Ritchie Bros & Caterpillar form strategic alliance

Ritchie Bros & Caterpillar form strategic alliance

One of the world’s largest industrial auctioneers Ritchie Bros and leading equipment distributor Caterpillar have entered into a strategic alliance.

The alliance is expected to provide significant benefits to both companies, including Caterpillar’s independent dealers and customers, accelerating the delivery of Caterpillar’s Internet of Things (IoT) connectivity offerings.

Under the agreement, Ritchie Bros will become Caterpillar’s preferred global partner for live on-site and online auctions regarding Caterpillar’s equipment.

Ritchie Bros will give Caterpillar and its dealers software and other value-added services, strengthening the exchange of information between customers, dealers and suppliers.

The deal is also anticipated to enhance Ritchie Bros’ relationship with Caterpillar’s worldwide independent dealers by providing with continued access to a global action marketplace to sell their used equipment.

Ravi Saligram, CEO of Richie Bros said: “Ritchie Bros is proud to enter into this historic alliance, which will strengthen our relationship with Caterpillar, its dealers and end users, as well as help expand our global reach and footprint.

“Our marketing capabilities, unrivalled suite of technology and powerful multi-channel transactional platforms will add tremendous value and make us a trusted strategic partner to the Caterpillar family.”

Rob Charter, group president of Caterpillar noted: “A key element of our digital strategy is connecting more products in our customers’ fleets, allowing us to help improve their productivity, increase safety and drive sustainability.”

Ritchie Bros recently reached an agreement to acquire IronPlanet, a leading online heavy equipment marketplace.