Online Equipment Auctions Growing In Popularity

By Jeff Griffin, Senior Editor | August 2008 Vol. 63 No. 8
A ‘ringman’ monitors an IronPlanet online auction.

Groves: We regularly list many different kinds of underground utility construction equipment. Our most popular underground utility machines are excavators and loader backhoes, of which there are hundreds of items regularly featured. Many underground utility companies sell equipment through IronPlanet because of the cost savings and operational efficiencies available through on line auctions. For equipment owners looking to move several items, on line auctions allow them to more precisely schedule equipment disposition to coincide with production needs.

How do buyers locate and purchase equipment from your on line site?

Branch: One of the best methods is to search our web site: www.rbauction.com. For instance, during the week of June 15 22, 2008, there were more than 188,000 unique visitors to our web site and they were busy. During those seven days, they did more than 600,000 equipment searches, looked up past auction results, and bid live and on line in our auctions held around the world.

Purchasing equipment on our web site is a very straightforward process. The real time service creates an environment in which internet bidders and live bidders compete against each other on a level playing field live and in real time. On line bidders are able to hear the auctioneer and see the bid price increment so that they know what they are bidding on and when it's their turn to bid again. Our auctions are conducted very quickly, with an item selling in under a minute. No time is wasted at a Ritchie Bros. auction, and both onsite and on line bidders feel confident knowing that every item sells on sale day to the highest bidder, regardless of price. One of the main reasons we have had such success with rbauctionbid live is that our customers know they can trust us to treat them fairly.

Groves: IronPlanet lists all equipment coming up for auction on its web site along with detailed inspection reports and photos of equipment. Interested buyers can visit us on line at www.ironplanet.com and search by auction, equipment type, make, model and location. Inspection reports are usually guaranteed and represent the equipment in its true condition at the time of inspection.