investor overview presentation...investor overview presentation november 2015 – q3/15 information...
TRANSCRIPT
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A global leader in used equipment salesInvestor overview presentation
November 2015 – Q3/15 information
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Forward looking statements
This presentation contains forward-looking statements.
Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions. Actual results may differ materially from those expressed herein. Additional information concerning factors that could affect the Company’s actual results is included in the Company’s filings with securities regulators. The Company undertakes no obligation to update publicly any forward-looking statements except as required by securities legislation.
All figures are in US dollars, unless otherwise noted.
While rounding may occur in performance numbers for presentation purposes, percent change figures are calculated using full, unrounded numbers.
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Ritchie Bros. overview
The trusted source for buying and selling industrial equipment• Global leader for industrial auctions; unreserved process
– No minimum bid/reserved price. No buy-backs. – Ensures the sale of goods on the day of the auction at global market price
• Cater to the needs of heavy equipment owners– Customers are from the construction, trucking, agricultural & resource sectors
• 349 auctions; $4.2 billion in Gross Auction Proceeds during 2014– Industry leader by wide margin– Enormous growth opportunity; highly fragmented market
• Launched EquipmentOne online marketplace in 2013 to provide equipment owners a broader set of solutions
Strong financial performance• $481.1 million of revenue during fiscal 2014
• $100.8 million of adjusted net earnings during fiscal 2014
Publicly listed on the NYSE and TSX (as RBA)• Market cap of approx. US$2.9 billion
RBA Auction - Circa 1958
RBA Auction - Now
Ritchie Bros. has a strong heritage –selling used equipment since 1958
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4
31.0%
45.2%
21.4%2.4%
Regional breakdown of gap (2014)(Gross Auction Proceeds, $US billions)
Canada: $1.3 B
United States: $1.9 B
Rest of World: $0.9 B
EquipmentOne: $0.1 B
Global reach44 auction sites in 14 countries worldwide• Approx. 55% of auction purchases are made by bidders from
outside the region of the auction
• Allows RBA to effectively transfer equipment between regions experiencing different economic cycles
• Consignors benefit from global market pricing for their equipment, generated by international demand
• Buyers benefit from a global supply, with an ability to purchase and ship equipment from weak economic regions to areas with stronger growth
32.1%
46.5%
12.2%9.2% Canada
United States
Europe
Other
Regional breakdown of revenue (2014)(Revenue breakdown - % of 2014 total)
Ritchie Bros.’ online bidding allows customers from around the world to bid on equipment at any of our auctions.
• Real-time information from live auctions available online to registered bidders
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Regional amounts represent GAP generated from Ritchie Bros. auctions. All sales from RBA’s online marketplace, EquipmentOne, are included in the EquipmentOne segment (regardless of geography)
$4.2 B
$481 M
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Global equipment market size is $360 billion
Ritchie Bros. is a global leader in used equipment sales, with $4.2 billion of equipment sold in 2014However, this represents only 1.2% of a highly fragmented global used equipment exchange market
The US market alone represents over $50 billion, 7x Canada – a key market for growth
Mining
Oil & Gas
Transportation
Agriculture
Construction
Source: Internal estimates; based on historical OEM unit sales, estimates of fleet turnover, and average selling prices at RB auctions. Allocation by geography based on sector GDP.
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Mining
Oil & Gas
Transportation
Agriculture
Construction
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0
20,000
40,000
60,000
80,000
100,000
120,000
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Consignments Buyers
0
100,000
200,000
300,000
400,000
500,000
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Registrants Lots
Growing seller and buyer base
5.6% CAGR in consignments over last 10 years
6.1% CAGR in buyers over last 10 years
7.8% CAGR in registrants over last 10 years
5.5% CAGR in Lots over last 10 years
Consignments & buyer base (Metrics are for industrial auctions only)
Auction registrants & lots(Metrics are for industrial auctions only)
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$4,212
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Growth of Gross Auction Proceeds (GAP)
US$4.2 billion of GAP produced during fiscal 2014
GAP:The aggregate dollar amount sold through our multiple solutions
7 Includes transactions of AssetNation and EquipmentOne online marketplaces in 2012 - 2014
Gross Auction Proceeds (US$ millions)
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Four external influences on GAP
The pricing environment• A strong pricing environment will enhance market values of equipment sold at auctions• Stable or increasing pricing environment provides consignors with more confidence to
sell equipment through unreserved auctions
The mix of categories of assets sold • RBA sells a wide variety of industrial and agricultural equipment and other products.
