Ritchie Bros. Auctioneers Inc. is a global leader in the auctioning and remarketing of used heavy equipment, machinery, trucks, and other assets. The company was founded in 1958 by David Edward Ritchie in Kelowna, British Columbia, Canada. Initially, the company focused on organizing traditional on-site auctions for the agricultural industry, but it later expanded its services to various sectors, becoming a key player in the industrial auction market.
Ritchie Bros. is known for its innovative approach to auctions, particularly in the heavy equipment and industrial sectors. In the early 2000s, the company revolutionized the auction industry by introducing online bidding, enabling buyers and sellers from around the world to participate in auctions remotely.
The company conducts a wide range of auctions, including unreserved auctions where items are sold to the highest bidder, regardless of the final bid price. This unreserved auction model provides transparency and fairness to both buyers and sellers, making Ritchie Bros. a trusted platform for used equipment transactions.
Ritchie Bros. has a global presence, conducting auctions in multiple countries across North America, Europe, the Middle East, Asia, and Australia. Its network of physical auction sites, as well as its robust online platform, enables it to reach a wide audience of potential buyers and sellers.
The company's auctions attract a diverse customer base, including construction companies, equipment dealers, rental companies, and government agencies, among others. With a vast inventory of equipment and machinery, Ritchie Bros. auctions provide opportunities for buyers to find a wide variety of used assets for various industries.
Beyond heavy equipment and machinery, Ritchie Bros. also conducts auctions for a range of other assets, including real estate, vehicles, and agricultural equipment. This diversification of offerings further solidifies its position as a global leader in the auction industry.