Page 41 - Port of Baltimore Magazine May/June 2013
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May/June 2013
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The Port of Baltimore
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straight commission basis. Sometimes,
Ritchie Bros. can guarantee a minimum
price. And, if a customer is in need of
immediate cash flow, the company can
also purchase equipment outright, ahead
of auction day.
“Dave Ritchie, one of the Ritchie broth-
ers, has always said, ‘Treat your customers
like your friends and they will always be
your customer,’ ” Iacoboni said. “This is
how we still work today — we listen to our
customers carefully to find out what they
need and then try to make an arrangement
around that. We are here for our customers,
they always come first.”
Getting fair market value for equipment
on auction day is the norm with Ritchie
Bros. Buyers are attracted to the company’s
public auctions because of its reputation
for honesty and its policy of conducting
strictly unreserved auctions with no set
prices, no minimum bids, no reserves and
no owner buy-backs. Every item sells on
auction day to the highest bidder, regard-
less of price.
“It’s been that way since 1958; that’s
why we’ve been successful,” Iacoboni said.
“Our biggest asset is our relationships with
our customers — both sellers and buyers.
Our auctions are fair and transparent, and
at the end of the day we want our customers
going home with a smile on their faces.”
