Buyers can now set online proxy bids up to a week before each live auction with PriorityBid.
In an increasingly busy world, time is money; so, Ritchie Bros. wants to make buying equipment easier than ever. With its new PriorityBid feature, buyers will be able to make proxy bids online for items in its live auctions up to a week before the sale. These PriorityBids put them first in line to win the item, provided no one outbids them.
How PriorityBid works and benefits customers – both buyers and sellers.
Submit a maximum bid and the PriorityBid system will bid the lowest amount required for you to win, up to your max bid. Bids are confidential and the system will only raise your bid if someone outbids you. If you're outbid, you'll receive an email notification. In the case of a tie, the first bid placed wins.
PriorityBid opens up to one week before the auction begins Bidders notified via email if they’re outbid, lose, or win Bidders can increase bids right up until the item starts selling PriorityBid will never exceed the bidders maximum amount In case of a tie, the first PriorityBid placed wins
Since it was launched in mid-August, more than 25,000 PriorityBids have been made, with approximately 45% of those bids coming through Ritchie Bros.' mobile application. This new feature also means sellers benefit from:
More valuable data: provides increased insight into demand ahead of the auction, so we can optimize marketing of your asset More participation: provides extra time - up to several days - for customers and potential buyers to place bids on your items. More buyer competition: PriorityBid will encourage "More bids, more of the time", and means your asset will have more opportunity to achieve the best price possible in our live auctions. More bidders: In our live unreserved auctions, PriorityBid allows customers who may not be comfortable with the live bidding experience, but are comfortable with an online bidding format, an opportunity to participate in the auction.
"PriorityBid was initially introduced on IronPlanet; its recent implementation with our live auctions now provides customers a more consistent buying experience across platforms," said Matt Ackley, Chief Marketing Officer, Ritchie Bros.". As we continue to leverage our technology capabilities, capitalizing on online buying trends, we will become more flexible, allowing us to meet the diverse needs of our customer base. For example, the PriorityBid experience in our mobile app is the ultimate example of convenience for our buyers—they can place bids while they're in the yard inspecting the equipment at our sites. It's that simple."
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