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Good times for equipment auctioneer

Bloomberg reports on a company that’s making a killing off second-hand machines:

A global recession that’s hobbling sales growth at farm- and construction-equipment makers including Amsterdam-based CNH Global NV and Caterpillar Inc. hasn’t hurt Ritchie Bros. The Canadian company auctioned off a record $3.57 billion worth of equipment last year, a 12 percent increase over 2007, as financially strapped buyers sought alternatives to high-priced new machines.

Ritchie Bros. opened new sites last year including one in Paris and is expanding in Orlando, Florida, its biggest U.S. venue. While Caterpillar is eliminating workers, Ritchie Bros. said it hopes to add to its sales force this year.

See, General Motors would never sell a car or pick-up that lasts as long as a good old Cat dozer.

Of course, Cat also has its own site for selling used tractors.

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Tom Mangan posted at 7:25 am January 28th, 2009 |

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  1. stokobr says:

    There is also a Cat branded auction site – Cat Auction Services “”. This site was created by several Cat dealers. From what I understand, this is being promoted as a better auction option to customers because the auctions are run directly from the dealer. This allows buyers to benefit from the relationships and services that the dealer offers.

    Permalink | Posted January 28th, 2009, at 11:13 am

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