When Dante Ghilotti needs to unload aging Caterpillar Inc. bulldozers or convert an idle concrete mixer into quick cash he turns to Ritchie Bros. Auctioneers Inc., the world’s biggest industrial auctioneer, to get top dollar from buyers as far flung as Dubai and China.
“They created a whole market for the construction industry,” said Ghilotti, chief executive officer of Ghilotti Bros. Inc., the closely held San Rafael, Calif.-based general contracting company. Proceeds from this year’s auctions-both live and on the Internet-will help Ghilotti pay for $10 million in planned new-equipment purchases.
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