Ritchie Bros. and Caterpillar Inc. have launched a strategic alliance, originally announced in 2016, following the Ritchie Bros. acquisition of IronPlanet, a leading online marketplace for heavy equipment and other durable assets.
Under the alliance, Ritchie Bros. will become Caterpillar's preferred global partner for live onsite and online auctions for used Cat equipment, and will complement existing offerings within Cat dealer channels. Ritchie Bros. will provide Caterpillar and its dealers with access to proprietary auction platforms, software and other value-added services, enhancing the exchange of information and services between customers, dealers and suppliers. The strategic alliance is also expected to strengthen Ritchie Bros. relationship with independent Cat dealers around the world by providing them enhanced and continued access to a global auction marketplace to sell their used equipment.
"Ritchie Bros. is proud to enter into this historic alliance, which will strengthen our relationship with Caterpillar, its dealers and end users, as well as help expand our global reach and footprint," said Ravi Saligram, Chief Executive Officer of Ritchie Bros. "Our marketing capabilities, unrivaled suite of technology and powerful multi-channel transactional platforms will add tremendous value and make us a trusted strategic partner to the Caterpillar family."