What Ritchie Bros. Auctioneers Is and How It Operates
Ritchie Bros. Auctioneers is a publicly traded auction company that sells heavy equipment, trucks, and machinery through live and online auctions. Unlike a traditional used car lot, Ritchie Bros. holds scheduled auctions where equipment is sold to the highest bidder — usually multiple times per week at different locations across North America and internationally. The company operates physical auction yards in major cities and runs concurrent online bidding, so you can bid from home or attend in person.
The company has been running auctions since 1958 and handles everything from construction equipment and agricultural machinery to commercial trucks and industrial tools. Ritchie Bros. does not buy or sell the equipment itself — it acts as the auctioneer, taking a commission from the seller and charging the buyer a buyer's premium (a percentage added to the final bid price). This model means the inventory changes constantly and the prices are set by live bidding rather than fixed asking prices.
If you are looking to buy a truck or piece of equipment, you will find thousands of items listed with photos, condition reports, and auction dates. If you want to sell, you can consign equipment to an upcoming auction and let Ritchie Bros. handle the marketing and sale process.
Key Takeaways
- Ritchie Bros. holds scheduled auctions where equipment sells to the highest bidder, with new auctions running multiple times per week at different locations.
- You can bid online from home or attend auctions in person; online bidding happens live during the physical auction event.
- Buyers pay the hammer price plus a buyer's premium (typically 5 to 10 percent depending on the item category and location).
- Sellers consign equipment and pay Ritchie Bros. a commission based on the sale price, plus any applicable fees for marketing or inspection.
- All equipment is sold as-is with no warranty, and you are responsible for arranging pickup or shipping after purchase.
How to Buy Equipment at Ritchie Bros. Auctions
Start by visiting the Ritchie Bros. website and searching for the type of equipment you want — you can filter by category (trucks, excavators, loaders, etc.), location, and auction date. Each listing includes photos from multiple angles, a condition report written by Ritchie Bros. inspectors, the equipment's hours or mileage, and any known issues. Read the condition report carefully because all equipment is sold as-is; there are no returns or refunds.
Once you find something you want to bid on, you will need to register as a buyer. Registration is free and requires basic contact information and a valid payment method (credit card or bank account). Ritchie Bros. may ask for additional information if you are bidding on high-value items or if you are a new bidder. Some auctions require a deposit or bid bond, which is held until you complete payment and pickup.
On auction day, you can bid online in real time as the auctioneer works through the catalog. The online platform shows the current bid, allows you to place proxy bids (you set a maximum and the system bids on your behalf up to that amount), and displays a live video feed of the auction floor. Bidding is fast — items typically sell within seconds to a few minutes. When you win, you become the buyer of record and are responsible for payment and pickup within the timeframe specified by Ritchie Bros. (usually 5 to 10 business days).
Understanding Buyer's Premium and Total Cost
The price you see displayed when you win is the hammer price — what the auctioneer knocked down at. You do not pay just that amount. Ritchie Bros. adds a buyer's premium, which is a percentage of the hammer price that goes to the auction company. The buyer's premium typically ranges from 5 to 10 percent depending on the equipment category and the auction location, though some specialty items may have different rates.
For example, if you win a truck at a hammer price of $10,000 with a 10 percent buyer's premium, you owe $11,000 before tax. Some states and provinces also charge sales tax on the total (hammer price plus premium), so the final bill can be 15 to 20 percent higher than the hammer price alone. The auction listing should disclose the buyer's premium rate before you bid, so check that detail when you are evaluating whether a price is worth it.
You are also responsible for any costs to move the equipment after you buy it — Ritchie Bros. does not include delivery. Many buyers arrange their own transport or hire a third-party hauler. Some auctions offer optional transport services through Ritchie Bros. or partner companies, but those are separate charges.
How to Sell Equipment Through Ritchie Bros.
If you own equipment you want to sell, you can consign it to a Ritchie Bros. auction. Start by contacting your nearest Ritchie Bros. location or filling out a consignment inquiry on their website. A representative will ask about the equipment — type, age, hours or mileage, condition, and any mechanical issues — to determine which upcoming auction is the best fit and to estimate what it might bring.
Once you agree to consign, Ritchie Bros. will schedule a pickup or ask you to deliver the equipment to their yard. The company inspects and photographs the item, writes a detailed condition report, and lists it in the auction catalog with a specific auction date. Ritchie Bros. handles all the marketing and bidding; you do not have to do anything except wait for the sale.
