Ritchie Bros. launches new equipment services

Ritchie Bros. Auctioneers Inc. announced the launch of a bundle of new valued-added services for its customers in the U.S., Canada and around the world. These new services, which include detailed equipment information, real-time auction results through http://www.rbauction.com/, equipment financing, powertrain service warranties and property and cargo insurance, will complement and further enhance the wide range of customer services already offered by the company.

“At Ritchie Bros., it’s all about our customers and we’ve run our business with that in mind for more than 50 years,” says Peter Blake, chief executive officer. “Our company’s mission is to provide compelling business solutions that enable the world’s builders to easily and confidently exchange equipment. We believe with the launch of these new services we have taken another large step in that direction.”

Beginning July 1, Ritchie Bros. will collect and provide more equipment information online for all of its industrial auctions around the world. Available in 21 languages exclusively through Ritchie Bros.’ web site http://www.rbauction.com/, detailed equipment information will include up to 50 high-resolution photographs of each item, allowing customers to see key components of an item, along with a multi-point summary of those components and comments on basic functionality.

Also beginning July 1, Ritchie Bros. will provide real-time auction results for all customers viewing its auctions online through http://www.rbauction.com/. Customers will instantly be able to see how much items have sold for and will be able to scroll back to see pricing for items they may have missed earlier in the day.

Ritchie Bros. Financial Services (RBFS) has partnered with leading equipment finance providers to bring no-obligation financing options to Ritchie Bros. customers. Financing options include equipment loans and lease-to-own programs. Available now in the U.S. and Canada, RBFS plans on rolling out its services to Ritchie Bros. customers in Europe and remaining global operations in 2012.

Ritchie Bros. customers now are able to purchase an optional powertrain service warranty for select equipment available at Ritchie Bros. auctions in the U.S. and Canada (excluding equipment sold at on-the-farm agricultural auctions). All warranties are underwritten by AmTrust Group, a subsidiary of AmTrust Financial Services, Inc., a multi-national insurance company. Buyers will be able to purchase a powertrain service warranty for select equipment purchased in Ritchie Bros. auctions held in Europe and the rest of the world in 2012.

In addition, customers now are able to purchase optional on-site property and cargo insurance for equipment purchased or sold at Ritchie Bros. auctions in the U.S., Canada, Europe and Australia. On-site property insurance will protect a customer’s equipment while it is on a Ritchie Bros. auction site; cargo insurance will protect a customer’s equipment while it is in transit to or from a Ritchie Bros. auction site. Both of these insurance products are brokered by Marsh, one of the world’s leading insurance brokers and risk advisors.

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