Ritchie Bros. creates Appraisal Companies division, gives USPAP-compliant tools value determinations

Public sale big Ritchie Bros. has formalized its appraisal companies, and launched a brand new division, Ritchie Bros. Appraisal Companies.

“We now have been offering appraisal companies for some time now, however we’re including USPAP [Uniform Standards of Professional Appraisal Practice]-compliant value determinations to our menu and formally bundling all of those below a brand new Ritchie Bros. Appraisal Companies umbrella,” mentioned Lee Danhauer, vice chairman, Ritchie Bros. Appraisal Companies.

“We consider we’ve got the staff and the expertise in place to grow to be a pacesetter within the appraisal trade,” Danhauer continues. “Just like the Inspection Companies providing we launched late final 12 months, Ritchie Bros. Appraisal Companies will likely be linked to our RB Asset Options expertise, with RB Asset Options’ stock administration system appearing as a central hub that hyperlinks to our many companies.”

Below the division, the corporate will provide two varieties of value determinations:

USPAP-compliant value determinations, that are managed and reviewed by accredited appraisers with American Society of Appraisers (ASA) credentials and adjust to USPAP ethics, requirements, and laws. Relying on the shopper’s want, these value determinations would possibly decide truthful market values, orderly liquidation values and compelled liquidation values.
Customary value determinations primarily based on the corporate’s transaction knowledge in private and non-private marketplaces. Ritchie estimates it bought greater than 500,000 belongings in 2019. The corporate says it has carried out roughly 3,000 standard value determinations previously 20 years, inspecting greater than 420,000 belongings valued at $14 billion.