Ritchie Bros. help ease cash flow for equipment owners

Heavy equipment auctioneer offers advance payment and several other flexible selling options

HEAVY equipment auctioneers Ritchie Bros. are supporting equipment owners through the COVID-19 crisis with flexible disposition options to improve their cash flow, including advance payment options and purchasing seller assets outright.

Having taken all their auctions online, Ritchie Bros. say that so far, they have seen very little change in anticipated demand – or selling price levels – for second-hand construction machines over the last few months.

‘Despite these uncertain times, we’re hearing from customers that there is still lots of work going on in the world – maintaining highways, power and telecommunications, water and sewerage systems – and we provide the equipment to companies delivering these essential services,’ said Karl Werner, international president of Ritchie Bros.

‘The regular in and outflow of fleet management does not stop and we’re here to help, with a variety of sales solutions and contract options to suit any need.

‘Over our 62-year history, we have accumulated a huge amount of market and selling-price data – on equipment types, makes and models, and manufacturing years – that we leverage to our clients’ advantage. Using this data and our experience, we will recommend the right time and place to sell – whatever is going on in the world.’

Beyond keeping their auctions and marketplaces up and running, Ritchie Bros. have demonstrated their commitment to sellers during these challenging times by offering several flexible selling options to ease cash flow.

Most notably, the company has an advance payment option, where it can provide funds in advance against the expected sale price for equipment, if a seller does not wish to wait until the next scheduled auction.

‘Our vast experience of buying and selling equipment around the world means we can estimate equipment value with a high degree of accuracy. Final sale prices are usually within a small range of our expectations,’ said Mr Werner.

‘This allows us to offer customers the option of drawing funds in advance of a sale with an advance payment or using another of our bespoke selling options. We’re seeing in these times there is more need for services like this.’

In addition to advance payment services, sellers can also transfer ownership directly to Ritchie Bros., to limit administration around the sale. Equipment owners can receive individual selling advice by talking to a Ritchie Bros. representative who will establish the best disposition choice for them.

‘Naturally, there is some uncertainty at the moment, but we want to reassure our clients and discuss options that will give them the best outcome for their business now and in the long term,’ concluded Mr Werner.