Analyst Note| Dawit Woldemariam |
Ritchie Bros. held its investor day on May 18, where it provided additional insight into its services strategy going forward. In late 2020, management provided its vision of extending its offering into services, insights, and transaction solutions for heavy equipment. The company aims to evolve into a solutions provider, rather than just a transaction-based business. Ritchie Bros. has long been a global marketplace for heavy equipment, controlling about 20% of the $30 billion used heavy equipment auction market (according to management’s estimates).