Ritchie Bros. Launches New Inspection Services as Part of RB Asset Solutions
For years IronPlanet and Asset Appraisal Services have been leaders in the equipment inspection business. IronPlanet has continuously raised the bar by offering innovative inspection content and technology for customers of its online marketplaces, including its IronClad Assurance® equipment condition certification, which ensures buyers receive the equipment they expect. Asset Appraisal Services has become the recognized leader in the commercial truck inspection market by leveraging targeted expertise and proprietary technology solutions. Since both were acquired by Ritchie Bros. in 2017, the company has continued to enhance its capabilities and the number of inspections has increased significantly. Now Ritchie Bros. is consolidating these two, industry-leading inspection service organizations to formally launch Ritchie Bros. Inspection Services, available to customers as part of its Ritchie Bros. Asset Solutions.
"We inspect hundreds of thousands of items every year," said Karl Werner, Interim Co-CEO and President, International, Ritchie Bros. "We believe we have the best inspection team and technology in the industry and are uniquely positioned to innovate and develop targeted solutions for our increasingly-sophisticated customer base."
In 2016, prior to the acquisition, IronPlanet and Asset Appraisal Services inspected more than 100,000 items. In 2019, post-acquisition, the team will surpass 215,000 items, taking 7.5 million photos and analyzing approximately 30,000 oil samples. Today the company has more than 300 full-time and contract inspectors.
"We continue to enhance the capabilities of RB Asset Solutions and Ritchie Bros. Inspection Services is a key extension to these solutions," said Randy Berry, who serves as Senior Vice President of Digital Operations and oversees the inspection team for Ritchie Bros. "We are privileged to already serve the inspection needs of many of the world's largest fleets, and we are now positioned to better scale our inspection services offerings and help even more customers with inspections in support of lease returns, financing, trade-ins, repossessions, private sale, asset verification, and more."
Ritchie Bros. Asset Solutions is a complete end-to-end asset management and disposition solution. Its suite of tools includes an inventory management system, personalized web stores, data analytics, valuation tools, and now Ritchie Bros. Inspection Services, giving customers the capabilities and insights to make better disposition decisions.
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; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company's suite of multichannel sales solutions also includes Ritchie Bros. Asset Solutions, a complete end-to-end asset management and disposition 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.