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Ritchie Bros.’ Fandozzi Recognized as CEO Innovator of the Year

December 02, 2022, 07:15 AM
Filed Under: Auction News

The CEO of Ritchie Bros., Ann Fandozzi, was recognized by Canada's largest newspaper, The Globe & Mail, as its CEO Innovator of the Year. In its article discussing Fandozzi's recognition, the Globe & Mail outlines how she has "pushed to transform the 60-year-old company from its auction-house roots into a comprehensive marketplace for the used-equipment sector, offering an array of analytics (data) tools; services like parts, appraisals and financing; and new platforms for selling used machinery that go well beyond auctions."

Fandozzi joined Ritchie Bros. in January 2020. Three months later, the world shut down due to the COVID-19 pandemic, and she moved Ritchie Bros. to 100 percent online auctions. The change was immediately successful, with the number of registered bidders growing exponentially, marking the first of a series of strategic changes the company has undergone over the past two years under Fandozzi leadership to innovate on Ritchie Bros.' digital capabilities and expand its global marketplace.

Under her leadership, Ritchie Bros. has embarked on a structural and cultural revamp, instilling a test-and-learn mindset and putting analytics at the heart of decision making. Over the last two years, the company has also made strategic acquisitions to help in this transition, bringing data intelligence experts Rouse Services and parts procurement business SmartEquip into the Ritchie Bros. family of brands. In November 2022, Ritchie Bros. also announced a landmark agreement to acquire IAA, a leading global digital marketplace for vehicles, which would advance Ritchie Bros.' strategy and unlock opportunities to accelerate growth.

"The 'test and learn approach' that Ann introduced is now part of our daily routine—we are always looking for new ways to adapt to the changing market conditions and do what's best for our customers," said Jake Lawson, Senior Vice President and long-time employee of Ritchie Bros. "At Ritchie Bros. today, we let data and technology guide the way. Ann has brought this focus to the organization, and she has set us on a path to accelerate growth and lead the future of our industry."

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