When the equipment sells, Ritchie Bros. deducts its commission from the sale price. The commission rate varies but is typically 10 to 15 percent of the hammer price for most equipment categories. The company may also charge additional fees for inspection, photography, storage, or insurance while the equipment is in their possession. You receive payment after the buyer completes payment and pickup, usually within 2 to 4 weeks of the auction date.
Payment and Pickup After You Win
After you win an item, Ritchie Bros. will send you an invoice showing the hammer price, buyer's premium, applicable taxes, and the total due. Payment is usually required within 5 business days, though some auctions allow longer terms for large purchases or repeat buyers. Accepted payment methods typically include wire transfer, credit card, and bank transfer; the specific options may vary by location.
Pickup must happen within the timeframe stated in the auction terms — commonly 5 to 10 business days after the sale closes. You are responsible for arranging transport and any equipment needed to load the item (forklift, trailer, etc.). Ritchie Bros. will hold the equipment in their yard during this window, but storage fees may explore if you do not pick up within the allowed time. Make sure you understand the pickup important date and arrange transport before the auction ends.
If you cannot pick up the equipment yourself, you can hire a third-party transport company. Many haulers are familiar with Ritchie Bros. auctions and can coordinate directly with the yard. Get a transport quote before you bid so you know the true total cost of ownership.
Inspecting Equipment Before Bidding
Ritchie Bros. provides detailed condition reports and photos, but you cannot physically inspect most equipment before the auction unless you attend in person at the auction yard. If you are bidding online from a distance, you are relying on the written report and images. Read the condition report thoroughly — it will note mechanical issues, wear, rust, missing parts, and any other defects the inspectors found.
If you are bidding on a high-value item and want a hands-on inspection, you can travel to the auction yard during the inspection period (usually a day or two before the auction) and examine the equipment yourself. Some buyers also hire independent inspectors to check equipment on their behalf, though this adds cost and requires coordination with Ritchie Bros. ahead of time.
Remember that all equipment is sold as-is with no warranty. Once you win and take possession, you own it with whatever condition it is in. There is no recourse if you discover a problem after pickup. This is why the condition report and your own inspection (if possible) are so important.
Online Bidding Platform and Live Auction Experience
Ritchie Bros. operates a live online bidding platform that runs during scheduled auctions. You log into your account, find the items you want to bid on, and place bids in real time as the auctioneer works through the catalog. The platform shows a live video feed of the auction floor, the current bid amount, and how much time is left for each lot (usually just a few seconds to a minute).
You can place a proxy bid, which means you set a maximum amount you are willing to pay and the system automatically bids on your behalf, incrementing as other bidders raise the price. This is useful if you cannot watch the auction live — the system will bid up to your limit without you having to be glued to the screen. However, if you want to bid strategically or react to competition, you can also bid manually in real time.
If you prefer to bid in person, you can attend the auction at a Ritchie Bros. yard. You will register at the gate, receive a bidding paddle or number, and bid from the auction floor or viewing area. In-person bidders compete with online bidders on equal footing — the auctioneer takes bids from both simultaneously.
Frequently Asked Questions
Can I return equipment if I find a problem after I buy it?
No. All equipment at Ritchie Bros. auctions is sold as-is with no warranty and no returns. Once you take possession, the sale is final. This is why reading the condition report and inspecting the equipment before bidding (if possible) is critical.
What if I cannot attend the auction in person or bid online?
You can arrange a proxy bid before the auction, setting a maximum price you are willing to pay. The online system will bid on your behalf up to that amount. You can also hire a buyer's agent or broker to bid on your behalf, though they will charge a fee for that service.
How long do I have to pay and pick up after I win?
Payment is typically due within 5 business days and pickup within 5 to 10 business days, though the exact timeline is stated in the auction terms. Storage fees may explore if you do not pick up within the allowed window. Check the specific auction's terms before you bid.
Do I have to pay sales tax on top of the buyer's premium?
Yes, in most states and provinces. Sales tax is calculated on the total of the hammer price plus the buyer's premium. The exact rate depends on your location and the equipment type. The invoice will show the tax amount separately.
What happens if I do not pay or pick up after I win?
Ritchie Bros. may charge storage fees, hold your account, or pursue collection action depending on the amount owed and their policies. Repeat non-payment can result in your bidding privileges being suspended. Always make sure you can pay and arrange pickup before you place a bid.