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Ritchie Bros. Auctioneers Incorporated Message Board

  • iknowused iknowused Jun 30, 2008 6:24 AM Flag

    Sale site slow bleed

    Wake up RBA, your on a slow bleed with these fixed sale sites. Lets graps the internet and off site sales before its too late. One competitor in particular is starting to eat your lunch. Lets look at how they conduct sales and move forward with a plan to accomidate internet only customers. RBA needs some kind of knowlegeable inspection and process plan for better information for web based sales. Hurry shareholders need less property and overhead and more efficency.

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    • Sounds as if you really have some great knowlege about RBA. Can you please name one competitor thats public to RBA ? I will wait to hear from you, Before further comment.

    • I also agree with your analysis,and RBs global positioning really makes a difference, which is hard for any others to attack, they have people on the ground with local knowledge, no one else even comes close.

    • Great post....and you both have a good take on RBA. My opinion may differ about sale sites, but I really cant argue about the RBA formula.

      I just see a rapid change in the buyer patterns
      and its taking place in the virtual world, not at the sale sites.

    • You might be right, about the competitor. the bottom line is.....
      The internet customer needs and wants more. The internet cutomer pays more in fees and would pay more more for equipment if they had more than pictures. Ritchie needs to graps this concept now, and in additon remote sales for internet only bidders with more inspection information for these sales.

      • 1 Reply to iknowused
      • I agree that there is definitely a market for the internet buyer that RB is not presently filling. I just question if they could integrate that type of program into their present corporate culture. They may ultimately be forced to, but it won't be easy.They have built the business on the "idea" that because a buyer bought at an RB auction, it had to be a bargain.No minimums,buybacks,owners bumping the bid, or any games like are played by the competition. If you had the highest bid that day for that piece, you owned it, regardless of street value. These values are becoming even more evident as the US goes deeper into a recession, and auction prices on certain pieces are selling at 50% of what they were a year ago.All types of truck and equipment auctions will be good(for good auction yards) for several more years. There will be lots of iron to pick from. The sale sites should be a good investment for years to come.

    • Which competitor is eating RBs lunch? Have not seen any slowing on internet sales thru June. As a mattor of fact, they are reporting record numbers of internet bidders/buyers.

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