CitiCapital, a business unit of Citigroup, announced an exclusive retail finance program agreement with Ritchie Bros. Auctioneers, the largest auctioneer of industrial equipment. CitiCapital is developing proprietary software that will allow virtually instant credit approval for applications made online and at the Ritchie Bros auction sites. As part of the agreement, CitiCapital will use Ritchie Bros. as its exclusive auction service provider for industrial equipment.
Ritchie Bros. operates through over 110 locations in 25 countries around the world and sells through unreserved public auctions a broad range of used and unused industrial equipment including equipment utilized in the construction, transportation, mining, forestry, petroleum, marine and agriculture industries.
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