Ritchie Bros. Auctioneers Announces First China Auction in 2013

Ritchie Bros. Auctioneers has announced that it will be holding its first unreserved public auction in China during Spring 2013. Although relatively new to the Chinese heavy equipment market, unreserved industrial auctions have been a quick and easy method for equipment buyers and sellers to conduct business on a global scale.

Ritchie Bros. announced that it will bring the certainty of unreserved auctions to Chinese equipment buyers and sellers now that the Company''''s Wholly Owned Foreign Enterprise application has been approved by the Chinese government - making it the first foreign auction company to receive this approval.

Ritchie Bros. has formally leased land in the Tianzhu Free Trade Zone (Shunyi, Beijing) in preparation for this first unreserved public auction in China. The Tianzhu Free Trade Zone is connected to one of China''''s largest roll-on, roll-off ports in Tianjin.

"We have used Ritchie Bros. auction services literally all over the world," said Sam Farley, Used Equipment Manager, AMECO U.S.A., who has been buying and selling heavy equipment at Ritchie Bros. auctions for many years, and during 2011 has bought and sold at Ritchie Bros. unreserved auctions in the Middle East and North America. "Their method of advertising, their customer base, the flyers that they send out, their e-mail advertising, their internet support services - are without equal in the industry."

Showcasing China to the World: The Unreserved Public Auction

Ritchie Bros. has been conducting unreserved public auctions since the Company was founded in 1958. At an unreserved auction each item sells on auction day to the highest bidder—regardless of price—with no minimum bids or reserve prices. Sellers are not allowed to bid on their own equipment to drive up the price.

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