US$1 billion in equipment financing credit applications in a single year.
Ritchie Bros. Financial Services was launched in July 2011 with the goal of providing fast, convenient, no-obligation equipment financing options to Ritchie Bros. customers. Over the past five years it has achieved that goal and so much more.
In 2015, Ritchie Bros. Financial Services received more than US$1 billion of credit applications and facilitated US$222 million in equipment financing for our customers – representing 31% growth in funded loans compared to 2014, and 116% growth compared to 2013.
Multiple equipment financing solutions to meet your needs
Today Ritchie Bros. Financial Services has a number of different offerings for people looking to purchase equipment at Ritchie Bros. live auctions, on EquipmentOne, and elsewhere. This includes:
To learn more about Ritchie Bros. Financial Services’ offerings, visit rbauction.com/financing.
Helping one business at a time
Over the past five years, Ritchie Bros. Financial Services has helped thousands of customers buy the equipment they need for their businesses.
One of those customers is David Fischer and his Florida-based company Performance Grading Inc, which he started in 2011, the same year as Ritchie Bros. Financial Services. You could say the two companies have grown together.
As the owner of a new and relatively small operation, David found that securing equipment financing through traditional lenders could be difficult. Many banks are reluctant to fund something they’re unfamiliar with – in this case, high-value equipment for a specialized business – and require substantial collateral. They also may not approve enough funds to purchase all the equipment a business needs.
And as David put it, for a young business, "Getting financing for equipment can be the difference between making it big or staying small."
Fortunately, when David discovered he could find just about all the equipment he needed for his new venture at Ritchie Bros., his wife Susan also discovered Ritchie Bros. Financial Services at the Fischers’ first Ritchie Bros. auction in Orlando, Florida.
That first year, David secured $100,000 in financing. Each year since, Ritchie Bros. Financial Services has increased his financing to help him buy the equipment his company needed to grow – skid steers, sweepers and more.
In five short years, through hard work and a little help from Ritchie Bros., the Fischers have grown their grading business to one that now employs 45 people, and contracts to land developers constructing large housing developments in Florida.
And whether a business is big or small, David sums up Ritchie Bros. Financial Services’ mandate perfectly: "I feel strongly about Ritchie Bros. willing to finance the little guy, and they made it easy."
Ritchie Bros. completes 100% acquisition of Ritchie Bros. Financial Services in July 2016
Ritchie Bros. Financial Services was launched as a partnership between Ritchie Bros. and Travelers Financial, a Canada-based financing and leasing company.
In July 2016 Ritchie Bros. purchased Travelers’ share and now has 100% ownership of Ritchie Bros. Financial Services. Jim Case, who has served as Ritchie Bros. Financial Services’ CEO since the launch, continues to lead the business to ensure the company maintains its customer-centricity.
Ravi Saligram, CEO of Ritchie Bros., said: “Ritchie Bros. Financial Services is an important component of our full-service offering, catering to the financing needs of equipment buyers – including those purchasing through Ritchie Bros. auctions and EquipmentOne, where financing permits more customers to bid with the power of cash.” Learn more about financing