PMV Middle East


Eduard Faig, regional sales manager at Ritchie Bros. Middle East, explains how the acquisitio­n of Euro Auctions will affect the Dubai auctions calendar for 2022 and how new formats, partnershi­ps and services will drive growth in the MEA region.


Ritchie Bros. is planning to hold four quarterly online auctions in 2022, as is usually the case, and these are planned for March, June, September, and December.

Ritchie Bros.’ next quarterly online timed auction in Dubai, featuring hundreds of equipment items for sale, will take place this September. Bidding opens on September 21, 2021, and ends at staggered times on September 28 and 29, 2021.

“It’s business as usual for now,” says Eduard Faig, regional sales manager at Ritchie Bros. Middle East, India and Africa. We are forming an integratio­n planning team with colleagues from both organisati­ons. The intent of this team is to better understand how to bring the greatness of both organisati­ons together, putting the customer first, with unmatched selection for buyers and unpreceden­ted solutions for sellers to drive the very best outcome for equipment around the world. Together, we will introduce greater global liquidity for our sellers and provide access to a worldwide selection of used equipment for our buyers. Ritchie Bros.’ customers will be able to experience the expertise of Euro Auctions in sourcing equipment to accelerate the dispositio­n process, while Euro Auction customers will be able to enjoy the Ritchie Bros.’ suite of expanded services and capabiliti­es for an improved asset management experience.”

Ritchie Bros. expects strong demand and pricing for used machinery and equipment at its Dubai auctions and yard. As is the case in Europe, a growing number of equipment buyers in the Middle East are experienci­ng longer lead times on the delivery of new equipment, largely due to delays resulting from COVID-19 lockdowns and a range of ongoing supply chain issues. This is where online auctions such as those organised by Ritchie Bros., are helping equipment buyers, since machinery and heavy equipment inventory listed in online auctions are immediatel­y available and can be shipped without delay.

In the first quarter of 2021, Ritchie Bros. global website traffic was up 47% year over year, while bidder registrati­ons were up 49%. Increased buyer activity can be attributed to the fact that auctions provide quick access to work-ready equipment.

“Our Dubai quarterly online timed auction held in June 2021 set three new company records including the highest number of registered bidders – a 26% increase over the same auction last year, as well as the highest number of new bidders and new buyers ever. These record online auction results are proof of widespread customer acceptance of online auctions and evidence they can be an effective solution to mitigate the effects of pandemic lockdowns,” says Eduard.

“Sellers no longer need to wait until our quarterly online auctions to consign their equipment if they want to sell their equipment more quickly and for a set price. Our reserved 24/7 online marketplac­e, Marketplac­e-e, is an excellent example of an everyday asset dispositio­n solution which provides sellers with control over price,” he adds.

The partnershi­p between Ritchie Bros.’ Middle East and Africa and Q8 Auctions, a division of Kuwait-based Masaha Global, follows the Ritchie Bros. pivot in March 2020 from live in-person auctions to an entirely online

auction format, a transition accelerate­d due to pandemic lockdowns.

Faced with border closures and travel restrictio­ns, Q8 Auctions had to quickly implement a new online selling method since buyers were unable to fly into Kuwait City for an extended period. As part of the long-term agreement, Ritchie Bros. provides its range of multichann­el online auction solutions and access to a global audience of buyers to Q8 Auctions. In return, Q8 Auctions provides on-the-ground customer assistance and access to its extensive network of buyers and sellers throughout Kuwait.

At Ritchie Bros.’ Dubai auction in June 2021, 322 pieces of Kuwait-based equipment including generators, light towers, trucks, cranes, wheel loaders, and ADTS were sold to buyers across the region. Particular­ly strong performing categories at the auction were truck tractors, wheel loaders, rough terrain cranes and water trucks.

“Our partnershi­p is a good example of how companies in this region can collaborat­e to create mutually beneficial solutions not only to address challenges brought on by the pandemic, but also to provide local business owners with more effective and borderless dispositio­n services. We’re pleased that the power of Ritchie Bros.’ online timed auction format and global distributi­on could be brought to this deal. At the same time, this partnershi­p presents an opportunit­y for Kuwait-based equipment owners to dispose of surplus machinery without having to ship equipment to Dubai. Items sold from Kuwait are stored at Q8 Auction’s Kuwait City yard, where inspection reports can be made for listing on Ritchie Bros. high-traffic website. Once sold, items can be shipped directly to buyers anywhere in the world, reducing transport costs. Rethinking and teaming up with others has added value for our customers around the world” says Eduard.

Ritchie Bros. continues to introduce new features to its website and online auction offering, as well as new products and services that can help both buyers and sellers. Recently, the company introduced a financing option in co-operation with Emirates NBD Bank, which is available on selected equipment for Uaebased buyers. Ritchie Bros. is also expanding its Arabic language support with an online auction website in Arabic and a team of Arabic speaking territory managers.

 ?? ?? Eduard Faig, regional sales manager at Ritchie Bros. Middle East.
Eduard Faig, regional sales manager at Ritchie Bros. Middle East.
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 ?? ?? Ritchie Bros. auction site in the Jebel Ali Free zone in Dubai.
Ritchie Bros. auction site in the Jebel Ali Free zone in Dubai.

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