Ritchie Bros. To Take Dubai Online Auctions To The Next Level On March 23 & 24

In 2020, over 6,100 pieces of equipment and machinery were sold through Ritchie Bros. online Timed Auctions held in Dubai, with online bidders participating from around the world.

The first Dubai auction of the year will take place in March, with bidding opening on March 16 and ending at staggered times on March 23 and 24. The Ritchie Bros. Middle East team is busy working with businesses in the Middle East and further afield to add inventory to the auction, which will take place entirely online. The auction is unreserved, meaning all items will be sold to the highest bidders, without minimum bids or reserve prices. This means Ritchie Bros. provides a certainty of the sale of the equipment.

Although the auction will be held online, interested bidders or their representatives can visit the Ritchie Bros. Dubai site in Jebel Ali Free Zone to view the items starting March 16. Visitors will be asked to wear face masks and keep a safe distance from each other.

Ritchie Bros.' quarterly auctions in Dubai proved to be an efficient solution for both buyers and sellers of machinery and heavy equipment in many regions, including the Middle East, Africa, and the Indian subcontinent.

Since early 2020, all Ritchie Bros.’ auctions, including those in Dubai, have been held entirely online due to the pandemic. In the EMEA region, the company uses ‘Timed Auctions,’ an easy-to-use online auction format allowing bidders to place bids over several days until the auction closes. Ritchie Bros.’ auctions have gained popularity in the online format, with bidder participation frequently breaking site records in 2020. Essentially, Ritchie Bros. has transitioned from a live and online auction business to an asset disposition service provider with robust online infrastructure and digital marketing to help companies achieve their asset disposition and fleet management goals.

Ritchie Bros.' online Timed Auctions are easy to join, and bidders have more time to bid. You will receive notifications when you’re outbid or in the lead. This improved functionality is one of the reasons why the auction company saw a significant increase in bidder participation last year at its Dubai auctions.

With an easy-to-use website and app, buyers can now join the auctions from any location. With online auctions, equipment sellers can tap into a global network of international buyers. For example, Ritchie Bros.' December Dubai auction saw 40 percent of participating buyers from outside the UAE, coming from countries such as Egypt, Ghana, Nigeria, and South Africa.

Although the pandemic has impacted many businesses, global demand for heavy equipment and trucks remains strong. Bidder attendance at Ritchie Bros. auctions was steady throughout 2020. For example, the Dubai online auction in September broke a five-year record, with a 32% increase in bidders compared to the same auction the previous year.