Marketplace-E, the company's online auction platform for surplus heavy equipment, saw the year-on-year increase in bidder activity especially from buyers in the Middle East and Africa.

Middle East key accounts manager Phillip Weston said companies in need of this equipment have increasingly been turning to online marketplaces for their needs because it is a more convenient asset disposition and purchasing alternative amid the disruptions of COVID-19.

"This upsurge is predominantly due to factors such as country-wide lockdowns and global travel restrictions, which are making attendance at traditional, live auction events more difficult," he said.

"Furthermore, a shift towards online auction solutions was already underway before the pandemic, which has exponentially sped up its popularity."

Marketplace-E encompasses several sectors, from mining and energy to gas and oil, construction, transportation and agriculture. Online offerings are available 24/7 and operate with reserve prices.

"Marketplace-E sells the equipment from the consignor's location, eliminating transportation costs for the seller," Weston noted. "Detailed inspection reports and photos of inventory feature prominently…and are designed to create a higher degree of buyer confidence, which is especially important as inventory is sold ‘as is, where is'."

Marketplace-E sells equipment from excavators, crawler tractors, wheel loaders and backhoes to articulated dump trucks, mobile cranes and more. It has seen upticks in interest more recently for buses, pickup trucks and passenger vehicles.

Ritchie Bros' suite of services also includes presales, equipment repair and refurbishment services, and also full-service logistics.