Ritchie Bros. Middle East recently hosted another online Timed Auction event in November with aims to complete five online auctions for the year of 2022. This choice was made considering the company’s successful June auction, which saw over 1,800 products go to online purchasers all around the world and had the biggest turnout of buyers and sellers in the May/June auctions during the previous five years.
Companies with an excess of equipment assets require regular market access and various asset disposition methods. Yet, timing is everything. The selling price will be affected by where, how, and when asset owners can sell. Thus, companies do not have to wait long for results now that Ritchie Bros. has added a fifth unreserved online auction in Dubai in November.
Following the switch to purely online auctions and markets, Ritchie Bros.’ cutting-edge digital equipment disposal infrastructure enables the business to enhance the number of online auctions staged yearly. The decision to increase the number of online auctions from four to five each year demonstrates the effectiveness of this digital transformation approach in practice.
For 2022, Ritchie Bros. hosted online auctions in March, June, September, and November with plans to conclude the year with a December auction.