Ritchie Bros Auction

[RACKER]

I was wondering if anyone else has tried to buy stuff off the timed auction before. I can’t afford to buy new so I try to buy tools,equipment,and other items but the prices get bid up so ridiculous. Has anyone bought stuff from there and had good luck? I even waited till the final minute of the auction to bid only to still get outbid. Next time I have something big to sell I’m taking it there and maybe it will work in my favour for once.

[fishtank]

probably have few shill bidder to make sure they dont under sold

[fordtruckin]

Do they have the maximum bid feature so even if you bid higher than the next guy they automatically outbid you if it is under their max price?? I’ve lost a few bids that way on everything from vehicles to guns to tools...

[tikka250]

A co-worker of mine is all over the Ritchie sales and has some pretty good luck. From what I gather it's a lot like buying guns on here and on gun nutz. If you know what your looking for and are always looking you can get some pretty good deals but if you take a quick glance now and then it appears that it's all going for more than it's worth.

[Big Grey Wolf]

Ritchie Bros. being a very large auction house with a dozen sites around North America have very sophisticated systems to control dishonest bidding. When someone bids $1 million $$ on almost new cat their cannot be games being played. However very hard to get a bargin when competing with bidders all over the world.

[lannie]

I buy equipment from Ritchie Bros quite often and use the time bid feature for the smaller valued items(attachments, buckets and the "junk"). There are many who put in Maximum bids and if people are still bidding when the time is up they will add more time. There is also proxy bids but the proxy bids must be 10,000. or more. On the timed bids i don't usually start bidding until the last couple seconds because i think if you start bidding earlier you will drive up the bids as there are others who for some reason want to stay on top. I also think Ritchies has the cleanest (most honest) auctions going with the least amount of schill bidding.
If you have any questions at all or want help I find them to be excellent on the customer service end. When i have had questions on certain pieces they have given me the phone number of the owner so i can get the clearest history of the piece. The down side of Ritchies to me is the consignment and buying costs are expensive. I just bought something from the Saskatoon sale on the 13th and if i picked it up myself i would have to pay the PST. If you have a 3rd party trucking company pick it up when Ritchies sees the bill of lading the PST comes off? Manitoulin got the haul...
I think that's the Sask Gov. protecting its citizens....Theres not as many deals now as it is a global auction house. I would bet half of the iron gets sold on line.

[tugger]

Ritchie Bros is public traded co since late nineties. They have to explain transparency of process if questioned. As stated in previous post they are good to explain bidding process of proxy or timed auction. Never heard the term “schill bidding” and don’t believe any games played at the sales.

[jstubbs]

Originally Posted by lannie

I buy equipment from Ritchie Bros quite often and use the time bid feature for the smaller valued items(attachments, buckets and the "junk"). There are many who put in Maximum bids and if people are still bidding when the time is up they will add more time. There is also proxy bids but the proxy bids must be 10,000. or more. On the timed bids i don't usually start bidding until the last couple seconds because i think if you start bidding earlier you will drive up the bids as there are others who for some reason want to stay on top. I also think Ritchies has the cleanest (most honest) auctions going with the least amount of schill bidding.
If you have any questions at all or want help I find them to be excellent on the customer service end. When i have had questions on certain pieces they have given me the phone number of the owner so i can get the clearest history of the piece. The down side of Ritchies to me is the consignment and buying costs are expensive. I just bought something from the Saskatoon sale on the 13th and if i picked it up myself i would have to pay the PST. If you have a 3rd party trucking company pick it up when Ritchies sees the bill of lading the PST comes off? Manitoulin got the haul...
I think that's the Sask Gov. protecting its citizens....Theres not as many deals now as it is a global auction house. I would bet half of the iron gets sold on line.

I’ve heard lots goes to US buyers, and then a lot of that gets flipped and sent across the world to often developing nations.

[Ken07AOVette]

Originally Posted by jstubbs

I’ve heard lots goes to US buyers, and then a lot of that gets flipped and sent across the world to often developing nations.

Huge amounts of it goes South, with the dollar the way it is they can' lose.
It is interesting watching the big iron sales, seeing where money is being spent.

[hayseed]

Originally Posted by Ken07AOVette

Huge amounts of it goes South, with the dollar the way it is they can' lose.
It is interesting watching the big iron sales, seeing where money is being spent.

Yep, and the rigs are headed that way as well.
Glad we put trucks in Texas.

[lannie]

The newest and best shape stuff goes into the USA and makes good dollars as the US market is very strong. More of the mid grade 5000hr + does stay closer to home. The older non computerized stuff that anything can be repaired without plugging into goes to the countries with the shallower pockets.
This is also driving up the prices of all that older iron everywhere. Watch the on line bidding and you can see many old Sask county Caterpilar 140G grader's and the like getting bought on line for good dollars from places like Ecuador, Thailand etc.
Business's like Headwaters by Coalhurst have made large sums putting those in Sea cans and shipping them everywhere on earth. Buying and selling iron is a massive industry in itself and Ritchie bros. is a company any Canadian can be proud of.

[Gear guy]

Hard to get a good price at times but if you know what to look for it is possible