Ritchie Acquires SmartEquip, Makes Parts Play

Ritchie Bros. Auctioneers is acquiring SmartEquip for $175 million, a deal that will give Ritchie “asset-specific full-lifecycle parts and service support” to dealers, OEM partners and buyers, says Ritchie CEO Ann Fandozzi. The acquisition, says Fandozzi, “furthers our goal of providing the best experience for our customers as we continue our transition from a traditional auctioneer to a marketplace for insights, services and transaction solutions for commercial assets.” A multi-manufacturer platform, SmartEquip provides real-time service and diagnostic support that is customized via serial number to each asset on a customer’s fleet. It also enables online parts buying from OEMs and dealers. In the announcement Ritchie says SmartEquip supports about $1 billion in annual transaction volume with more than 600 OEM brands, on behalf of fleet locations in North America, Europe and Asia Pacific.¬†READ FULL ARTICLE>>