GE Capital, Vendor Finance announced today that it has been selected by Ritchie Bros. Financial Services Ltd. (RBFS) to serve as a major financing provider for its operations in the U.S. and Canada.
Based in Burnaby, B.C., Canada, Ritchie Bros. Financial Services is a subsidiary of Ritchie Bros. Auctioneers Inc. (NYSE and TSX: RBA), the world’s largest industrial auctioneer. Ritchie Bros. conducts unreserved public auctions, selling a broad range of used and unused equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries.
RBFS has made arrangements with leading equipment finance providers to offer financing options to Ritchie Bros. Auctioneers’ customers in the U.S. and Canada. GE Capital was selected by RBFS because of its expertise in construction and transportation equipment combined with its strong commitment to vendor financing. To assist buyers in making informed bids, GE will provide no obligation, pre-auction credit approvals.
"We’re making it easier for Ritchie Bros.’ customers to buy equipment for their next project by providing fast and convenient financing solutions," said Jim Case, chief executive officer of RBFS. "They’ll experience an easy credit application process with simple documentation requirements and fast pre-approvals with competitive market rates."
GE Capital has been a customer and vendor of Ritchie Bros. for more than 20 years.
"In light of our two-decade long relationship with Ritchie Bros., we’re proud to be able to offer flexible, affordable programs with competitive terms to its customers under this new program," said Jim Kelly, general manager of GE Capital, Vendor Programs. "With the fast processing capabilities of RBFS and GE’s expertise in construction and transportation collateral, Ritchie Bros. Auctioneers’ customers can expect best-in-class service."
About GE Capital
GE Capital’s Equipment Finance business includes Vendor Finance, Dealer Finance, Transportation Finance and Healthcare Financial Services-Equipment Finance. GE Capital’s Vendor Finance business operates more than 40 active programs, providing billions of dollars in financing annually to support equipment manufacturers and dealer networks. For more information, visit americas.gecapital.com or follow company news via Twitter (@GELendLease).
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital).
GE (ge.com) is an advanced technology, services and finance company taking on the world’s toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide.
About Ritchie Bros. Auctioneers and Ritchie Bros. Financial Services
Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the world’s largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. Ritchie Bros. offers services that enable the world’s builders to easily and confidently exchange equipment. The company conducts hundreds of unreserved public auctions each year, selling a broad range of used and unused equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. Ritchie Bros. has over 110 locations in more than 25 countries, including 43 auction sites worldwide. The company maintains a website at rbauction.com and sponsors an equipment wiki at RitchieWiki.com/.
Ritchie Bros. Financial Services Ltd. (RBFS) is a subsidiary of Ritchie Bros. Auctioneers. RBFS has partnered with leading equipment finance providers to bring fast, convenient, no-obligation financing options to Ritchie Bros. customers in the United States and Canada. Financing options include equipment loans and lease-to-own programs.