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Ritchie Bros launches new Asset Valuator tool

Ritchie Bros’ new Asset Valuator (beta) tool aims to help businesses find out how much their machinery is worth, and support their buying and selling decisions. The free online tool, created by Ritchie Bros Asset Solutions, pulls historical data from various sources, including Ritchie Bros auctions, IronPlanet, Marketplace-E and Mascus. Using millions of previously sold items, the algorithm calculates average prices and estimates the value of your equipment.

After logging onto Ritchie Bros’ Asset Valuator, users can search the database by brand, model, age, hours, mileage and more. For a more granular level of detail, customised searches can be made by region, country and sales channel, and users can compare current prices with those dating back up to two years – prior to pandemic pricing changes. There is also a useful currency converter to calculate market values in other currencies.

The high utilisation and appetite to buy machinery continued to be strong throughout 2021, reports Ritchie Bros. A market survey conducted by the auctioneer showed that 72% of the respondents in the construction industry expected to add machinery to their fleet in 2021. More than 90% indicated they expected older machines would need to be replaced. Price levels of construction machinery at Ritchie Bros’ online auctions and marketplaces have soared 10 to 15% above last year’s averages.

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