Ritchie Bros ... buggers

[dalek]

Wonder how much money is “cleaned” or stolen property made “unstolen” via large auction companies? Numbered companies selling through auction and buying back through another one to make it “good”. Heck stories of auction companies having their own shill bidders to see said items at later auctions because they got stuck. Days past the crooked old auctioneer looked to God for bids but now internet is God. Think money laundering is a potential problem coming to ag and we should make an effort to stamp it out before government gets too involved.

A huge amount of money from grey market weed sold on native reservations in Ontario goes into buying construction equipment from RB to just park it somewhere because it’s something that holds its value relatively well and can be insured against theft

[TraderJoe]

bought a couple of trailers from a RB auction a couple of years ago, free and clear title...
until we went to register them and there were still liens on them!
made for some super fun times! And... RB wouldn't return my calls or emails when I tried to ask them how come they were advertised as free and clear title but they weren't...
Never again!

[Oliver88]

Ritchie Bros stock price is skyrocketting, almost at an all time high today. Buyer fees and seller fees must be bringing in the $.

[furrowtickler]

Interesting to see the RB number of farm auctions in Western Canada now compared to a few years ago
A lot of the other smaller Auction companies seem to be picking up more sales .
Just an observation from sale books .

[FarmJunkie]

Auction criminals. Buyers fee sellers fee heartbeat fee. My attitude would change and so would a lot of others if they could see who they were bidding against.

[Old Cowzilla]

Farmers kinda turned into hoarders during covid keeping emergency equipment to cover downtime. Seeing some of this steel coming back into the system now. Booming time for all auction houses now that we have been trained to on line shopping. Beer on a tailgate in the back row of trucks on a beautiful spring afternoon with neighbors will be missed.

[Crestliner]

So in the last couple days I have come across two different people that supposedly had the winning bid on items bought through Ritchie Bros where the sale was extinguished because it didn't pay out the financing owing on them.

A friend who was the buyer got a good lawyer involved and after reading the terms and conditions of the auction said Ritchie Bros may have the right to do that and it would cost a whole lot of money to challenge it.

Can't believe that they can do that with an "unreserved" auction.

Maybe next time I buy something that I have buyer's remorse about, I should tell them to punch sand.

If this is true then it really isn't a "Unreserved Auction" and they should be sued or called on the carpet for that. This is very bad news.

It is a very big deal as the "Unreserved" part is the key to their business and the people who buy from them. I have bought thousands of dollars of equipment from their auctions.... good quality equipment, next to new, at great prices and have had no issues. Saved huge over the local dealer, in fact it's only the parts desk that likes me....sales guys don't even talk to me because they know it's a dead end trying to sell me their overpriced new stuff, even with trades...I can sell my used stuff better than they can, it's my equipment and my money. The internet has allowed us to deal as good or better than they can.

Since Ritchie is becoming the largest used equipment dealer in Canada, they owe a lot more than this to their buyers. No buyers....No business!

They better get this fixed quickly, as this problem is going to be showing up more and at a increasing pace as the farmers who made bad choices on buying equipment get diagnosed with "new paintitis" and have to liquidate or do a realignment and get out of paying for equipment at prices that were never affordable and do a reset!

[jamesb]

I am reasonably close to Rouleau site so have bought lots of small rack lots. With the changes in recent times one really has to do the math. With a minimum $100 fee per lot the low cost lots purchases should be a thing of the past.

• With the exception of on-farm auctions, each purchased Lot will be subject to a transaction fee of: (a) 15% on all Lots selling for CAD 5,000 or less, with a minimum fee of CAD 100 per Lot, (b) 10% on all Lots selling for over CAD 5,000 up to CAD 12,000, with a minimum fee of CAD 750 per Lot, (c) 4.85% on all Lots selling for over CAD 12,000 up to CAD 75,000, with a minimum fee of CAD 1,200 per Lot or, (d) CAD 3,638 on all Lots selling for over CAD 75,000.
• For on-farm auctions, regardless of whether you are bidding online or in person, each purchased Lot will be subject to a transaction fee of: (a) 10% on all Lots selling for CAD 12,000 or less, (b) 3.85% on all Lots selling for over CAD 12,000 up to CAD 40,000, with a minimum fee of CAD 1,200 per Lot or, (c) CAD 1,540 on all Lots selling for over CAD 40,000.

[Druther]

Ponder this...RB has probably had 90% of all farm and ag auctions in the last 20 years in western Canada ...where is all the farm equipment they've sold ...just think about it ????

[blackpowder]

RB pioneers in their model of world wide equipment sales long before the internet. It just took longer. Remember the yellow paint sitting for 3-4 years after '81?
Visit their sales yard now presale day and it's like a trip to the UN.
They owned their own island before they ever went public. Never more than a trading stock until recently.
Auctions of any kind no longer for hillbillies that's for sure.
Great if you're selling. Especially junk and miscellaneous.
I do miss the sociables.

[RD414]

Rb Regina ,lot 56, a case 620 just sold for $242000. 4000 hours. Sold 4 months ago for $83000 on auction time. Oh ya, had 7300 hours then

[fjlip]

"

• For on-farm auctions, regardless of whether you are bidding online or in person, each purchased Lot will be subject to a transaction fee of: (a) 10% on all Lots selling for CAD 12,000 or less, (b) 3.85% on all Lots selling for over CAD 12,000 up to CAD 40,000, with a minimum fee of CAD 1,200 per Lot or, (c) CAD 1,540 on all Lots selling for over CAD 40,000."

What is the selling farmer charged?

[blackpowder]

Ritchie Bros stock price is skyrocketting, almost at an all time high today. Buyer fees and seller fees must be bringing in the $.

I bet the constant shuffling of assets between countless numbered shelf companies makes more

[blackpowder]

I don't believe they've been truly and completely unreserved for years. Think it's always been relative to what crowd you're in.
I wouldn't cross them either.
Just a feeling.

[TASFarms]

Rb Regina ,lot 56, a case 620 just sold for $242000. 4000 hours. Sold 4 months ago for $83000 on auction time. Oh ya, had 7300 hours then

I wonder when the buyer will find out.