Sources of Distribution
Auction is the process of selling and purchasing different services or goods from the process of bidding. In this process, owner of the product exhibit the amount in front of public. If anyone shows interest in purchasing can announce the bidding amount to the owner. Ritchie Bros Auctioneers is an auctioneers company established in Canada and deals in different product lines and provide auction services for heavy construction equipments like Hydraulic Excavator, Compactors, Log Loader, Loaders, Motor Graders, Dozers, Skid Steers, Swather, Cranes etc. (Ritchie, 2013).
The business of organizations depends upon its sources of distribution because it is the main source that provides revenue to the company (Xiaoyum, 2013). This organization utilizes both online and offline distribution channels to promote their business . Apart from the on-site bidding, Ritchie Bros Auctioneers also offer online portal for auctions.
Online budding system is linked with server system of the company (Kehrle et.al, 2013). The company who wants to take the assistance of Ritchie Bros can put the bid on online business portal. Client can also check the status of product or service available on desired time. Clients use the service of online assistance from different countries and for this reason this portal also provides the facility of order tracking. It means customer can track the order by means of shipment system. Financial assistance is available on this page and customer can pay the money online by means of credit cards (Ritchie, 2013). Furthermore a proxy bidding system is also offered by the company where clients can bid on phone in advance and a representive of Ritchie Bros will participate in the auction on the clients behalf. Another system introduced is that of Online Timed Auctions where buyers can place bids online whenever convenient and the system automatically carries out the auction without a real auctioneer. Bidding is open for several days in timed auctions (Ritchie Bros, 2013)
Kehrle, K., & Peter, F. J. (2013). Who moves first? An intensity-based measure for information flows across stock exchanges. Journal of Banking & Finance retrieved from http://www.sciencedirect.com/science/article/pii/S0378426613000204
Xiaoyun, H. E. (2013). Ritchie Bros Get Ready For Its First Auction in China.Construction Machinery Technology & Management, 2, 026 retrieved from http://en.cnki.com.cn/Article_en/CJFDTOTAL-JCJX201302026.htm
Ritchie, M. (2013). Murder in Cabbagetown: Toronto Auctioneer Finds Clues to Solve Case. FriesenPress retrieved from http://books.google.co.uk/books?hl=en&lr=&id=KonnK4x-rmYC&oi=fnd&pg=PT3&dq=Ritchie+Bros+Auctioneers&ots=pDeA-8bLZJ&sig=IUYZp7hQqglbLZibkvFXUtbmDWg