Flexible financing helps drive GTV & equipment pricing
through increased marketplace penetration
VANCOUVER, BC, Jan. 11,
2023 /PRNewswire/ - For the first time in its 11-year
history, Ritchie Bros. Financial Services surpassed US$1 billion in annual funded volume, helping
tens of thousands of customers around the world purchase used
equipment, vehicles, and other industrial assets in 2022.
"Ritchie Bros. Financial Services continues to drive
industry-leading customer experience with our innovative, flexible
financing and leasing solutions, combined with a fast and efficient
approval process," said Chris Quinn,
Vice President, Sales & Marketing, Ritchie Bros. Financial
Services. "In 2022, more than half of our funded volume came from
repeat customers. At the same time, we are attracting new customers
every single day. Last year, we also saw approval rates above 80%,
which is a new record, and the percentage of transactions funded on
the Ritchie Bros. marketplace increased by 15%, helping facilitate
more transactions for buyers and create better pricing for
sellers."
Ritchie Bros. Financial Services offers several different
solutions to its customers, including PurchaseFlex Financing, which
enables customers to get pre-approved for financing for any type of
equipment, regardless of brand or asset type. This is unique to
RBFS, as most traditional lenders require exact equipment details
prior to approval, which limits your options on auction day. This
increased flexibility, along with the ease and speed of approvals,
has made RBFS a preferred choice for customers acquiring used
equipment. PurchaseFlex Financing also offers $0 down and 90- or 120-day payment deferment
options.
Ritchie Bros. Financial Services has also seen approximately 40%
growth in the funding of private sale purchases, through online
listing sites like Ritchie List, and
equipment dealerships. With its PurchaseSafe product, Ritchie Bros.
Financial Services will help facilitate the purchase between buyer
and seller by securing the transfer of funds, dealing with any
taxation issues, lien search, and payout coordination.
"PurchaseSafe provides customers a secure and safe buying
experience, so they can shop privately with the same confidence
they do when buying at Ritchie Bros.," added Mr. Quinn. "Today,
approximately 60% of our total funded volume comes through dealer
and private sales. Customers rely on Ritchie Bros. Financial
Services regardless of where they are shopping."
To learn more about Ritchie Bros. Financial Services, visit
rbfinance.com.
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,
mining, and forestry, the company's selling channels include:
Ritchie Bros. Auctioneers, the world's largest industrial
auctioneer offering live auction events with online bidding;
IronPlanet, an online marketplace with weekly featured 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; Ritchie Bros. Private Treaty,
offering privately negotiated sales; and sector-specific solutions
GovPlanet, TruckPlanet, and Ritchie Bros. Energy. 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; SmartEquip, an innovative technology platform
that supports customers' management of the equipment lifecycle and
integrates parts procurement with both OEMs and dealers; plus
equipment financing and leasing through Ritchie Bros. Financial
Services. For more information about Ritchie Bros., visit
RitchieBros.com.
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SOURCE Ritchie Bros.