Ritchie Bros. Glossary Of Terms

Registration
When registering, you will be asked to complete the Bidder's Registration Agreement. This consists of filling in your name, address, the company you represent (if any) and banking information. You must also present a piece of photograph identification, such as a driver's license or passport. A letter of guarantee from your bank, cash deposit, or other form of satisfactory payment ability is required.

Unreserved
All Ritchie Bros. auctions are completely unreserved. There are no reserve or minimum prices on any of the items, and the bidder purchases the equipment at fair market value as determined by the bidding. At Ritchie Bros. this also means that the equipment owner, his agent and Ritchie Bros. itself are forbidden by contract from bidding on or buying back their own equipment. This unreserved policy applies to both unused and used equipment items. At a Ritchie Bros. auction there is no artificial price manipulation; everything sells to the high bidder on sale day.

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