Ritchie Bros. look to boost online bidding

Online participation expected to increase at upcoming Ritchie Bros. auctions in wake of COVID-19 concerns

WITH concerns about large gatherings growing around the world due to the COVID-19 pandemic, Ritchie Bros. are making temporary changes to their on-site auctions to increase online participation.

Thanks to their online bidding system and mobile application, Ritchie Bros. will continue to conduct regular on-site auctions, but with short-term changes to the process and procedure of those events.

First and foremost, Ritchie Bros. say they will follow all local legislation on limiting on-site attendance to maintain the safety of all its customers and employees.

Instead of bidding in person, the company will encourage customers to participate online or via its mobile application. An auctioneer will still be used to conduct the on-site auctions, but all equipment and trucks will be sold virtually.

Upcoming auctions in the UK and Germany will be held entirely as Timed Auctions – an easy-to-use online bidding system with set opening and closing times for each item. When bidding closes on an item, it is sold to the highest bidder.

‘The safety of our customers and employees is our first priority,’ said Ann Fandozzi, chief executive officer of Ritchie Bros. ‘The demand for equipment right now is high – as witnessed by the strong pricing we’ve seen in all our recent events.

‘With our online bidding technology, we can keep the market moving while simultaneously keeping people safe.’

Today, upwards of 78% of winning bids in Ritchie Bros. live auctions are made online, and the company’s mobile application users have also risen significantly, up 90% year over year.   

Ms Fandozzi continued: ‘If you do not have an online bidding account, we encourage you to set one up – it’s easy and we have a customer service team available to handle any questions you may have.’