There is no consistency to the mix of assets sold, as it varies at each auction held due to regional, seasonal and cyclical factors.
• The proportion of higher-valued items sold at each auction relative to smaller goods impacts the auction proceeds generated
The mix of equipment age• Newer equipment generally has a higher market value compared to older machinery
The number of Lots consigned• Each sale generates proceeds. Increasing the number of Lots sold can bolster gross
auction proceeds
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Unreserved auction revenue model
Four main revenue streams support Ritchie Bros.’ unreserved auction business:
Unreserved Auction
Straight Commission
Guaranteed Proceeds (underwritten transaction)
Inventory (underwritten transaction)
Consignors contract to sell their equipment through one of Ritchie Bros. unreserved auctions. A pre-determined percentage of the selling price is provided to RBA as commission.
Consignors are guaranteed to receive a pre-determined amount for their equipment, regardless of the final selling price at the auction. A stepped commission fee is negotiated, accounting for the additional risk being assumed by RBA. (Also known as an ‘at risk’ transaction)
On rare occasions, Ritchie Bros. may choose to purchase equipment outright, obtaining title of the piece to sell at an upcoming auction.
TRANSACTION TYPE REVENUE
Straight Commission fee (% of auction proceeds)
Stepped commission fee (x% of guaranteed proceeds; x+y% for proceeds above guaranteed amount)
Gains on sale
Sellers (Consignors)
Buyers Admin Fees & Value-added Services (VAS) Admin fees and fees from value-added service activities
RBA provides many services to assist with the purchase of equipment, including financing , inspection services, painting etc.
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Focus on underwritten business
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• Better leveraging our skills, expertise and market knowledge to drive stronger performance
• Transferring best practices to underperforming regions
• Equipment valuations team is more involved
• Implemented a more rigorous underwritten deal approvals process
• Smaller transactions are receiving more scrutiny
• Not a vehicle to ‘buy’ GAP; no market pressures to pursue underwritten contracts
See significant opportunity to drive earnings growth by improving the performance of our underwritten business
Casper, WY auction
Completed more than $10 billion worth of underwritten transactions over the last 11 years.
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Multi-channel solutions
• Provides access to a larger share of the equipment market
• Allows RBA to cater to a wider range of equipment seller needs
• Provides another entry point to gain a customer during the equipment seller journey (some equipment sellers consider online listings first)
• Offers sellers more control over the sales price, time and purchaser; opens up opportunities for RBA to bid on RFPs
• During 2014, EquipmentOne contributed approx. $100 million of GTV (Gross Transaction Value) to GAP
Commercially launched on April 8, 2013
Customers of EquipmentOne value having control over the process and price, more than the guarantee of sale. They prefer a negotiated price, over global market value.
