IronPlanet Gets Access to RBFS, Extends Relationship with DOD



Ritchie Bros. Financial Services will now serve as a preferred provider for IronPlanet, which will have access to RBFS’ LeaseFlex and PurchaseFlex financing solutions.

“Ritchie Bros. Financial Services has a fast and easy application process, helping equipment buyers get quicker access to the cash they need to bid and purchase with confidence,” said Sharon Driscoll, CFO of Ritchie Bros. and board chair at RBFS. “When RBFS was introduced six years ago, the company focused solely on providing financing solutions for customers of our live auctions. As the focus on the overall customer experience has evolved, RBFS has diversified, providing financing to customers buying equipment from other sources, including dealerships. Becoming an official preferred provider with IronPlanet is a logical next step for RBFS and an excellent opportunity for growth.”

“We are thrilled to bring our various financing solutions to IronPlanet to help increase the purchasing power of its buyers,” said Jim Case, CEO of RBFS. “Our goal is to make buying equipment easier than ever before. Our LeaseFlex and PurchaseFlex products cover a huge range of equipment types, ages, and financing terms; once pre-approved customers can shop for almost anything. We finance all brands. Our pre-approvals last 90 days and are quick and easy to renew.”

Both IronPlanet and RBFS are part of Ritchie Bros.

In addition, IronPlanet is extending and expanding its relationship with the U.S. Department of Defense. For the past three years, IronPlanet’s GovPlanet marketplace has been helping the U.S. Defense Logistics Agency (DLA) sell thousands of its surplus assets. After seeing consistently strong returns, the DLA extended its contract with GovPlanet until at least September 2018.

“We sell hundreds of items per week for the DLA through our GovPlanet marketplace, including construction equipment, trucks, trailers, Humvees and more,” said Greg Owens, group president of New Sectors & Ventures for Ritchie Bros. “Prior to their contract with us, the DLA sold all their surplus assets—boots, ammunition cans, uniforms, equipment, etc.—to one general sales company, resulting in low returns. By selling through GovPlanet to our massive database of buyers, the DLA has achieved as much as 300 percent higher returns on their assets.”

Since the initial contract was signed with the Defense Logistics Agency in 2014, GovPlanet has sold more than 43,000 items for the agency, including 10,000 Humvees, 4,700 utility trailers and 4,100 cargo trucks. The contract has multi-year extension options, to be revisited and exercised by the DLA.

GovPlanet was also recently selected by the Defense Contract Management Agency (DCMA) to liquidate surplus industrial equipment for both its Eastern and Western regions. With the new contract, GovPlanet has the opportunity to expand to other DCMA regions.

The DCMA is the Department of Defense (DoD) agency that works directly with defense suppliers to help ensure that DoD, federal and allied government supplies and services are delivered on time, at projected cost and meet all performance requirements.

“Our GovPlanet marketplace has only been in operation for three years, but is already providing great benefits for many government agencies. Having both the DLA and DCMA as clients shows confidence in our platform and the value it can provide more public-sector entities across the United States and around the globe,” Owens said.


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