Last updated on April 19, 2014 at 21:20 EDT

Ritchie Bros. announces initial release of innovative online equipment marketplace to complement flagship auction business

January 22, 2013

Another great solution from Ritchie Bros.-Ritchie Bros. EquipmentOne
will help the non-auction segment of the equipment market to buy and
sell equipment with ease and confidence

VANCOUVER, B.C. & HOUSTON, TX, Jan. 22, 2013 /PRNewswire/ – Today, Ritchie
Bros. (NYSE and TSX: RBA), the world’s largest seller of used
industrial equipment, announced the initial release of a new online
equipment marketplace called Ritchie Bros. EquipmentOne. Complementary
to the Company’s flagship unreserved auction business, Ritchie Bros.
EquipmentOne (www.EquipmentOne.com) is a secure online marketplace for equipment and materials. Buyers and
sellers can use Ritchie Bros. EquipmentOne to negotiate, complete and
settle their transactions in a safe and transparent environment. Core
marketplace functionality has now been released and enhancements are
being made on an ongoing basis; the next major release and full
commercial launch is scheduled for the second quarter of 2013.

“In late 2010 Ritchie Bros. adopted a new mission statement
transitioning us from strictly an auction company to a solutions
company. Our objective is to provide a number of different solutions to
the world’s builders so they can easily and confidently exchange
equipment,” said Peter Blake, Chief Executive Officer of Ritchie Bros.
Auctioneers. “Our updated estimate of the global used equipment market
suggests that it is in excess of $200 billion in annual transaction
value with approximately half of all equipment transactions taking
place on a private treaty basis. Our surveys show that most 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, data 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 they never have before.”

Ritchie Bros. EquipmentOne was developed by building on the AssetNation
platform, a leading online marketplace and solutions platform for
surplus and salvage assets, which was acquired by Ritchie Bros. in May
2012. With this initial launch, AssetNation’s large corporate customers
are now selling their equipment and materials on Ritchie Bros.
EquipmentOne. With the subsequent launch in the second quarter,
additional functionality will be released and a broader range of
sellers will be welcomed onto the Ritchie Bros. EquipmentOne

“Much of the equipment and materials sold on Ritchie Bros. EquipmentOne
will be similar to the assets sold at Ritchie Bros. auctions,” said
Dave Dawson, CEO of Ritchie Bros. EquipmentOne. “But they will be
listed and sold on Ritchie Bros. EquipmentOne because the motivations
and needs of some sellers are different and better met by an online
marketplace than an unreserved auction. Ritchie Bros. auctions offer
certainty of sale and global market value, whereas Ritchie Bros.
EquipmentOne offers sellers control over price and process. The
distinction isn’t the type of asset; it’s the needs of the customer.”

“We have a growing and profitable core auction business and we will
remain firmly committed to it while we grow into the non-auction
segment of the market by launching another great solution for the
equipment industry–Ritchie Bros. EquipmentOne,” added Mr. Blake. “We
foresee many, many years of strong growth for our flagship auction
business, but we also understand there are equipment owners whose
buying and selling needs are not met by auctions. With Ritchie Bros.
EquipmentOne we are now able to provide a great solution for that
segment of the equipment market as well.”

About Ritchie Bros.
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is the world’s
largest seller of used equipment for the construction, transportation, agricultural, material handling, energy, mining, forestrymarine and other industries. Ritchie Bros. offers compelling solutions that
make it easy for the world’s builders to buy and sell equipment with
confidence. The Company conducts hundreds of unreserved public auctions
each year, selling more equipment to on-site and online bidders than
any other company in the world (rbauction.com).  The Company also operates an online marketplace through Ritchie
Bros. EquipmentOne (EquipmentOne.com) and a range of value-added services, including equipment financing for
customers through Ritchie Bros. Financial Services (rbauctionfinance.com). The Company has over 110 locations in more than 25 countries,
including 44 auction sites worldwide.

SOURCE Ritchie Bros. Auctioneers

Source: PR Newswire