Ritchie Bros Auctioneers Inc was incorporated on December 12, 1997 in Canada under the Canada Business Corporation Act. The Company operates as an industrial auctioneer selling industrial equipment and other assets for the construction, transportation, material handling, mining, forestry, petroleum, marine, real estate and agricultural industries at its unreserved auctions. The Company's purpose is to use unreserved auctions to create a marketplace for its customers. It attracts a base of bidders from around the world to its auctions. The Company's marketing efforts help to attract bidders, and are willing to travel long distances or participate online in part because of its reputation for conducting fair auctions. These diverse, multinational bidding audiences provide a marketplace that allows its auctions to transcend local market conditions. It operates in the auction segment of the industrial equipment marketplace. The Company's target markets within that marketplace are the used truck and equipment segment. It competes for potential purchasers of industrial equipment with other auction companies and with non-auction competitors such as equipment manufacturers, distributors and dealers, and equipment rental companies. The majority of its buyers are end users of equipment (retail buyers), such as contractors, with the remainder being mainly truck and equipment dealers, rental companies and brokers (wholesale buyers). The Company's operations are subject to a variety of federal, provincial, state and local laws, rules and regulations relating to, among other things, the auction business, imports and exports of equipment, worker health and safety and the use, storage, discharge and disposal of environmentally sensitive materials.
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