Heavy equipment auctioneer Ritchie Bros. is supporting equipment owners through the COVID-19 crisis with flexible disposition options to improve their cash flow, including advance payment options and purchasing seller assets outright.
While many of us are isolating at home during the coronavirus pandemic, the world of heavy equipment auctions is still turning. Ritchie Bros. has taken all its auctions online and has so far seen very little change in anticipated demand – or selling price levels – for secondhand construction and agricultural machines over the last few months.
“Despite these uncertain times, we are 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,” says Karl Werner, International President at Ritchie Bros. “The regular in and outflow of fleet management does not stop and we are here to help, with a variety of sales solutions and contract options to suit any need.”
Over its 62-year history, Ritchie Bros. has become a trusted advisor in the industry, with millions of clients around the globe counting on the valuable insight it provides. “We have accumulated a huge amount of market and selling price data – on equipment types, makes and models, and manufacturing years – that we leverage to our clients’ advantage. Using this data and our experience, we will recommend the right time and place to sell – whatever is going on in the world,” he adds.
Beyond keeping its auctions and marketplaces up and running, Ritchie Bros. has demonstrated its commitment to sellers during these challenging times by offering several flexible selling options to ease cash flow. Most notably, Ritchie Bros. has an advance payment option, where they can provide funds in advance against the expected sale price for equipment, if a seller does not wish to wait until the next scheduled auction.
“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,” Werner says. “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 are seeing in these times that there is more need for services like this.”
In addition to advance payment services, sellers can also transfer ownership directly to Ritchie Bros., to limit administration around the sale. Equipment owners can receive individual selling advice, by simply talking with a Ritchie Bros. representative who will establish the best disposition choice for them.
“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,” he concludes.