Ritchie Bros. Buys Controlling Stake in VeriTread

Ritchie Bros.' acquisition will allow for growth and increased capacity.

Ritchie Bros.' acquisition will allow for growth and increased capacity.
Ritchie Bros.' acquisition will allow for growth and increased capacity.
Ritchie Bros.

Ritchie Bros., known for its heavy equipment auctions, has bought the controlling stake in VeriTread. 

VeriTread is a solution for open deck transport, connecting shippers and service providers and its products include a marketplace for listing and quoting shipments, an in-house brokerage to handle freight deliveries, detailed equipment specifications, proprietary freight estimator tools and more.

Before this most recent purchase, Ritchie Bros. owned 11% of VeriTread. Now, its stake is 75%.

"VeriTread adds to our suite of services supporting the needs of equipment owners throughout the equipment lifecycle.  At the same time, it also helps create a more efficient global marketplace by integrating transportation solutions directly into our new marketplace technology," said Ann Fandozzi, Ritchie Bros. CEO. "VeriTread, in combination with our satellite yards, will allow us to further scale and accelerate our hybrid marketplace model through increased capacity optimization and seamless customer experiences."

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