Ritchie Bros ... buggers

[LEP]

So in the last couple days I have come across two different people that supposedly had the winning bid on items bought through Ritchie Bros where the sale was extinguished because it didn't pay out the financing owing on them.

A friend who was the buyer got a good lawyer involved and after reading the terms and conditions of the auction said Ritchie Bros may have the right to do that and it would cost a whole lot of money to challenge it.

Can't believe that they can do that with an "unreserved" auction.

Maybe next time I buy something that I have buyer's remorse about, I should tell them to punch sand.

[blackpowder]

Interesting. But, quite believable.

[WiltonRanch]

Wonder how much money is “cleaned” or stolen property made “unstolen” via large auction companies? Numbered companies selling through auction and buying back through another one to make it “good”. Heck stories of auction companies having their own shill bidders to see said items at later auctions because they got stuck. Days past the crooked old auctioneer looked to God for bids but now internet is God. Think money laundering is a potential problem coming to ag and we should make an effort to stamp it out before government gets too involved.

[SmallTimeOperator]

Very interesting indeed. I had looked into moving a leased combine some years back that was no longer needed, but we were stuck in a 5 year lease. They didn’t think they could get enough for the buyout plus commission, and said I either had to sign up more free and clear iron to cover the shortfall, or provide bank approval to cover the shortfall. Either way, the winning bid was honoured and it was my problem if the auction came up short to payout the lease. We ended up not going the auction route. But, makes you think, how often are they short? It might depend who the seller is. That might be the story to the farmer. What if the seller is a big leasing company that they don’t want to piss off who keeps sending repos to the auction? All of a sudden the rules change if it’s in their favour.

[AlbertaFarmer5]

On a related note. Watched a land auction today. There was a reserve price, which wasn't listed. And the reserve wasn't met. In this case it was advertised that there was a reserve, so that's on the up and up.
But I don't understand how they expect to attract buyers with this system. I would assume most buyers would need to have their finances in order before they could even bid. Which costs time and money. It's one thing to go through all that knowing that if you are the high bidder you can take it home. Quite another to go through all that and be the high bidder, and still not win.
Why limit the pool of potential buyers? At least post the reserve so buyers know if it is worth while trying.
Are they afraid that if the list the reserve price that that will influence the buyer's expectations?

[Old Cowzilla]

Sounds like the same thing that happens at car auctions through other auction houses as well. Regular customers get the commission charges held off untill it's finally sold. I'm afraid all these shady things happening now are the result of these guys seeing how things are conducted at BULL SALES. Nothing is worse than a bull sale.

[wmoebis]

Why don't some smaller old time auctions open up? Everyone complains but nobody does anything about it. There used to be small auction companies all over the place. Just wondering!

[Old Cowzilla]

Tuff for smaller auction houses to compete with pre approved credit and in house financing and paint touch upping like these big boys do.

[LEP]

Why don't some smaller old time auctions open up? Everyone complains but nobody does anything about it. There used to be small auction companies all over the place. Just wondering!

I agree. Unfortunately you would need to invest heavily in an online system. A friend passed away before his sale a couple years ago so I helped his widow out. Majority of the buyers never came to look at items before they bought them.

I had one guy from Manitoba try to get Nutrien to pick up a transmission jack that he bought and deliver it to him.

Don't think they did.

[sumdumguy]

On-Line Auction Houses must be making a killing. They don’t need to bring the items in, they just leave them on-site. Buyers from far off aren’t going to bother going to preview, they just bid anyway. Bidders don’t see the face of who they are bidding against, so who knows. So it’s bidder beware.

[cropgrower]

i hate online auctions , i dont bother with auctions now , and i used to go to a good few before , if i want somthing i watch kijiji

[Goodtime]

i hate online auctions , i dont bother with auctions now , and i used to go to a good few before , if i want somthing i watch kijiji

Have to admit my auction participation has gone down big time since the switch to online only.

[WiltonRanch]

I hate buying a pig in a poke. Kijiji and facebook marketplace deals can be sketchy enough but you don’t pay for it until you physically see it. Online auctions are just too convenient for nefarious people to pawn off crap. Even the auction companies are in on it too by reports.

[blackpowder]

It seems auctions establish the retail price now.

[Old Cowzilla]

Our one major auction barn that used to get up to a 1000 no. holders (on site ) told me last summer their on line program gets as many as 100000 viewers to their on line program. Imagine even 10-15 years ago how farm auctions would have been better for older guys who where retiring.