Going concern

Peter Blake, CA
CEO, Ritchie Bros.
Auctioneers

Company profile: Vancouver-based Ritchie Bros. Auctioneers is the world’s largest auctioneer of trucks and industrial equipment. From its humble beginnings in the 1950s as a small furniture store run by a trio of brothers, the company expanded its operations to more than 25 countries across the globe. Today, Ritchie Bros. has more than 625 full-time employees and 29 auction sites across North America and Europe, and in such places as the United Arab Emirates. The company conducts unreserved auctions only — meaning there is no minimum bid and owners are forbidden to bid up their own equipment — ensuring the best price from legitimate bidders. In 2002, an online site was launched to allow pre-qualified bidders anywhere to participate as equals in auctions, live and in real-time.

Hot factor: Last year, Ritchie Bros. announced record auctions in California and the Netherlands and record gross auction sales in excess of US$1.79 billion. The company’s business is essentially recession-proof — in a slow economy, contracting work dries up, leading to increases in equipment sold, while a strong economy leads to more purchases.

Cool projects: Ritchie Bros. is in the early stages of setting up shop in China. With a patient but persistent approach, the company believes it will be operating there within five years.

In his own words: “Our customers make their money every day by going out there, their hands are in the earth — these guys are building the foundation of the economy. When they’re at an auction, they’re trying to find the tools to go out and make a living. The more efficient we can make it for them in an open and honest marketplace, the better it’s going to be for everyone.”       

Rosie Lombardi