Buyer demand is at an all-time high, with
equipment & truck finance applications up 18% YOY
VANCOUVER, BC,
April 20, 2022 /CNW/ -
Equipment and truck pricing has hit record highs in 2022,
showcasing a sellers' market with a ton of demand for equipment.
For the first time in its history, Ritchie
Bros. Financial Services (RBFS) has surpassed US$1 billion in open credit approvals from
customers across North
America.
"This is a very significant milestone for Ritchie Bros. Financial Services, as we have
amassed more than $1 billion in open
credit approvals from customers looking to buy used equipment and
trucks," said Chris Quinn, Vice
President, Sales & Marketing, Ritchie
Bros. Financial Services. "We are proud to be able to
partner with so many customers—new and existing—to find flexible
and innovative financing solutions to help them make the best
decisions for their business."
RBFS' two main financing solutions—PurchaseFlex and
LeaseFlex—allow customers to buy what they want, where they want.
Both options provide up to 100% financing with $0 down, low monthly payments, flexible
schedules, and the ability to shop anywhere for almost anything. A
third RBFS product just entering the market is EquityFlex, which
gives customers the ability to refinance current equipment in their
fleet for working capital needs, extend the period of financing to
drive lower payments, or use the equity from free and clear
machines to pay off debt on redundant equipment.
"With our financing, customers can buy from any Ritchie Bros. sales channel, plus dealerships,
and private sale. We are agnostic of manufacturer and support all
industries," said Mr. Quinn. "In fact, we've created a specific
offering called PurchaseSafe, which is designed to make private
sale easier and more secure than ever. With PurchaseSafe, the buyer
gets a professionally documented invoice, we conduct lien searches
against the equipment and seller and will pay out any necessary
debt, so the buyer knows they are getting equipment with a clear
title."
Lastly, Mr. Quinn adds, "Our PurchaseFlex financing is already
proving to be the perfect partner for Ritchie Bros.' recently launched Ritchie List marketplace, which is an equipment
listing service for dealers and private sellers. Ritchie List subscribers will also soon be able
to benefit from "Want to Buy" ads from multiple sources, including
access to $1 billion in open
approvals as we look to find supply across all Ritchie Bros. channels to match the growing
demand."
Today, across all its marketplaces, Ritchie Bros. has more than 50,000 equipment
items and trucks available for purchase and RBFS has the financing
to match. To learn more about Ritchie
Bros. Financial Services and some of the interesting
equipment finance trends over the past year, check out this recent
interview with Chris Quinn and
Ritchie Bros. Chief Marketing
Officer Matt Ackley.
About Ritchie Bros.:
Established in 1958, Ritchie
Bros. (NYSE and TSX: RBA) is a global asset management and
disposition company, offering customers end-to-end solutions for
buying and selling used heavy equipment, trucks and other assets.
Operating in a number of sectors, including construction,
transportation, agriculture, energy, oil and gas, mining, and
forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's
largest industrial auctioneer offers live auction events with
online bidding; IronPlanet, an online marketplace with featured
weekly auctions and providing the exclusive IronClad Assurance®
equipment condition certification; Marketplace-E, a controlled
marketplace offering multiple price and timing options;
Ritchie List, a self-serve listing
service for North America;
Mascus, a leading European online equipment listing service;
and Ritchie Bros. Private Treaty,
offering privately negotiated sales. The Company's suite of
solutions also includes Ritchie
Bros. Asset Solutions and Rouse Services LLC, which together
provides a complete end-to-end asset management, data-driven
intelligence and performance benchmarking system. Ritchie Bros. also offers sector-specific
solutions including GovPlanet, TruckPlanet, and Kruse Energy, plus
equipment financing and leasing through Ritchie Bros. Financial Services. For more
information about Ritchie Bros.,
visit RitchieBros.com.
Photos and video for embedding in media stories are
available at rbauction.com/media.
View original
content:https://www.prnewswire.com/news-releases/ritchie-bros-financial-services-surpasses-us1-billion-in-open-credit-approvals-301528730.html
SOURCE Ritchie Bros. Financial
Services