There is a saying in the industry that 'if a machine isn't making money, it is only costing money'. Equipment often needs to be turned into cash first before returns can be used to make other investments. But depending on the popularity of a machine and the owner's network, it is not always easy to find the right buyer. It is a process that can easily take up time and resources.
In a few weeks from now, hundreds of dump trucks, excavators, pavers, graders, dozers and other metal giants will be lined up and made ready to fetch the highest bids possible. Ritchie Bros., the world's largest auctioneer of industrial equipment, is building up its next massive auction in Dubai (UAE). The event which will be held on December 12 and 13, is expected to draw a big crowd of bidders from all over the world, all looking to buy what they need before the end of the year. For equipment owners that need to sell, it is a unique opportunity to reach buyers from all over the world. The 'secret' recipe of these auctions has a special ingredient; there are no minimum bids or reserve prices at the auction and every single item sells on auction day to the highest bidder. The inventory is growing rapidly as equipment is added to the auction almost daily - not only by local companies but also by Indian businesses that are looking to get more returns for their assets outside their own market. Ritchie Bros. can even help them with the logistics to the auction site.
Sell in Dubai or in Orlando
Every year in February, Ritchie Bros. hosts the world's largest auction of heavy equipment and trucks at its site in Orlando, Florida (USA). In February this year, the massive five-day auction reached consignors and buyers from 88 countries, selling over 10,000 lots and registering 10,400+ bidders. Preparations for the February 2018 edition are well underway. Hundreds of equipment owners from all over the world are partnering with Ritchie Bros. to experience the benefits of a truly global buyer base that is unrivaled in the industry.
Why is this interesting for businesses in India? For the first time, the 2018 Orlando auction will be simulcasted at the Tampa (Florida) freezone. This opens up the market for non-EPA units in India that can sell directly to bidders from high demand markets in Latin America, such as Mexico. At the same time, equipment traders from the US who are buying without importing units into the US can join the bidding on these items as well.
For further information contact:
Territory Manager India