Auctioneering firm Ritchie Bros has launched its own online marketplace, EquipmentOne.com, to serve private buyers and sellers of used industrial equipment and materials.
According to the company, this new virtual environment will be complementary to its “flagship” auction business and will offer an “enhanced listing service for (used) equipment and materials where buyers and sellers can negotiate, complete, and settle their transactions all in one safe and transparent environment.”
According to Dave Dawson, chief executive officer of Ritchie Bros EquipmentOne, the online setup provides both safety and convenience to users on both sides of the sale. “We take care of all the advertising, the collecting of proceeds and more,” he said. “EquipmentOne provides features and services to ensure all transactions are easy, safe and secure.
“Our Online Negotiation Engine provides complete transparency into the negotiation process; the Ritchie Bros Orange Book provides valuable market information to make buyers and sellers more informed on equipment pricing; and the EquipmentOne Total Buyer Protection ensures buyers are protected through an escrow process, seller experience ratings and facilitated dispute resolution,” he said.
An EquipmentOne membership is provided free to qualified buyers and sellers from anywhere in the world. Qualified members can create personal equipment watchlists, save searches, and gain access to the Ritchie Bros Orange Book. This book shows recent pricing for equipment of similar type, age, and usage “to help sellers determine a reasonable asking price and help buyers determine reasonable prices to offer.
EquipmentOne also has an “intuitive” self-serve listing tool that is available to equipment sellers in the United States. Self-serve listing functionality for Canadian members is expected to launch later in 2013. Further international expansion is planned for 2014.
Here is how this marketplace works:
•Sellers create their own listings, including equipment photos and detailed information, and select an Ask Price and a Buy-it-Now Price for a listing period of two weeks.
•Negotiations take place using the Online Negotiation Engine. Buyers make transparent offers above or below the “Ask Price.”
•The item is sold if an offer is made at the “Buy-it-Now Price” or, if at the end of the listing period, an offer is made in excess of the “Ask Price.”
•Otherwise the seller has four options: (a) accept the highest offer and sell the item, (b) move the item to a Ritchie Bros unreserved auction, (c) remove the item from the marketplace, or (d) relist the item on EquipmentOne after two weeks.