Because time is money, Ritchie Bros. aims to make buying and selling equipment and vehicles as simple, practical, and secure as possible. With a broad array of groundbreaking selling solutions and layouts, the company aims to meet the needs of its customers.
During its largest-ever automated digital Timed Auction event last week, the company sold over 2,800 goods and generated over $29 million in transactions.
The event was held in Sacramento, California. Buyers put a maximum bid online using the Timed Auction model, and the platform bids for them up to that figure, providing automatic notification if they are outbid.
Ritchie Bros. created this event with the primary purpose of saving buyers time while earning decent profits for sellers.
The record-breaking event drew over 8,250 participants from 40 nations. Approximately 97 percent of the items sold in the auction went to purchasers in the United States. The other 3% was sold to international customers from Guatemala, India, and Australia, among other places.
Customers benefit from the online Timed Auction format, according to Ritchie Bros., because it is convenient and transparent. Furthermore, the company just integrated Timed Auction bidding capability into its mobile app, making it easier than ever to order online.
Ritchie Bros., founded in 1958, is a global asset management and disposition firm. It features dozens of newly scheduled events, including regular IronPlanet and GovPlanet events.