Ritchie Bros. has added a new November auction date increasing asset disposition opportunities for construction companies seeking more efficient ways to improve the procurement and management of heavy equipment and trucks, the company has announced.
The decision by Ritchie Bros. Middle East, Dubai to add another online timed auction in November follows strong results at the company’s June auction, when over 1,800 items were sold to online buyers worldwide, recording the highest number of buyers and sellers in the past five years for May/June auctions.
Following the transition to entirely online auctions and marketplaces, Ritchie Bros.’ advanced digital equipment disposition infrastructure has enabled the company to increase the number of online auctions held annually, from four to five.
“Liquidity is always a key consideration for construction companies since surplus heavy equipment and machinery inventory can unnecessarily weigh down a company’s balance sheet. Increasing liquidity, removing surplus assets from the books, and improving the bottom line are often key objectives for many business managers seeking more efficient ways to improve the procurement, management and disposition of heavy equipment and trucks,” said Phillip Weston, Key Accounts Manager, Ritchie Bros. Middle East, Africa, and India
“The challenge is to release surplus assets onto the market at the right time, considering seasonality factors and fluctuating demand for specific assets. Choosing the right time to sell can have a big impact on the selling price,” he added.
Bidding for the Ritchie Bros.’ online timed auction in Dubai, opened from mid-October, with the event to be held on November 1 and 2, 2022. Ritchie Bros.’ final online auction of the year will take place in December following on from its previous versions in March, June and September.
