Ritchie Brothers' Live Auction Model Continues to Resonate With Buyers and Sellers
After taking a fresh look at Ritchie Brothers, we are lowering our fair value estimate to $29 from $31 and are changing our moat trend rating to stable from negative. We observe that Ritchie Brothers’ live, unreserved auction model continues to resonate with both buyers and sellers despite the wide number of alternative venues, both live and online. More importantly, now that Ritchie Brothers has a significant online presence after the acquisition of IronPlanet in 2016 and, at the same time, con...Ritchie Bros. Auctioneers sells industrial equipment and other assets for the construction, agricultural, transportation, energy, mining, forestry, material handling, marine and real estate industries at its unreserved auctions and online marketplaces. The auction items are sold during live on site auctions without a minimum or reserve price. Through EquipmentOne (Co.'s online marketplace), equipment sellers are able to list their equipment on the online marketplace, receive and accept offers, and complete and settle their sale. Co.'s other services include Private Treaty, in which Co. acts as a private sales agent and conduct negotiated sales of equipment items between buyers and sellers.
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