Net Returns

It’s not eBay. It may be better.

In April, Ritchie Bros. (www.rbauction.com) launched rbauctionBid-Live, a service that helps bidders experience the sights and sounds of an auction in real time over the Internet, right down to hearing the bark of the auctioneer. Bidders using the Internet register in advance of the auction and then follow the action, placing bids by clicking a button.

According to Ritchie Bros. chairman Dave Ritchie, the rbauctionBid-Live service was designed to give “all bidders, including our Internet bidders, the opportunity to inspect, test, and compare the equipment, and then bid on it in a fair and open environment.” He says it was important to find a way for online bidders to sense the mood and momentum of the event. The Internet also expands the number of potential buyers. People come from all over the world to attend auctions in person, Ritchie says. The Internet only expands the market further and brings more bidders into the fray-a key to getting top dollar for equipment.