Auctioning off used equipment is a recession-proof business, according to Ritchie Bros. Senior Vice President Nick Nicholson.
In a Conference Room interview with FBN’s Jeff Flock, Nicholson said the Ritchie Bros. auction business has been able to thrive, even during tough times.
“There’s always a market for used equipment. There’s always a buyer out there, especially when you spread it out into the global economy,” said Nicholson.
Ritchie Bros. today has 44 auction facilities around the world, specializing in the sale of industrial equipment.
“There’s something for everyone: agricultural, construction, mining, forestry, transportation,” said Nicholson.
He said the company has built a reputation for fairness: The company auctions off items without reserve, meaning there’s no minimum price set.
“The owner’s not allowed to bid on it, so the buyers have a fair chance at a good value,” said Nicholson.
This reputation has helped the auction company expand internationally. Nicholson said the company held 368 auctions in 2013 in the U.S., Canada, Mexico, Europe, Middle East, Asia and Australia.
“Now we have customers in 190 countries who trust Ritchie Bros. because of our honest, transparent way of doing business,” said Nicholson.