Emirates NBD, Ritchie Bros unite to offer Auction Financing

By Rahul Vaimal, Associate Editor
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One of the largest banking groups in the Middle East in terms of assets, Dubai government-owned Emirates NBD Bank will support Canadian heavy equipment auction expert Ritchie Bros with a broader range of financing options for its customers based in the UAE.

With this deal, buyers participating in Ritchie Bros.’s next Online Timed Auction will be able to use financing from Emirates NBD Bank.

Sharing its gratitude for the deal with Emirates NBD, Ritchie Bros remarked that UAE-based prospective buyers will now be able to contact its team of territory managers in advance for details of auction items eligible for financing and also for referrals to obtain banking eligibility criteria.

The auction firm stated that it is committed to introducing new and innovative options to help eligible UAE-based customers manage their current and future fleet management needs without the need for full, upfront investment.

The company spokesperson stated that the association with Emirates NBD and the financing facility remains a big part of the organization’s mission and the deal is delivering benefits for many Ritchie Bros. clients based in the emirates.

“Bidding has already opened and registering for the auction is free. Placing bids in Ritchie Bros.’ online timed auction is easy, and the auction system provides real-time bidding updates with SMS or email notifications,” the spokesperson asserted further adding that “An added advantage is bidders can set a maximum bid price and let the system bid automatically on their behalf. Since it is an unreserved auction, this means all items are sold to the highest bidder, without minimum bids or reserve prices.”

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