Ritchie Bros. sees more used equipment than almost anyone, with more than 500,000 assets sold in 2019 alone. The company is considered an industry expert when it comes to equipment pricing and valuation — in fact, Ritchie Bros. data is almost always listed as a source of values for any appraisal in the industry — so the launch of its own Appraisal Services offering seems like a natural next step.
"We have been providing appraisal services for a while now, but we're adding USPAP compliant appraisals to our menu and formally bundling all of these under a new Ritchie Bros. Appraisal Services umbrella," said Lee Danhauer, vice president, Ritchie Bros. Appraisal Services. "These new ‘compliant' appraisal reports conform with standards set out by the Uniform Standards of Professional Appraisal Practice and are conducted by our expert team of in-house accredited appraisers.
"We believe we have the team and the technology in place to become a leader in the appraisal industry. Like the Inspection Services offering we launched late last year, Ritchie Bros. Appraisal Services will be connected to our RB Asset Solutions technology, with RB Asset Solutions' inventory management system acting as a central hub that links to our many services."
Ritchie Bros. Appraisal Services products include:
- Ritchie Bros. USPAP compliant appraisals: managed and reviewed by accredited appraisers who have earned credentials from the American Society of Appraisers (ASA) and comply with the ethics, standards, and regulations set forth by the Appraisal Foundation in the Uniform Standards of Professional Appraisal Practice (USPAP). Several values are provided depending on the client's needs; these might include fair market values (FMV), orderly liquidation values (OLV) and forced liquidation values (FLV).
- Ritchie Bros. appraisals: standard appraisals, often considered the industry benchmark, primarily based on Ritchie Bros. transaction data from its public and private marketplaces. Over the past 20 years, Ritchie Bros. has done approximately 3,000 "conventional" appraisals, inspecting more than 420,000 assets, valued at a total of $14 billion.
For more information, visit RitchieBros.com.