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The company made the official announcement Friday morning. It has started receiving its first consignments including an unused 2010 Kata HD820V hydraulic excavator; a 2009 Caterpillar 320D-E hydraulic excavator; and a 2007 Caterpillar D7G Series II crawler tractor.
Ritchie Bros. made the initial announcement of the auction in November but was not yet ready to name a date. The first auction will be held at the Beijing Tianzhu Free Trade Zone. The venue is located minutes away from the Beijing Capital International Airport and is connected to one of the Country’s largest roll-on, roll-off ports.
“For many years we have been learning China’s market, customer needs and behaviors,” said Chris Edwards, Ritchie Bros. General Manager for China, Korea and Mongolia, in a prepared statement. “It’s exciting that we are about to introduce the unreserved auction process in China, which we believe is the most fair and transparent way for heavy equipment buyers and sellers to conduct business.”