Ritchie Bros. EquipmentOne is an innovative online marketplace designed to help the non-auction segment of the equipment market to buy and sell equipment. Complementary to Ritchie Bros.' flagship auction business, EquipmentOne is an enhanced listing service for equipment and materials where buyers and sellers can negotiate, complete and settle their transactions all in one safe and transparent environment.
Why is Ritchie Bros. launching EquipmentOne?
Ritchie Bros.' mission is to create compelling business solutions for the world's builders to easily and confidently exchange equipment. With the adoption of this mission, we moved from being strictly an auction company to a solutions company.
It is currently estimated approximately half of the $200 billion in annual equipment transactions take place on a private treaty basis—without an auction company or any other intermediary. Some equipment owners choose this way of selling because it offers them complete control of the price and the process. Surveys show many of these private sellers are unsatisfied with their current experience because it's not easy, and in many cases it's not safe and secure.
We believe Ritchie Bros., with our brand, customer focus and industry expertise is uniquely positioned to deliver a great solution to this segment of the market—this solution is Ritchie Bros. EquipmentOne and we believe it will enable the non-auction segment of the equipment market to easily and confidently exchange equipment like never before.