Going, going, gone! Consolidation in the industry continues with this week's announcement of the acquisition of Euro Auctions by the world's largest equipment auction house, Ritchie Bros.
This is certainly a big deal - not just because of the billion-dollar price tag, but also because it involves two of the largest auction players in the world.
Of course, buyers will be concerned about the impact in terms of reduced competition, but Ritchie Bros. stresses the benefits of the union in terms of sharing inventory management services, data solutions, financing, warranty, insurance, inspections, refurbishing, shipping, etc.
There's no doubt the union means more centralised control over what equipment reaches the market and when and how it is offered, but at the end of the day, the buyers still decide if they bid or not.
As we often say, time will tell ...