Ritchie Bros. launches new Appraisal Services offering
Used equipment professionals now providing USPAP compliant appraisals
Ritchie Bros. does plenty of used equipment sales, with more than 500,000 assets sold in 2019, and now has launched its own appraisal services as the next step in its business offerings.
"We have been providing appraisal services for a while now, but we're adding USPAP compliant appraisals to our menu and formally bundling all of these under a new Ritchie Bros. Appraisal Services umbrella," said Lee Danhauer, Vice President, Ritchie Bros. Appraisal Services. "These new 'compliant' appraisal reports conform with standards set out by the Uniform Standards of Professional Appraisal Practice and are conducted by our expert team of in-house accredited appraisers."
Ritchie Bros. Appraisal Services products include:
- Ritchie Bros. USPAP compliant appraisals: managed and reviewed by accredited appraisers who have earned credentials from the American Society of Appraisers (ASA) and comply with the ethics, standards, and regulations set forth by the Appraisal Foundation in the Uniform Standards of Professional Appraisal Practice (USPAP). Several values are provided depending on the client's needs; these might include fair market values (FMV), orderly liquidation values (OLV) and forced liquidation values (FLV).
- Ritchie Bros. appraisals: standard appraisals, often considered the industry benchmark, primarily based on Ritchie Bros. transaction data from its public and private marketplaces. Over the past 20 years, Ritchie Bros. has done approximately 3,000 'conventional' appraisals, inspecting 420,000+ assets, valued at a total of $14 billion.