Ritchie Bros. adds appraisal services


Ritchie Bros. has announced the launch of its own appraisal services offering.

“We have been providing appraisal services for a while now, but we’re adding [Uniform Standards of Professional Appraisal Practice (USPAP)] compliant appraisals to our menu and formally bundling all of these under a new Ritchie Bros. Appraisal Services umbrella,” says Lee Danhauer, vice president, Ritchie Bros. appraisal services.

“These new ‘compliant’ appraisal reports conform with standards set out by the [USPAP] and are conducted by our expert team of in-house accredited appraisers,” Danhauer says.

“Like the inspection services offering we launched late last year, Ritchie Bros. appraisal services will be connected to our RB Asset Solutions technology, with RB Asset Solutions’ inventory management system acting as a central hub that links to our many services,” he says.

Ritchie Bros. says its appraisal services products include:

  • Ritchie Bros. USPAP compliant appraisals: managed and reviewed by accredited appraisers who have earned credentials from the American Society of Appraisers (ASA) and comply with the ethics, standards and regulations set forth by the Appraisal Foundation in the USPAP. Several values are provided depending on the client’s needs; these might include fair market values, orderly liquidation values and forced liquidation values.
  • Ritchie Bros. appraisals: standard appraisals, primarily based on Ritchie Bros. transaction data from its public and private marketplaces. Over the past 20 years, Ritchie Bros. has done approximately 3,000 “conventional” appraisals, inspecting more than 420,000 assets, valued at a total of $14 billion.
Learn how to move your used trucks faster
With unsold used inventory depreciating at a rate of more than 2% monthly, efficient inventory turnover is a must for dealers. Download this eBook to access proven strategies for selling used trucks faster.
Used Truck Guide Cover