Used equipment experts now providing USPAP compliant appraisals
At Ritchie Bros., we see more used equipment than almost anyone, with 500,000+ assets sold in 2019 alone. We’re considered an industry expert when it comes to equipment pricing and valuation—in fact, Ritchie Bros. data is almost always listed as a source of values for any appraisal in the industry—so the launch of our own Appraisal Services offering seems like a natural next step.
"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," says 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."
Mr. Danhauer continued, "We believe we have the team and the technology in place to become a leader in the appraisal industry. Like the Inspection Services offering we launched late last year, Ritchie Bros. Appraisal Services will be connected to our RB Asset Solutions technology, with RB Asset Solutions' inventory management system acting as a central hub that links to our many services."
Our approach and your appraisal options.
We consider all the factors that affect an item's worth— make, age and condition, type, activity and location of industry, global economic conditions, regional differences, technological changes and the owner's reputation.
Depending on your needs, we offer the following types of appraisals, which can be completed onsite or by desktop:
- 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.
Find out how we can help your business - learn more about our Appraisal Services.
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