked with the specifications site RitchieSpecs.
Today Ritchie Brothers is the largest equipment auctions company with 100+ locations in more than 20 countries and 40+ auction sites globally. They have sold USD 3.7 billion worth equipment, with more than USD 1.1 billion to online bidders. They conducted the world’s largest auction for industrial equipment in Feb 2012 at Orlando, state of Florida, USA and sold more than USD 200 million worth equipment in 6 days. The auction was one of the grand events with around 8700 bidders participating from 88 different countries.
· Ritchie Brothers sell all heavy equipment like excavators, cranes, trucks for mining and construction. The auctions provide a perfect platform for buyers to get the best equipment at a competitive price.
· Ritchie Brothers auctioneers website provides details of the total inventory items available, the upcoming auctions, and a platform to buy and sell equipment.
The equipment is categorized by industries Construction, Agriculture, Transport and other industries. Construction equipment moves fast compared to other equipment due to their demand. You can bid, buy and sell the equipment through the website rbauction.com. The website has both used and unused equipment for sale. The website allows you to search the equipment you want based on industry and type. The website also provides details into the process of buying, selling. The auction results are published on the website once the auction is completed. There are options available for auction financing, warranty, insurance, and shipping of the heavy equipment. RB auctions provide information on upcoming auctions, equipment availability, etc. through mail after signing up for the newsletter at the website.