Caterpillar dealers soon will have a new outlet to sell used heavy construction equipment. A deal announced Monday makes Ritchie Bros., an industrial auctioneer and equipment distributor, the preferred global partner for live onsite and online auctions of used Caterpillar Inc. equipment.
Ritchie Bros. will provide Caterpillar and its dealers access to proprietary auction platforms, software and other services, designed to enhance the exchange of information and services between customers, dealers and suppliers, the companies said in a joint statement. Financial terms of the five-year agreement were not disclosed.
“A key element of our digital strategy is connecting more products in our customers’ fleets, allowing us to help improve their productivity, increase safety and drive sustainability. This alliance will ensure that more used equipment buyers have access to our products, digital offerings and customer support through the Cat dealer network,” says Rob Charter, group president and head of Caterpillar’s customer and dealer support.
The alliance is expected to strengthen Ritchie Bros.’ relationship with Caterpillar’s independent dealers around the world by providing them access to a global auction marketplace to sell their used equipment.
Also on Monday, Ritchie Bros. announced it agreed to acquire IronPlanet, an online marketplace for used heavy equipment and other durable assets. The agreement between Ritchie Bros. and Caterpillar, No. 40 in the 2016 B2B E-Commerce 300, will close after Ritchie Bros. completes its acquisition of IronPlanet.
Caterpillar and its dealers own a minority position in IronPlanet.
After completing the acquisition of IronPlanet, Ritchie Bros. will operate live onsite auctions at participating Caterpillar dealer locations under the Cat Auction Services brand. The deal also includes access to Ritchie Bros.’ other on-site and online brands, such as EquipmentOne, an online auction marketplace; Mascus, a global online equipment listing service; private negotiated sales through Ritchie Bros. Private Treaty; and other services including financing and leasing.
Ritchie Bros.’ marketing capabilities, technology and “multichannel transactional platforms will add tremendous value and make us a trusted partner to the Caterpillar family,” says CEO Ravi Saligram.
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