Auction firm Ritchie reports strong results

Auction firm 318 Ritchie Bros reports strong performance for its online construction machinery marketplace, EquipmentOne, in the first year since the service was set up. The service is complementary to the firm’s unreserved auction business and provides an online marketplace for the sale of equipment. The company says it offers buyers and sellers a place in which to negotiate, complete and settle transactions in a safe and transparent environment. This was initially launched in early 2013 and had a full commercial launch in April. The Marketplace already has hundreds of thousands of qualified members around the world. Sellers can make their own listings or work with Ritchie Bros to create listings including equipment photos, detailed asset information, and price parameters. Negotiations take place using the Online Negotiation Engine. Buyers are able to make transparent offers for the seller's consideration during the listing period. When the listing period concludes and the item is sold, EquipmentOne provides financial settlement services to ease transactions.