Ritchie Bros. Auctioneers Sells $5 Billion Worth of Construction Equipment Over the Internet

Ritchie Bros. Auctioneers Inc. has set a new record as it exceeded US$5 billion in online equipment sales.

Ritchie Bros. Chief Operating Officer Bob Armstrong attributes this milestone to changing behavior patterns.

"We sell more used trucks and equipment than anyone in the world, so by virtue of our position, as more and more people wanted to do business online we were there and we were a bit of a beneficiary," he said.

The auctioneer introduced its real-time online bidding service in March 2002 as an enhancement to the live auction and eventually introduced online bidding in an additional six languages.

Despite the recession and a dip in construction, heavy duty equipment was still in demand.


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