Ritchie Bros rolls-out EquipmentOne service

Ritchie Bros has fully launched its new EquipmentOne service, an online marketplace that allows buyers and sellers to negotiate prices and complete sales.

With the new service Ritchie aims to target the $100 billion market in used equipment sales that is not conducted through auctions.

Under EquipmentOne, sellers create their own listings - including photos and detailed information - select an ‘ask price’ and a ‘buy-it-now price’ for a listing period of two weeks.

Price negotiations take place using an online negotiation engine. Buyers make transparent offers above or below the ask price. The item is sold if an offer is made at the buy-it-now price or if, within the two-week listing period, an offer is made in excess of the ask price.

Bob Armstrong, Ritchie’s chief strategic development officer, said “our current estimate of the global used equipment market suggests 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.

“With Ritchie Bros EquipmentOne we are now able to provide these private treaty buyers and sellers a safe, convenient and profitable way to exchange equipment and materials."

Buyers and sellers have to sign up to the EquipmentOne service, at no cost, and can create personal equipment watchlists, save searches and access Ritchie’s Orange Book, which shows recent pricing information.

The new service has a ‘self-serve’ listing tool that is currently available to equipment sellers in the US, with Canada to follow later this year, with further international expansion in 2014.