Ritchie Bros. introduces Marketplace-E, a new way to buy and sell equipment

Vancouver – After a soft launch in late 2017, Marketplace-E is being introduced by Ritchie Bros. as its latest buying and selling solution. Complementing the company’s onsite unreserved auctions and online-only auctions through IronPlanet, Marketplace-E offers sellers increased control over price, location, and timing, while providing buyers access to more equipment available to purchase right away.

“With the launch of Marketplace-E we can now serve customers as a true one-stop shop, with a complete suite of selling solutions to meet every need,” said Ravi Saligram, CEO of Ritchie Bros. “We have many customers who, for a variety of reasons, need more control over the selling price and process of their assets. With Marketplace-E they will get the control they need while still benefiting from Ritchie Bros.’ marketing and expansive global buyer network.”

Ravi continued, “Marketplace-E will also open up new customer opportunities for Ritchie Bros. In our quest to lead the industry in innovation; we are constantly looking for new ways to improve the asset disposition experience. Developing a sleek, user-friendly digital platform expands the options available to OEMs, dealers, brokers and end users.”

How Marketplace-E works – three selling options:

• Make Offer: List equipment online and let potential buyers submit offers, then negotiate with potential buyers to reach an agreement.
• Buy Now: List equipment online at a fixed, buy-it-now price; like a basic ecommerce transaction. Once the item is purchased, the listing is closed.
• Reserve Price: An online listing with a minimum/reserve price. The item will not sell until the reserve is met. The seller minimum is protected, but the potential highest selling price is not capped.

The selling process is also aided by an inside sales team dedicated to facilitating offline negotiations between interested buyers and sellers.