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The launch of EquipmentOne provided customers with another sales solution – an online equipment marketplace
The seller journey: sellers choose methods based upon needed degree of controlOur vision is to position appropriate solutions at each point of seller journey and connect them
High
Cont
rol t
o Se
ller
LowEffort for Seller
Control over:PriceTime
LocationBuyer
Listing Service
Low
High
Uncertain CertainSome Certainty of Sale
Result: Transacting anyhow, anytime, anywhere
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EquipmentOne – Continuing to show improvement
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E1 achieved 18% revenue growth compared to Q3 last year
EquipmentOne Revenue and EBITDA($US millions)
EBITDA growth continues on a 4-quarter trailing basis
EquipmentOne Revenue and EBITDA($US millions)
$3.9
$0.5
-$2
-$1
$0
$1
$2
$3
$4
$5
E1 Revenue E1 EBITDA 4 per. Mov. Avg. (E1 Revenue) 4 per. Mov. Avg. (E1 EBITDA)
Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015
Revenue
4 quarter average $ 3.2 $ 3.3 $ 3.4 $ 3.6 $ 3.7
Trailing 12 months $ 12.7 $ 13.2 $ 13.7 $ 14.2 $ 14.8
EBITDA
4 quarter average $ (0.6) $ (0.4) $ (0.0) $ 0.2 $ 0.5
Trailing 12 months $ (2.4) $ (1.6) $ (0.2) $ 0.8 $ 2.0
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EquipmentOne updates
US sales team trainingnow complete
• All US teams have now been trained on go-to-market approaches for EquipmentOne
• Continuing to reinforce dual solution sales behavior
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Operational Results:
• GTV of $118.8 million twelve months trailing Sept. 30, 2015• up 23% from same period last year
• Gross Transaction Value (GTV) from E1 in Q3 2015 up 31% from Q3 last year
• Website traffic up 21% in Q3 2015 (average monthly user, three months trailing Sept. 30, compared to Q3 2014)
Recent Initiatives:
Website enhancements generating results
• Average length of time spent on the site per visit up 13% since January; number of mobile visits up 47%
Integrating E1 listings on rbauction.com searches
• Gives buyers a greater array of equipment in search results
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Strategic RoadmapObjective: grow revenue & earnings, drive cash flow, improve RONA
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2015 priorities – focus on execution
1. Improve our revenue rate– Laser focus on improving the performance of our underwritten business
2. Spur straight commission growth across all geographies
3. Increase our penetration in Transportation – Targeted initiatives; building organizational capabilities and sector expertise
4. Optimize a go-to-market strategy for EquipmentOne– “Better Together” approach using the RBA sales force
5. Program to target acquisition candidates
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2015: Pivoting from strategy to execution
Q3 and YTD 2015financial performance
All figures for three and nine months ended September 30, 2015.
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Reported - % Growth Organic - % GrowthVersus Q3 2014 Versus Q3 2014
GAP 1% 9%
Revenue 7% 16%
Operating Income 47% 51%
Diluted Adjusted EPS (Q3 2014 adjusting items)
41% n/a
Diluted EPS 118% n/a
Operating Free Cash Flow (12 month rolling)
75% n/a
RONA (12 month rolling, excluding term loan reclass)
826 bps n/a
Q3 2015 financial highlightsStrong growth compared to Q3 2014, both on a constant currency (organic) basis and a reported basisForeign exchange had an impact on some operating lines
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2015 YTD financial highlightsPerformance in first nine months of the year demonstrates our commitment to execution and our agility in leveraging market opportunitiesForeign exchange remains a headwind
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Reported - % Growth Organic - % GrowthVersus First 9 months, 2014 Versus First 9 months, 2014
GAP 5% 12%
Revenue 11% 19%
Operating Income 36% 43%
Diluted Adjusted EPS 34% n/a
Operating Free Cash Flow (12 month rolling)
75% n/a
RONA (12 month rolling)
1065bps n/a
RONA excluding effects of term loan reclassification
826bps n/a
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$673
$1,0
40
$865
$1,1
95
$849
$1,0
00
$845
$1,0
73
$790
$1,1
10
$855
$1,2
29
$887
$1,2
41
$956
$1,2
62
$895
$4,346 $4,353
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
$4,500
$5,000
$0
$250
$500
$750
$1,000
$1,250
$1,500
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Record Q3 and 12-month trailing GAP
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12-months trailing GAP
Quarterly GAP
Quarterly Gross Auction Proceeds($US millions)
$4.35 Billion GAP on 12-month trailing basis
2011 2012 2013 2014 2015
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Q3 auction volume increase driven by construction
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Q3 Auction volumes (Lot count) Q3 2015 Incremental Lots per Customer sectorTotal lots sold per quarter Lot growth per customer (seller) sector, compared to Q3 2014¹
16% increase in auction volume (lots sold) compared to Q3 last year; Increase largely due to more assets from customers in the heavy construction sector
Num
ber o
f Lots
Lot g
rowth per customer sector
Growth of lots from customer se
ctor
Growth from
prio
r Q2
¹ Selected customer sectors. Does not include all sectors equipment came from.
