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Tractor Talk Discussion Forum

Re: odd auction goof

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Author  [Modern View]

04-13-2014 05:12:09

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Ritchie Bro. will tell you here they do not want anything under a thousand and also tell you about the hundred dollar fee. They also tell you it is against their rules and you consignment agreement to bid on your own property. Pretty much a place to really get screwed if you are a seller. They hold all the cards and the deck is stacked in their favor.

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Stick welding

04-13-2014 12:38:12

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 Re: odd auction goof in reply to jm., 04-13-2014 05:12:09  
Ritchie Bros. rules are very clear from the outset. They are no reserve period. They even state in their buyers catalog about having other people bid on your items. They will prosecute you. Ritchie Bros. thrives in a bad economy because there are still people/contractors with money to spend. Dave Ritchie took about a 4 year cruise and it only cost him about $40,000,000. Sold the yacht he paid $100,000,000+ for at an unreserved auction and it only brought $62,000,000. I don't think he has too many money problems but commend him on selling it unreserved. Every Ritchie Bros. auction brings in $15 to $50 million in sales and sometimes more.

A lot of farm auctions you have no idea and the so called rules are changed to suit whoever. I've seen auctioneers yell sold almost instantly before anyone else even had a chance to get their hand up or shout out. Most likely buying it for themselves.

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