- Eduard Faig, Regional Sales Manager, Ritchie Bros
The year 2016 spells good business for Ritchie Bros. The company started strong with its Dubai auction, selling over US$ 41 million of equipment and trucks in the month of March this year - a 54 per cent increase in gross auction proceeds compared to the March Dubai sale last year. The company sold more than 2,000 items in the auction - 630 more than March 2015, including over 100 excavators, 55 plus dozers and more than 40 cranes. Eduard Faig, Regional Sales Manager, Ritchie Bros, shares more on the company, which is the world´s largest seller of used equipment, and its services.
Ritchie Bros has sold more than 2,000 items for 200 plus sellers in a two-day unreserved public auction.
Tell us about the success of this auction.
Following several record breaking auctions in 2015, our recent auction in Dubai has shown more growth, as we were able to get several real packages in the auction. At the end of the day, the quality of equipment is what really attracts the bidders to the auction. More than 930 bidders joined from 73 countries, with roughly half of the bidders based in the UAE. And, directly after the auction, the first consignments for our May auction started coming in.
To make buying and selling easier, what are the value-added services that you offer your customers?
We are a service provider and aim to make a big difference in buying and selling of machinery. Adding value is what we are all about. Whether you are buying or selling at one of our auctions, we have a local team of people ready to provide support and make life a little easier. Many people are looking for specific brands, models, and often have a particular budget in mind. We offer a huge selection of equipment at our Dubai auctions throughout the year, and sell much more equipment across the world. On the other side of the spectrum, selling equipment can be a challenge for many businesses. Questions like ´When will I be able to sell it?´, ´For how much?´ and ´Where will I find demand for my items?´ arise with the owner. And, we are specialised in answering them and, more importantly, putting them to action.
Ritchie Bros has multiple selling platforms. Introduce us to your wide range of construction equipment.
We have an unreserved auction method to buy and sell, which is a powerful channel for buyers and sellers. There is the online negotiation engine EquipmentOne, which is currently available only in the US. In some cases, we organise a Private Treaty sale; for example, we have one running at the moment for a selection of unused Caterpillar 793D mining trucks and other items. And recently, the company acquired Mascus, an increasingly more popular online global equipment market place. There are so many types of customers with varied requirements. With several channels under one roof, we will be able to help the customer in the best possible way.
In terms of selling and buying, which construction equipment attracts maximum demand?
Although every single item will always find a new owner on the auction day, there generally is an appetite for young, low hour quality brand equipment. At our most recent auction, we particularly observed that concrete pump trucks were performing strong. Mobile cranes also exceeded expectations on several occasions.
How do you ensure an efficient, fair and transparent selling and buying process?
We maintain transparency by having a universal auction method with clear and simple rules that apply to everyone at all our auctions around the world. We are proud of having a fair auction process because everyone has a chance to win the item they require. It is always unreserved, which means there are no minimum bids or reserve prices, and only the bidders set the prices - not the seller nor us.
Being a Canada-based company, how many permanent auction sites do you have, especially in the Middle East?
Around the world, we operate at over 40 sites where we regularly hold large-scale equipment auctions, including our site in the Jebel Ali Freezone in Dubai.
In terms of construction equipment, what has your total sales been in 2015?
In 2015, we held 229 industrial auctions, registered 507,000 bidders, sold 354,000 lots on behalf of 47,000 sellers. In total, Ritchie Bros sold US$ 4.25 billion worth of equipment in 2015.