56,000
68,000 69,000
73,000
85,000 21%
1%
6%
16%
0%
25%
Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015
214 66
241
2,284
1,196
5,082
15%6%
86%
15%
32%37%
0%
100%
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Strong revenue growth from Canada and US
Geographic breakdown of Q3 revenue$US revenue
Q3 Revenue growth rates$US reported growth; local currency
Strong revenue growth in the US and Canada in local currency; FX translation muted reported growth in Canada and Europe.
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53%25%
12%
10%
USCanadaEuropeOther
28%
-6%-18%
-9%
7%
28%
12%
-6%
17%
-20%
35%
US Canada Europe Other RBA - All
Reported growth
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9%
7% 16%
‐9%
7%
0%
5%
10%
15%
20%
Total Volume Rate Total Organic Growth FX Impact Total Growth
Revenue growth bolstered from both volume and rate
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Breakdown of revenue growth, % attributable to itemQ3 2015 revenue compared to Q3 2014 revenue
~56% of the organic revenue growth was driven by increases in auction volumes~44% was driven by revenue rate improvement
Changes in foreign exchange had a negative impact on reported revenue growth
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Revenue growth outpaces SG&A growth
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2015 reported revenue and SG&A growth 2015 Organic revenue and SG&A growth
Committed to keeping expense growth lower than revenue growth; Promoting the operating leverage inherent in our business model
($US millions, SG&A excluding depreciation and amortization)24%
19%16%
14% 15%
10%
0%
5%
10%
15%
20%
25%
Q1 Q2 Q3
Revenue - Organic SG&A 'Excluding Dep'n' -Organic
17%
10%7%6% 6%
-1%-5%
0%
5%
10%
15%
20%
25%
Q1 Q2 Q3
Revenue - Reported SG&A 'Excluding Dep'n' - Reported
($US millions, SG&A excluding depreciation and amortization)
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Adjusted operating income (EBIT) and EBITDA margins
On a 4-quarter moving average, RBA achieved the highest margins in years.
Seasonality influences our volume of business, and therefore revenue, flow-through and margins.
Our highest margins are always generated in our largest quarters (Q2 and Q4).
Continued margin improvement
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35.9%
26.6%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2011 2012 2013 2014 2015
EBITDA Margin EBIT Margin 4 quarter moving average 4 quarter moving average
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$10
$22
$14
$30
$16
$30
$14
$39
$14
$33
$24
$46
$20
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Q3 2015 earnings increased 40% from Q3 2014
Record quarterly earnings driven by auction volumes, strong revenue rate, and revenues growth exceeding expense growthTax rate relatively consistent with adjusted Q3 2014 rate
2012 2013 2014 2015
Quarterly Adjusted Net Earnings¹($US millions)
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40% growth from adjusted net earnings in year ago quarter
¹ Earnings attributable to Ritchie Bros. Incorporated. Excludes minority interest of Ritchie Bros. Financial Services.
