Ritchie Bros.' Marketplace-E Surpasses $500 Million in Online Sales

Ritchie Bros.’ Marketplace-E online sales solution, with make offer, buy now, and reserve options, recently surpassed $500 million in gross transaction value (GTV).

"Marketplace-E has grown so much since its launch in early 2018—in sophistication and popularity," said Karl Werner, interim co-CEO and president of international, Ritchie Bros. "When we only offered unreserved auctions, we limited the number of companies and individuals we could help. Selling unreserved is not for everyone. Now that we have live auctions, IronPlanet weekly featured auctions, and Marketplace-E, we have a solution for every customer need."

Werner continued, "As a result of the site's growing popularity amongst sellers and buyers, we've seen strong double-digit growth in the average selling price of an item and total GTV through Marketplace-E, which has grown 52% over the past six months! Interestingly, with Marketplace-E, we have also introduced a new type of buyer to our brand; a buyer who is uninterested in purchasing from auctions, but willing to pay a premium to get top-of-the-line used assets right away. They don't want to wait for the next auction—they need it now and can get it from Marketplace-E."

More than 3,200 companies from 45 countries have sold assets on Marketplace-E since its launch. The top five equipment categories on Marketplace-E include cranes, truck tractors, excavators, dozers, and pipelayers. Top selling manufacturers include Caterpillar, John Deere, Komatsu, Freightliner, and International.

All asset listings are syndicated on both rbauction.com and IronPlanet.com platforms to increase visibility to the company's huge global buying audience. For more information about Marketplace-E, visit IronPlanet.com/Marketplace-E.