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Ritchie Bros. Financial Services Funds $1B in Equipment, Vehicle Purchases in 2022

Wed January 11, 2023 - National Edition
Ritchie Bros.

For the first time in its 11-year history, Ritchie Bros. Financial Services surpassed $1 billion in annual funded volume, helping tens of thousands of customers around the world purchase used equipment, vehicles and other industrial assets in 2022.

"Ritchie Bros. Financial Services continues to drive industry-leading customer experience with our innovative, flexible financing and leasing solutions, combined with a fast and efficient approval process," said Chris Quinn, vice president, sales and marketing, Ritchie Bros. Financial Services.

"In 2022, more than half of our funded volume came from repeat customers. At the same time, we are attracting new customers every single day. Last year, we also saw approval rates above 80 percent, which is a new record, and the percentage of transactions funded on the Ritchie Bros. marketplace increased by 15 percent, helping facilitate more transactions for buyers and create better pricing for sellers."

Ritchie Bros. Financial Services offers several different solutions to its customers, including PurchaseFlex Financing, which enables customers to get pre-approved for financing for any type of equipment, regardless of brand or asset type. This is unique to RBFS, as most traditional lenders require exact equipment details prior to approval, which limits options on auction day.

This increased flexibility, along with the ease and speed of approvals, has made RBFS a preferred choice for customers acquiring used equipment, according to the company. PurchaseFlex Financing also offers $0 down and 90- or 120-day payment deferment options.

Ritchie Bros. Financial Services also has seen approximately 40 percent growth in the funding of private sale purchases, through online listing sites like Ritchie List, and equipment dealerships. With its PurchaseSafe product, Ritchie Bros. Financial Services will help facilitate the purchase between buyer and seller by securing the transfer of funds, dealing with any taxation issues, lien search, and payout coordination.

"PurchaseSafe provides customers a secure and safe buying experience, so they can shop privately with the same confidence they do when buying at Ritchie Bros.," added Quinn. "Today, approximately 60 percent of our total funded volume comes through dealer and private sales. Customers rely on Ritchie Bros. Financial Services regardless of where they are shopping."

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