Machinery
Equipment and machinery is the lifeblood of the mining industry ; it ’ s what allows companies to expand projects , increase production , enhance safety and boost profits . Manufacturers like Liebherr and Caterpillar have revolutionized the mining sector by building stronger , faster , smarter and safer machines . With the help of companies like Richie Bros , acquiring these massive ( and expensive ) pieces of equipment has gotten a whole lot easier .
Formed in 1958 , Ritchie Bros . is the world ’ s largest seller of new and used equipment . The company , which has operations in more than 25 countries including 44 auction sites worldwide , has simplified the buying and selling process , incorporating live unreserved
Regional Sales Manager Blair Gogowich catching bids public auctions with on-site and online bidding for complete convenience .
With $ 3.8 billion of equipment sold last year , Ritchie Bros . is the preeminent auctioneer of the mining industry .
How it works The process of buying and selling mining equipment via auction is quite simple . In fact , if you ’ ve ever purchased or sold something on eBay you ’ re already half way there .
At the auction , the company will drive out the mobile equipment in front of a crowd of seated bidders at the company ’ s auction theater . An auctioneer will introduce each item and then call for bids . When a bid is placed , the auctioneer raises the ask price . Bidding continues until no more bids are placed . Each item sells to the highest bidder , regardless of price . “ Every Ritchie Bros . auction is unreserved and open to the public ,” says Mike Johnston , Group SVP ( US West and LATAM ) of Ritchie Bros . “ Unreserved means there are no minimum bids or reserve prices . Owners and their agents are by contract not allowed to bid on their equipment . Every item is
10 J anuary 2015