Swamped

Small contractors are obtaining huge bargains at various machinery auctions such as Ritchie Bros. and Auctioneers Inc., while these auction events have become global with Internet advertising. The auctions are being used to liquidate trade-ins, rental equipment, and new machines, while the companies are planning to add 70 jobs and expand into e-commerce with a reverse auction-vendors. Other auction firms such as IronPianet grossed $337 million in 2008, a 43% increase, and is aimed to inspect its machines and sell them online. Market study has found that Ritchie Bros.' annual Orlando auction covered a month of massive sales featuring various pieces of construction equipment. A company Ring Power has clarified that its 2006 Cat 420E late-model backhoes sold for $51,000, when a bidder bought it from two other models that were a year newer but lacked the Ring Power logo.