Ritchie Bros. sees more online activity in Dubai

Auctions, Ritchie Bros., PriorityBid, Asset management
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Ritchie Bros. auctions in Dubai are widely known for their big equipment yards and theaters filled with bidders from all over the world. Since 2002 the Company enabled bidders to participate entirely online at its auctions, which has seen a rapid increase in usage – particularly over the last decade. For the auction of smaller items and consumer goods, Timed Auctions were later introduced, making it easier for bidders to get their bids in. Although Ritchie Bros.' Dubai auctions continue to see strong on-site attendance there is a growth in online auction participation. Comparing September auctions over a five-year period, a 15% increase of online bidders can be seen.

New way to bid: PriorityBid

In an increasingly busy world, time is money; so, Ritchie Bros. wants to make buying equipment easier than ever. With its new PriorityBid feature, buyers will be able to make proxy bids online for items in its live auctions up to a week before the sale. These PriorityBids put them first in line to win the item, provided no one outbids them. How it works? A bidder submits a maximum bid and the PriorityBid system will bid the lowest amount required to win, up to the max bid. Bids are confidential and the system will only raise the bid if someone outbids the bidder. If the bidder gets outbid, he receives an email notification. To learn more, visit rbauction.com/PriorityBid.

"PriorityBid was initially introduced on IronPlanet; its recent implementation with our live auctions now provides customers a more consistent buying experience across platforms,” said Matt Ackley, Chief Marketing Officer, Ritchie Bros. “As we continue to leverage our technology capabilities, capitalizing on online buying trends, we will become more flexible, allowing us to meet the diverse needs of our customer base."

Big December auction in Dubai

The auctions are continuously being developed, making it more attractive for equipment buyers. And this has impact for the seller of the equipment too. At the company's two-day auction in September, more than 180 companies from the Middle East, Africa, India and other regions sold more than 1,280+ pieces of equipment. The top equipment demand countries locally are the UAE, Saudi and Jordan, and top international demand countries being USA, Canada and the Netherlands.

With the end of the year approaching fast, Ritchie Bros. is getting ready for its last Dubai equipment auction of 2019. The event, which will feature hydraulic excavators, dozers, loaders, graders and many more items, will be held on December 10 & 11 at Dubai's Jebel Ali Free zone. There are no reserve prices at the auction, meaning that everything is guaranteed to sell to the highest bidders during the two-day event.

Businesses are now adding equipment to the sale that is expected to attract bidder interest from both local and international market. At an average Dubai auction there's around a thousand bidders from 80 countries participating. In the weeks before the auction days, Ritchie Bros.' global buyer base will be searching the inventory for items of interest and making plans to visit the auction and its viewing days.

Ritchie Bros. is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets.

For more information contact the Dubai auction site at (+971) 4812.0600, visit rbauction.com or follow the company at www.facebook.com/ritchiebrosdubai.

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PMV Middle East - November 2019

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