Ritchie Bros. Creates PriorityBid Feature for Live Auctions
SEP 18, 2019 - 6:20 am
As part of its efforts to make buying equipment easier, Ritchie Bros. has created PriorityBid, which will allow buyers to make proxy bids online for items in its live auctions up to a week before the sale. These PriorityBids put them first in line to win the item, provided no one outbids them.
“Launched in mid-August, PriorityBid has quickly become a valuable feature for our live auction customers—allowing them to set a max bid on an item, go back to work, and let the system bid for them,” said Ravi Saligram, Ritchie Bros. CEO. “PriorityBid also provides us increased insight into demand ahead of the auction, which is extremely valuable information for us and our sellers as it allows us to be more nimble in optimizing our marketing efforts right up to the day of the auction. We believe this will take online bidding in our live auctions to the next level.”
Since it was launched in mid-August, more than 25,000 PriorityBids have been made, with approximately 45% of those bids coming through Ritchie Bros.’ mobile application.
“PriorityBid was initially introduced on IronPlanet; its recent implementation with our live auctions now provides customers a more consistent buying experience across platforms,” said Matt Ackley, chief marketing officer, Ritchie Bros. “As we continue to leverage our technology capabilities, capitalizing on online buying trends, we will become more flexible, allowing us to meet the diverse needs of our customer base. For example, the PriorityBid experience in our mobile app is the ultimate example of convenience for our buyers—they can place bids while they’re in the yard inspecting the equipment at our sites. It’s that simple.”
In order to use the new feature, buyers submit a maximum bid and the PriorityBid system will bid the lowest amount required for them to win, up to their max bid. Bids are confidential and the system will only raise a bid if someone outbids you. If you’re outbid, you’ll receive an email notification. In the case of a tie, the first bid placed wins.
“I’m so busy, I don’t have time to sit all day long waiting for my items to come up for bidding. PriorityBid makes buying so much easier for me,” said Warren Halle of Halle Companies, who bought a Sandvik QJ340 jaw crusher with PriorityBid at a recent Houston auction. “I’ve bought millions of dollars’ worth of equipment through IronPlanet with PriorityBid over the years. It’s great to have this feature now available for Ritchie Bros. live auctions as well.”
Established in 1958, Ritchie Bros. is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets.
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