How did the Ritchie Brothers establish price for their used Machinery and what did they do to increase that price? What is the advantage for the Seller when they use "auction-pricing"
Ritchie Brothers uses an auction system by which they let customers bid on a piece of equipment on certain auction days. They let customers compete with one another to increase the price. The advantage of this system is that the seller is getting the most that any customer is willing to pay for an item.
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Principles of Marketing
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