A recent partnership between the world’s largest heavy equipment auctioneer and a leading Kuwait-based auction house has driven online auction sales in the region to new heights.
The partnership between Ritchie Bros.’ Middle East and Africa operation and Q8 Auctions in Kuwait follows the Ritchie Bros. pivot in March 2020 from live in-person auctions to an entirely online auction format; a transition accelerated due to pandemic lockdowns. These record online auction results are proof of widespread customer acceptance of online auctions and evidence they can be an effective solution to mitigate the effects of pandemic lockdowns.
As part of the long-term agreement, Ritchie Bros. provides its range of multichannel online auction solutions and access to a global audience of buyers to Q8 Auctions. In return, the Kuwait City company, a division of Masaha Global, provides on-the-ground customer assistance and access to its extensive network of buyers and sellers throughout Kuwait.
“Our partnership is a good example of how companies in different Gulf nations can collaborate to create mutually beneficial solutions. Not only to address challenges brought on by the pandemic, but also to provide local business owners with more effective and borderless disposition services. It can lead to stronger results,” said Eduard Faig, Regional Sales Manager at Ritchie Bros. Middle East, India and Africa.
Faced with border closures and travel restrictions, Q8 Auctions had to quickly implement a new online selling method since buyers were unable to fly into Kuwait City for an extended period.
“We’re pleased that the power of Ritchie Bros.’ online Timed Auction format and global distribution could be brought to this deal. At the same time, this partnership presents an opportunity for Kuwait-based equipment owners to dispose of surplus machinery without having to ship equipment to Dubai. Items sold from Kuwait are stored at Q8 Auction’s Kuwait City yard, where inspection reports can be made for listing on Ritchie Bros. high-traffic website. Once sold, items can be shipped directly to buyers anywhere in the world, reducing transport costs. Rethinking and teaming up with others has added value for our customers around the world.” concluded Faig.
Largely due to the Kuwait deal, Ritchie Bros. Dubai quarterly auction held on July 29 and 30, 2021, set three new company records for its May-June auctions, including
- The highest number of registered bidders – a 26% increase over the same auction last year
- Highest number of new bidders
- Highest number of new buyers
In total, 322 pieces of Kuwait-based equipment, including generators, light towers, trucks, cranes, wheel loaders, and ADTs, were sold to buyers across the region. Particularly strong performing categories at the auction were truck tractors, wheel loaders, rough terrain cranes and water trucks.
The next Dubai online Timed Auction with hundreds of equipment items for sale – including items sold from Kuwait – will take place in September, with bidding opening on September 21, 2021, and ending at staggered times on September 28 and 29, 2021.