Ritchie Bros. Launches New Financing, Warranty, and Insurance Services

Ritchie Bros. Auctioneers Inc., Vancouver, B.C., is launching new services for its customers in the U.S., Canada, and around the world, starting July 1, 2011. They include detailed equipment information, real-time auction results through www.rbauction.com, equipment financing, powertrain service warranties, and property and cargo insurance.

The new services complement the range of services that Ritchie Bros. already offers, including comfortable auction facilities, flexible bidding options, convenient on-site refurbishing services, and a 21-language web site.

"At Ritchie Bros., it's all about our customers, and we've run our business with that in mind for more than 50 years," said Peter Blake, chief executive officer. "Our company mission is to provide compelling business solutions that enable the world's builders to easily and confidently exchange equipment."

Ritchie Bros.’ new services:

Detailed Equipment Information - Beginning July 1, Ritchie Bros. will collect and provide more equipment information online for all of its industrial auctions around the world. Available in 21 languages through Ritchie Bros.' web site www.rbauction.com, detailed equipment information will include up to 50 high-resolution photographs of each item, allowing customers to clearly see key components, along with a multi-point summary of those components, and comments on basic functionality. This new service will enable customers to assess equipment online more efficiently and in greater detail prior to inspecting it at the auction site in person

Real-time auction results - Beginning July 1, Ritchie Bros. will provide real-time auction results for all customers viewing its auctions online through www.rbauction.com. Customers will instantly be able to see how much items have sold for and will be able to scroll back to see pricing for items they may have missed earlier in the day.

Equipment Financing Ritchie Bros. Financial Services (RBFS) has partnered with leading equipment finance providers to bring fast, convenient, no-obligation financing options to Ritchie Bros. customers. Financing options include equipment loans and lease-to-own programs. Available now in the U.S. and Canada, RBFS plans on rolling out its services to Ritchie Bros. customers in Europe and remaining global operations in 2012.

Powertrain Service Warranties - Ritchie Bros. customers are now able to purchase an optional powertrain service warranty for select equipment available at Ritchie Bros. auctions in the U.S. and Canada (excluding equipment sold at on-the-farm agricultural auctions). All warranties are underwritten by AmTrust Group, a subsidiary of AmTrust Financial Services, Inc., a multi-national insurance company. Buyers will be able to purchase a powertrain service warranty for select equipment purchased in Ritchie Bros. auctions held in Europe and the rest of the world in 2012.

On-site Property & Cargo Insurance - Ritchie Bros. customers are now able to purchase optional on-site property and cargo insurance for equipment purchased or sold at Ritchie Bros. auctions in the U.S., Canada, Europe and Australia. On-site property insurance will protect a customer's equipment while it is on a Ritchie Bros. auction site; cargo insurance will protect a customer's equipment while it is in transit to or from a Ritchie Bros. auction site. Both of these insurance products are brokered by Marsh, one of the world's leading insurance brokers and risk advisors.


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