Equipment and truck pricing has hit record highs in 2022, showcasing a sellers’ market with a ton of demand for equipment. For the first time in its history, Ritchie Bros. Financial Services (RBFS) has surpassed US$1 billion in open credit approvals from customers across North America.
Buyer demand at an all-time high, with finance applications up 18% YOY
“We have amassed what we believe to be the largest pool of open credit approvals anywhere in the world of equipment finance,” said Chris Quinn, Vice President, Sales & Marketing, Ritchie Bros. Financial Services.
“Over the past year we have seen an 18% increase in finance applications—with a big influx of new customers, along with a spike in repeat business. We have also seen a 15% increase in the number of credit approvals we are seeing, with an approval rate over 85%. With Ritchie Bros. Financial Services, customers get freedom and flexibility most other finance companies or banks can’t provide, with one credit approval applicable to a ton of different buying options.”
Funding your way forward with RBFS
RBFS’ two main financing solutions—PurchaseFlex and LeaseFlex—allow customers to buy what they want, where they want. Both options provide up to 100% financing with $0 down, low monthly payments, flexible schedules, and the ability to shop anywhere for almost anything. A third RBFS product just entering the market is EquityFlex, which gives customers the ability to refinance current equipment in their fleet for working capital needs, extend the period of financing to drive lower payments, or use the equity from free and clear machines to pay off debt on redundant equipment.
“With our financing, customers can buy from any Ritchie Bros. sales channel, plus dealerships, and private sale. We are agnostic of manufacturer and support all industries,” said Mr. Quinn. “In fact, we’ve created a specific offering called PurchaseSafe, which is designed to make private sale easier and more secure than ever. With PurchaseSafe, the buyer gets a professionally documented invoice, we conduct lien searches against the equipment and seller and will pay out any necessary debt, so the buyer knows they are getting equipment with a clear title.”
Lastly, Mr. Quinn adds, “Our PurchaseFlex financing is already proving to be the perfect partner for Ritchie Bros.’ recently launched Ritchie List marketplace, which is an equipment listing service for dealers and private sellers. RitchieList subscribers will also soon be able to benefit from “Want to Buy” ads from multiple sources, including access to $1 billion in open approvals as we look to find supply across all Ritchie Bros. channels to match the growing demand”.
Today, across all our marketplaces, we have tens of thousands of equipment items and trucks available for purchase and RBFS has the financing to match. To learn more about Ritchie Bros. Financial Services, visit rbfinance.com.