Online Equipment Auctions Growing In Popularity

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

Disputes are rare, but IronPlanet mitigates any dispute that arises based on the unique situation to ensure that a fair solution is reached. IronPlanet works with companies that specialize in equipment financing and helps connect interested buyers to these companies to get pre approved and to obtain financing when needed.

What are the most significant advantages and benefits of on line equipment auctions?

Branch: The most significant advantage and benefit of an on line auction is the added flexibility and choice. It is a hard decision to have an on line only auction; the new paradigm for equipment managers is whether you can leverage that decision with the other 75 percent of the market that buys equipment in person, on site. For us, it's about providing as much convenience, choice and value to both selling and buying customers, the way they choose to receive it.

Unlike traditional or on line only auctions, Ritchie Bros.’ auctions give the seller a broad market for selling equipment, providing the best of both worlds with equipment being sold both at a live auction event in conjunction with the on line auction. The on line capability of our equipment auctions allows our out of region and international buyers to participate live and on line, saving travel costs and time on auction day.

Groves: We have found that customers consistently experience a faster time to market and lower selling costs through on line auctions. IronPlanet reaches a global audience of interested buyers and offers guaranteed inspection reports with its equipment listings.