Online bidding introduced in 2002 and now available in seven languages
VANCOUVER, Nov. 2, 2011 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX:
RBA), the world's largest on-site and online industrial auctioneer,
reached and exceeded US$5 billion of online equipment sales in the fourth quarter of 2011. Ritchie Bros. (www.rbauction.com) hit this significant milestone on October 6, 2011 at an unreserved
public auction at its auction site in Hartford, CT. Ritchie Bros.
introduced its real-time online bidding service in March 2002 as an
enhancement of the live auction experience. The usage of the service
has grown steadily, and in April 2010 the Company introduced online
bidding in six additional languages. Today close to 50% of the people
bidding at Ritchie Bros. auctions participate online in real time; the
others participate in person at the auction site.
"The idea in designing the online bidding service was to give people an
online experience that comes as close as possible to matching the live
experience," said Bob Armstrong, Chief Operating Officer, Ritchie Bros.
Auctioneers. "When you're participating online you can see the assets
being sold, you can hear the auctioneer, you can see the numbers
changing right before your eyes. It's as close as possible to being
there without the smell of diesel."
In April 2010 Ritchie Bros. launched a new 21-language website at the
Bauma trade show in Germany. The new rbauction.com features current inventory and equipment search in 21 languages, auction results in 14 languages and live online
bidding in seven languages, which has opened up online bidding to an
entirely new group of Ritchie Bros. customers around the world.
"What I love about the online bidding service is the ability it provides
me to bid at many auctions, all at once, and from a single location,"
said Luis Carlos Iglesias, Owner and Managing Director of Tractores y
Refacciones del Norte, a Mexico-based heavy equipment and parts dealer.
Luis Carlos has been bidding online at Ritchie Bros. auctions since the
service was launched in 2002. "Seeing equipment notices and equipment
from my own home or office allows me to spend more time on my business;
it's very valuable to me."
In July 2011, Ritchie Bros. introduced detailed equipment information in
21 languages on rbauction.com, giving customers the ability to do a virtual equipment inspection
before bidding online or on-site. Equipment can also be inspected in
person at the auction site. Detailed equipment information includes up
to 50 high-resolution photographs of each item, allowing customers to
clearly see key components of an item, along with a multi-point summary
of those components and comments on basic functionality.
"Before detailed equipment information I was making lots of calls to
find out specific details about the equipment," said David Kampe, Owner
of Inland Contracting Ltd., a concrete construction company based in
British Columbia, Canada. "Now I can find out the hours on a machine
quickly and all the close-up photos provide me details on the
undercarriage, tire wear, etc. I no longer need to make any phone
calls, which saves me a lot of time."
See a behind-the-scenes look at the Ritchie Bros. online bidding service
by visiting http://youtu.be/XUP4nBAyyr8.
Facts about online bidding at Ritchie Bros.
Amount sold online (2002 - 2011): US$5+ billion
Amount sold online (January - October 2011): US$880 million
Registered bidders - total (January - October 2011): 318,000
Registered bidders - online (January - October 2011): 152,000 (48%)
Amount sold online (2010): US$830 million
Registered bidders - total (2010): 343,000
Registered bidders - online (2010): 146,000 (43%)
Online bidding introduced: 2002
About Ritchie Bros.
Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is
the world's largest industrial auctioneer, selling more equipment to
on-site and online bidders than any other company in the world. Ritchie
Bros. offers services that enable the world's builders to easily and
confidently exchange equipment. The Company conducts hundreds of
unreserved public auctions each year, selling a broad range of used and
unused equipment, trucks and other assets utilized in the construction,
transportation, agricultural, material handling, mining, forestry,
petroleum and marine industries. Ritchie Bros. has over 110 locations
in more than 25 countries, including 43 auction sites worldwide. The
Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com.
PHOTOS & VIDEO FOR MEDIA USE: Photos of the online bidding history of Ritchie Bros. can be
downloaded from www.rbauction.com/photos. A video showcasing Ritchie Bros.' online bidding service can be
downloaded from YouTube and embedded on media websites: http://youtu.be/XUP4nBAyyr8
Members of the public and the media can follow Ritchie Bros. on Twitter
Image with caption: "A Ritchie Bros. e-Clerk catches a bid from an online bidder. On October 6, 2011, Ritchie Bros. exceeded US$5 billion in online equipment sales since the company's online bidding service was introduced in 2002. (CNW Group/Ritchie Bros. Auctioneers)". Image available at: http://photos.newswire.ca/images/download/20111102_C9759_PHOTO_EN_5957.jpg
SOURCE Ritchie Bros. Auctioneers
For further information:
Jose Vargas, Corporate Communications Specialist, Ritchie Bros. Auctioneers
Phone: +1.778.331.5439 or email firstname.lastname@example.org