Ritchie bros sale

Stompin Tom said:

"but there are allot of costs in having a yard like PG and is simply was no longer profitable."

you mean like I said?

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More like what I said

"They weren't making money there"

There is a difference and I like my version better.

It's not that I don't respect what RB has done. They grew from a small mom and pop shop to the largest auction house in the world and to me that's very commendable. What I don't like is people believing that is the only way to go.

S.W.A.T. said:

More like what I said

"They weren't making money there"

There is a difference and I like my version better.

It's not that I don't respect what RB has done. They grew from a small mom and pop shop to the largest auction house in the world and to me that's very commendable. What I don't like is people believing that is the only way to go.

Click to expand...

I doubt that anybody believes "that is the only way to go". I think everybody when looking at liquidating an asset looks at the variable options to them, selling privately, cosigning with a dealer, using an auction yard. The thing that Ritchies has going for them is a set date and great reputation. If you want to move your equipment fast and expect to get a reasonable price, they are usually your best option. They cater to the mid sized industry where the asset value is tied to tax values, speed, need and ease. For the private guy you always have to look at all options and weigh thing out.

They have to be doing something right, when you go to finance a used piece of used equipment most financiers use Ritchie averages to set the market price of what your looking at.

Their timed auction has changed now to what they call a soft close, meaning if it's about to,close and you bid, then they add 2 or 3 minutes before they close or until someone throws another bid at it and it resets the timer. They copied Iron Planets auction process. They said it was to keep the "snipers" from waiting until the last second to bid and scoop the item. I mentioned to her that it was mostly to get the seller and Ritchie's more money. She agreed grudgingly
On a side note, I was chasing VDM's bed trucks, but they went past my limit so fast that I barely had time to get my hands out of my pockets to bid

woody_tobius_jr said:

Their timed auction has changed now to what they call a soft close, meaning if it's about to,close and you bid, then they add 2 or 3 minutes before they close or until someone throws another bid at it and it resets the timer. They copied Iron Planets auction process. They said it was to keep the "snipers" from waiting until the last second to bid and scoop the item. I mentioned to her that it was mostly to get the seller and Ritchie's more money. She agreed grudgingly
On a side note, I was chasing VDM's bed trucks, but they went past my limit so fast that I barely had time to get my hands out of my pockets to bid

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That sucks, I liked doing that, got many good deals. The new way does ensure it goes for the maximum someone is willing to pay though, which is better for the seller so can't really fault them. Yea they make a killing on the little stuff at 25% commission. You can tell things are good again, prices are insane.

For the little stuff, i'm pretty much sticking to Osman's and Micheners. Very little online bidders, so much better deals. Got a steal on some welding rod and sewer pipe.