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Income statement scorecard – Q3 2015
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3 months trailing ($US Millions except for EPS, %)
Sept. 30, 2015 Sept. 30, 2014 Better / (Worse)
GAP $894.5 $886.9 1%
Revenues $109.3 $102.2 7%
Revenue Rate 12.22% 11.53% 69 bps
Operating Income $29.1 $19.8 47%
Operating Income Margin 26.6% 19.4% 724 bps
Diluted EPS $0.19 $0.09 118%
Diluted Adjusted EPS $0.19 $0.13 41%
Q3 2015 Income statement scorecard
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Impact of FX on our Q3 2015 performance
27 * Figures rounded to the million
$83M, 9% -$75M, -8%
$8M, 1%0
25
50
75
100
Organic Growth FX effect Total Growth
in M
illio
ns
GAP and FX
$16M, 16 %
-$9M, -9%$7M, 7%
0
5
10
15
20
Organic Growth FX effect Total Growth
in M
illio
ns
Revenue and FX
$6M, 8%
-$8M, -10% -$2M, -3%‐5
0
5
10
15
20
Organic Growth FX effect Total Growth
in M
illio
ns
Expenses (DE, SG&A, D&A) and FX
$10M, 51%
-$1M, -4%$9M, 47%
0
5
10
15
20
Organic Growth FX effect Total Growth
in M
illio
ns
Operating Profit and FX
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Balance sheet scorecard
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12 months trailing ($US Millions except for percent figures)
Sept. 30, 2015 Sept. 30, 2014 Better / (Worse)
Operating free cash flow $250.6 $142.8 75%
Working Capital Intensity -18.8% -7.1% 1166 bps
Capex Intensity 4.2% 4.6% 40 bps
RONA (Return on Net Assets) 26.5% 15.9% 1065 bps
RONA excluding term loan reclassification 24.1% 15.9% 826 bps
Debt / Adjusted EBITDA 0.5x 0.9x 0.4x
Q3 2015 Balance sheet scorecard
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Priority Discussion
1. Grow dividends with earnings Highly valued return of cash to shareholders
2. Hold fully-diluted shares flat Offset dilution from management stock options through share buybacks
3. Acquisitions Accelerate top-line growth and leverage the model
4. Share buy-backs Growth initiatives are a higher priority at this time
5. Pay down debt Only if better economic returns are not available
Capital allocation priorities
Consistently make use of cash on our balance sheet to facilitate underwritten transactions;The strength of our balance sheet is a competitive advantage.
(1) Priorities for cash utilization after operating CAPEX needs have been met.29
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$0.1
050 $0
.112
5
$0.1
125
$0.1
125
$0.1
125
$0.1
225
$0.1
225
$0.1
225
$0.1
225 $0
.130
0
$0.1
300
$0.1
300
$0.1
300
$0.1
400
$0.1
400
$0.1
400
$0.1
400
$0.1
600
$0.1
600
$0.10
$0.11
$0.12
$0.13
$0.14
$0.15
$0.16
$0.17
Q1/11 Q2/11 Q3/11 Q4/11 Q1/12 Q2/12 Q3/12 Q4/12 Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 Q3/14 Q4/14 Q1/15 Q2/15 Q3/15
Sustained dividend growth
Growing our dividend alongside earnings; Committed to 55-60% dividend payout, based on earnings trailing 12 months
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Dividends declared($US cash dividends)
7.1% increase
8.9% increase
6.1% increase
7.7% increase
14.0% increase
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$47
$90$48
$0
$20
$40
$60
$80
$100
H1 Net Earnings Cash returned to shareholders
Returning cash to shareholdersMore than 100% of YTD earnings have been returned to shareholders via dividends and share repurchases1.9 million shares repurchased and cancelled in Q1 2015, consistent with our strategy of holding fully diluted shares flat.
YTD 2015 (Sept. 30, 2015) Cash Returned to Shareholders, relative to Net Earnings$US millions
$95 million
Dividends
ShareRepurchases
31
YTD 2015 Net Earnings
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Focused on generating long-term shareholder value through continued earnings and dividend growth.
Global leader in industrial auctions• Substantial growth opportunity• Focused on capturing increased market share in the US and Canada
Diversifying services to meet broader customer needs• Sales solutions: Ritchie Bros. Auctioneers, EquipmentOne • Complementary services: Ritchie Bros. Financial Services, Logistical Services
Focused on basics of: • EPS growth • Return on Net Assets• EBITDA margin• Operating free cash flow
Summary
Moerdijk, Netherlands auction
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Learn more about Ritchie Bros. auctions through our online videos:
www.youtube.com/ritchiebros
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2015 YTD financial highlightsPerformance in first nine months of the year demonstrates our commitment to execution and our agility in leveraging market opportunitiesForeign exchange remains a headwind
33
Reported - % Growth Organic - % GrowthVersus First 9 months, 2014 Versus First 9 months, 2014
GAP 5% 12%
Revenue 11% 19%
Operating Income 36% 43%
Diluted Adjusted EPS 34% n/a
Operating Free Cash Flow (12 month rolling)
75% n/a
RONA (12 month rolling)
1065bps n/a
RONA excluding effects of term loan reclassification
826bps n/a
2014 annual financial performance
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2014 Highlights
Double-digit adjusted 2014 EPS growth
$1.8 billion of online sales during 2014
CAD$1.4 billion of GAP in Canada
• 12% growth in annual adjusted EPS • Helped by unusually low tax rate
Operating free cash flow 119% of adjusted
net earnings
• Demonstrates the strength of our digital capabilities• Leading multi-channel player in our space
• 5th consecutive year of strong GAP growth in Canada• Bolstered by growth in both western and eastern
Canada
• Significant cash generating capabilities• OFCF 131% of unadjusted net earnings
36
Annual revenue growth
Revenue Rate fluctuations are due primarily to the performance of the Company’s underwritten contracts.
