Heavy equipment auction expert Ritchie Bros. is about to raise its stake in the UAE with the introduction of its new online-only brand - IronPlanet.

Complementing Ritchie Bros’ onsite auctions, IronPlanet is an online-only marketplace offering new benefits to customers, including selling without transporting items to a centrallised location and the ability to sell items for a fixed price, negotiate offers or set a reserve, said a statement from the company.

IronPlanet also offers a world-class inspection service that gives buyers confidence to buy online, sight unseen, it stated.

"Since IronPlanet launched in the US 18 years ago it has become a leader in online auctions and marketplaces, with 1.9 million users globally," remarked Karl Werner, the president, International, Ritchie Bros.

Ritchie Bros acquired IronPlanet earlier this year, deciding to quickly expand the brand and its service to its customers in the emirates.

“With IronPlanet, we’re now offering a true multichannel solution for our customers, with options to sell, buy and list equipment when, where and how they want, whether onsite or online,” said Werner.

Ritchie Bros has been helping businesses in the region sell construction, mining, transportation and other equipment for more than 20 years through its full-service onsite auctions in Dubai.

This year to date, the company has sold more than 5,500 items at its Dubai site and has another massive machinery auction scheduled on December 12 and 13.

“Today’s customers are much more comfortable with the online sales experience. In 2016, roughly half of the equipment sold in our onsite auctions was sold to online buyers,” observed Werner.

Buyers can virtually inspect items online and review detailed inspection reports completed by qualified inspectors. Equipment sold through IronPlanet is backed by the company’s IronClad Assurance, guaranteeing the accuracy of the inspection report on each ‘item’ sold.

“Our goal is to be a one-stop shop for all asset management and disposition, as well as providing equipment buyers the largest selection of equipment available anywhere in the region,” he added.

Ritchie Bros' solutions in the UAE now include:

*Marketplacee reserved online marketplace: Flexible online auctions offering customers the choice of selling assets at a fixed price, negotiating offers, or setting a reserve (minimum) price. Equipment is not required to be transported to a central location prior to being sold.
*IronPlanet’s monthly online featured auctions: Regular online-only, unreserved monthly auctions. Equipment is not required to be transported to a central location prior to being sold.
*Ritchie Bros Auctioneers’ unreserved onsite auctions: Full-service, unreserved auctions with a live auctioneer and real-time online bidding. Equipment is stored at, and the auction is held at, a central Ritchie Bros auction site.

There are four onsite equipment auctions held at the company’s Dubai site each year, it stated.

A major buyer and seller of used heavy equipment, trucks and other assets, Ritchie Bros operates in a multitude of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry.-TradeArabia News Service