Ritchie Bros. Offers PriorityBid

Ritchie Bros. building and trucks
Ritchie Bros. Auctioneers

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Auctioneer Ritchie Bros. announced PriorityBid, a feature that enables buyers to make proxy bids online for items in its live auctions up to a week before the sale. These bids put them first in line to win the item, provided no one outbids them.

Submit a maximum bid, and the PriorityBid system will bid the lowest amount required for you to win, up to your max bid, according to the Vancouver, British Columbia-based company. Ritchie Bros.’ auctions cover construction, transportation, agriculture, energy, oil and gas, mining and forestry equipment. Bids are confidential, and the system will only raise a bid if someone outbids. If outbid, the initial bidder receives an email notification. In the case of a tie, the first bid placed wins.

Since it was launched in mid-August, more than 25,000 priority bids have been made, with about 45% coming through Ritchie Bros.’ mobile application.

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“PriorityBid also provides us increased insight into demand ahead of the auction, which is extremely valuable information for us and our sellers as it allows us to be more nimble in optimizing our marketing efforts right up to the day of the auction,” CEO Ravi Saligram said in a release. “We believe this will take online bidding in our live auctions to the next level.” — Transport Topics