Annual revenue & revenue rate ($US millions)
36
Revenue Rate Revenue
11-12% historical revenue rate range
$357
$396
$438
$467
$481
12.24%11.42%
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
2010 2011 2012 2013 2014
37
2014 net earnings
37
Reconciliation of reported to adjusted net earningsattributable to equity holders
Per share
Net earnings $ 91,490 $ 0.85
After-tax impact of management re-org 4,212 0.04
After-tax gain on sale of property (2,946) (0.03)
Impairment loss on Japan property 8,084 0.08
Adjusted net earnings $ 100,840 $ 0.94
Annual adjusted net earnings ($US millions)
$37 $37
$50$56
$76$85
$92
$65$74
$83$90
$101
$30$40$50$60$70$80$90
$100$110
FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014
Appendices
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11.5%
9.6%
4.2%
3.6%
8.7%
10.4%
13.1%
12.1%
11.0%
5.0%
4.8%
8.7%
11.2%
12.1%
12.2%
10.3%
5.1%
4.6%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
New
1 Yr Old
2 Yrs Old
3 Yrs Old
4 Yrs Old
5 Yrs Old
6 Yrs Old
7 Yrs Old
8 Yrs Old
9 Yrs Old
10 Yrs Old
18.5% of GAP¹
3-5 yrs old: 35.8% of GAP¹
¹ Industrial auctions only. Excludes equipment over 10+ years and equipment with unknown ages.
2015: Age of equipment continues to trend better
Age of Equipment sold at Ritchie Bros. Auctions¹
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3-5 yrs old: 23.7% of GAP¹
6+ Yrs Old
New to 1 yr Old
40
RBA evergreen financial model
Above model reflects our aspiration on how the model should work in the next 5 to 7 years
Performance Metric Avg. Annual Growth Targets
• GAP Growth (%) High Single Digit to Low Double Digits
• Revenue Growth (%) (1) Mid Single Digit to High Single Digit
• SG&A Growth (%) Will grow slower than revenues
• Operating Income Margin (& EBITDA Margin) 50 bps +
• EPS Growth (%) (2) High Single Digit to Low Double Digits
• Net Capex Intensity (3) <10%
• OFCF (4) % of Net Earnings >100%
• RONA (5) Increase 50 bps +
• Dividend Payout Ratio 55% to 60%
• Net Debt / EBITDA <2.5X
(1) Includes Tuck In and Bolt On acquisitions(2) Variances may occur in certain years based on tax rate that is influenced by geographic revenue mix(3) Net Capital Spending as % of Revenue(4) Operating Free Cash Flow(5) Return on Net Assets
40
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EquipmentOne and Unreserved auctions – Better together
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A solution set that caters to equipment sellers with different needs, or at different points of the selling cycle.
• Certainty of sale
• Global market value
• Seller access to largest global buying audience
• Ability to buy at largest global equipment inventory online and onsite
• Highest level of service & support
• Single relationship for all occasions
• Choice to transact anyhow, anytime, anywhere
• Choice of control, level of assistance
• Seller access to the world’s largest equipment buyer base
• Buyer access to the largest global equipment inventory
• Robust selling price data
• Technology-enabled “better together” solutions
• Greater seller control over price, timing, location, buyer
• Access to global buying audience online
• Strong technology platform
• Self-service tools or assistance from world-class sales & operations
• Ability to buy anytime
“Better Together”
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Auction sites
