Ritchie Bros., a global seller of used industrial equipment, announced the initial release of a new online equipment marketplace called Ritchie Bros. EquipmentOne. Complementary to the company's flagship unreserved auction business, Ritchie Bros. EquipmentOne is a secure online marketplace for equipment and materials.
Buyers and sellers can use the online marketplace to negotiate, complete and settle their transactions in a safe and transparent environment. Core marketplace functionality has now been released and enhancements are being made on an ongoing basis. The next major release and full commercial launch is scheduled for the second quarter of 2013.
Ritchie Bros. EquipmentOne was developed by building on the AssetNation platform, a leading online marketplace and solutions platform for surplus and salvage assets, which was acquired by Ritchie Bros. in May 2012. With this initial launch, AssetNation's large corporate customers are now selling their equipment and materials on Ritchie Bros. EquipmentOne. With the subsequent launch in the second quarter, additional functionality will be released and a broader range of sellers will be welcomed onto the marketplace.
"Much of the equipment and materials sold on Ritchie Bros. EquipmentOne will be similar to the assets sold at Ritchie Bros. auctions," said Dave Dawson, CEO of Ritchie Bros. EquipmentOne. "But they will be listed and sold on Ritchie Bros. EquipmentOne because the motivations and needs of some sellers are different and better met by an online marketplace than an unreserved auction. Ritchie Bros. auctions offer certainty of sale and global market value, whereas Ritchie Bros. EquipmentOne offers sellers control over price and process. The distinction isn't the type of asset; it's the needs of the customer."