From Kelowna to Abroad, People are Catching the Auction Bug

Progressing beyond their furniture business, Ritchie Bros. Auctioneers is a recognized global leader in auctioning equipment for industrial, transportation and agriculture industries.

Ritchie Bros. Auctioneers is a global asset management and disposition company that:

  • Matches buyers and sellers worldwide in an unreserved auction model
  • Provides buyers’ with convenience and accessibility
  • Integrates technology to exceed user satisfaction

CIO, Marianne Marck, leads the technology initiatives at Ritchie Bros. Auctioneers and is a key player in overseeing the integration of various technologies. Specifically, she is accountable for the successful acquisition of Iron Planet, which provides buyers highly detailed information about auctioned pieces.

Finding the perfect match.

With 44 auction sites worldwide, Ritchie Bros. thrives on their trust integrity, strong reputation and commitment. By sourcing buyers internationally, they locate ideal matches to ensure buyers and sellers are happy.

“It’s incumbent on us to bring the right buyers in, that have the greatest demand for that equipment…We continue to be successful because we demonstrate to sellers that we are able to bring buyers in from all over the world. We know they’re interested in your equipment, and we’re going to get the fair market price.”

Building buyer confidence and corporate reputation

Specialized heavy machinery requires major consideration in terms of cost, quality and features. So how does the company make buyers feel comfortable purchasing expensive equipment online? The answer is heaps of information.

Iron Planet provides great in-depth inspections and very detailed information about the equipment. They are able to “guarantee what [was] said in the inspection is true…and buyers can be very confident on what the equipment is.”

Ritchie Bros. prides themselves on being convenient and available for their customers. That being said, they continuously organize physical auctions for the 65% of their buyers that go out to the yards for in-person inspections.

Integrating technology is crucial

The recent launch of their mobile app has improved user experience exponentially. Incorporating wayfinding elements and leveraging simulcast technology empowers buyers with higher capabilities and accessibility.

“I think all companies need to be tech companies one way or another. Primarily because it actually really is a huge aid to operations. And it’s what customers are expecting.”

Stay connected with live auctions and download their app today.

To learn more about the Ritchie Brothers and their auction services, listen to the full interview above and/or head on over to our website

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