Auction giant Ritchie Bros. has formalized its appraisal services, and launched a new division, Ritchie Bros. Appraisal Services.
“We have been providing appraisal services for a while now, but we’re adding USPAP [Uniform Standards of Professional Appraisal Practice]-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.
“We believe we have the team and the technology in place to become a leader in the appraisal industry,” Danhauer continues. “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.”
Under the division, the company will offer two types of appraisals:
- USPAP-compliant appraisals, which are managed and reviewed by accredited appraisers with American Society of Appraisers (ASA) credentials and comply with USPAP ethics, standards, and regulations. Depending on the client’s need, these appraisals might determine fair market values, orderly liquidation values and forced liquidation values.
- Standard appraisals based on the company’s transaction data in public and private marketplaces. Ritchie estimates it sold more than 500,000 assets in 2019. The company says it has done approximately 3,000 conventional appraisals in the past 20 years, inspecting more than 420,000 assets valued at $14 billion.