Ritchie Bros. Auctioneers has completed the acquisition of the outstanding minority interest of Ritchie Bros. Financial Services and has made a strategic investment in Machinio Corp., a global search engine for finding, buying and selling equipment. These corporate development initiatives are designed to help position Ritchie Bros. for future growth and extend its involvement in digital innovation.
“Ritchie Bros. Financial Services is an important component of our full-service offering, catering to the financing needs of equipment buyers, including those purchasing through Ritchie Bros. auctions and EquipmentOne, where financing permits more customers to bid with the power of cash,” said Ravi Saligram, CEO of Ritchie Bros. “As we continue to execute on our financial services growth strategy, we expect to help more customers by further expanding our reach and penetration across all our current and future sales channels.
“Our investment in Machinio demonstrates our desire to find even more ways to support the equipment industry and serve the various needs of equipment owners. Machinio’s scalable model uses innovative technologies to provide buyers with the widest assortment of equipment listings on the web, while also driving lead generation for equipment sellers.”
Machinio has more than one million items listed for sale including construction, farming, metal working, processing, packaging, material handling and woodworking equipment. Machinio receives more than 3 million page views per month from more than 400,000 unique websites viewers from 190 countries. Machinio also offers equipment sellers the ability to advertise equipment for sale directly on its site for a fee, offering superior ad placements to premium clients. Based in Chicago, Machinio continues to operate as an independent business that caters to the needs of all equipment buyers and sellers.