Ritchie Bros. Auctioneers officially announces plans to hold its
first China auction in Spring 2013
The world's largest industrial auctioneer is now approved as
a Wholly Owned Foreign Enterprise by the government of China - the first auction company to ever
achieve this status - and is preparing to hold its first unreserved
public auction at the Beijing Tianzhu Free Trade Zone: bringing the
world to China
SHANGHAI, CHINA, Nov. 28, 2012 /PRNewswire/ - Ritchie Bros.
Auctioneers (NYSE and TSX: RBA), the world's largest auctioneer of
heavy equipment and trucks, announced today during a press
conference at bauma China 2012
that it will be holding its first unreserved public auction in
China during Spring 2013. Although
relatively new to the Chinese heavy equipment market, unreserved
industrial auctions have been a quick and easy method for equipment
buyers and sellers to conduct business on a global scale. And for
more than 50 years now, the Canada-based Company has been helping the
world's builders to easily and confidently exchange equipment at
its auction sites all over the world. Today, Ritchie Bros.
announced that it will bring the certainty of unreserved auctions
to Chinese equipment buyers and sellers now that the Company's
Wholly Owned Foreign Enterprise application has been approved by
the Chinese government - making it the first foreign auction
company to receive this approval.
Ritchie Bros. has formally leased land in the Tianzhu Free Trade
Zone (Shunyi, Beijing) in
preparation for this first unreserved public auction in
China. Strategically located
within minutes of Beijing Capital
International Airport, the Tianzhu Free Trade Zone is connected to
one of China's largest roll-on,
roll-off ports in Tianjin.
Equipment buyers and sellers interested in learning more about
Ritchie Bros. and the unreserved auction process are encouraged to
visit rbauction.cn or contact the Company's Beijing office at +86.400.810.2223.
"We have used Ritchie Bros. auction services literally all over
the world," said Sam Farley, Used
Equipment Manager, AMECO U.S.A.,
who has been buying and selling heavy equipment at Ritchie Bros.
auctions for many years, and during 2011 has bought and sold at
Ritchie Bros. unreserved auctions in the Middle East and North America. "Their method of advertising,
their customer base, the flyers that they send out, their e-mail
advertising, their internet support services - are without equal in
the industry."
Showcasing China to the world: the unreserved public
auction
Ritchie Bros. has been conducting unreserved public auctions
since the Company was founded in 1958. At an unreserved auction
each item sells on auction day to the highest bidder—regardless of
price—with no minimum bids or reserve prices. Sellers are not
allowed to bid on their own equipment to drive up the price.
Interested buyers can bid on equipment on auction day at the
auction site, or live and online at www.rbauction.com, or they can
also place a proxy bid.
"We strongly believe in the unreserved auction process as it is
the most fair and transparent way for equipment buyers and sellers
to conduct business," said Peter
Blake, CEO, Ritchie Bros. Auctioneers. "As a buyer, you can
be confident that the item you want to buy will sell on auction day
to the highest bidder—regardless of price. This hallmark of our
business has helped build confidence and trust among our customers.
And as a seller, you can be certain that you will get global fair
market value for your equipment on auction day, since we invite the
world to the sale of your equipment."
In 2011, the company sold US$3.7
billion of equipment at 339 unreserved industrial and
agricultural auctions around the world.
Ritchie Bros. has been working with Chinese buyers and sellers
for many years. The Company's current customer base includes
Chinese original equipment manufacturers (OEMs) and construction
companies that have been selling their equipment at auctions
overseas and learning about the international equipment market.
Ritchie Bros. has also been working with Chinese government
officials for a number of years to acquire the proper permits for
holding auctions in China.
"We established our presence in China in 2004," added Chris Edwards, Ritchie Bros. General Manager for
China, Korea and Mongolia. "We have been learning China's market, customer needs and behaviors,
regulations and business processes. Our goal has always been to be
a good, educated citizen in China."
There are currently 81 upcoming auctions on the 2012 Ritchie
Bros. auction calendar at www.rbauction.com, including unreserved
auctions in Australia,
Spain, France, the United
Arab Emirates, Mexico, the
U.S. and Canada.
About Ritchie Bros.
Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX:
RBA) is the world's largest industrial auctioneer, selling more
equipment to on-site and online bidders than any other company in
the world. Ritchie Bros. offers services that enable the world's
builders to easily and confidently exchange equipment. The Company
conducts hundreds of unreserved public auctions each year, selling
a broad range of used and unused equipment, trucks and other assets
utilized in the construction, transportation, agricultural,
material handling, mining, forestry, petroleum and marine
industries. Ritchie Bros. has over 110 locations in more than 25
countries, including 44 auction sites worldwide. The Company
maintains a web site at www.rbauction.com and sponsors an equipment
wiki at www.RitchieWiki.com.
ATTENTION MEDIA:
- For photos, videos, presenter biographies and additional
information about today's announcement, please visit
rbauction.com/media
SOURCE Ritchie Bros. Auctioneers