Press Releases



Vancouver, BC – July 12, 2018 – Three industry-leading organizations have aligned to deliver a comprehensive new automated lending solution to a non-traditional major lending market.

Ritchie Bros. Financial Services (RBFS), a subsidiary of Ritchie Bros. Auctioneers Incorporated that offers financing and leasing solutions for equipment owners and dealers in Australia, Canada, Mexico and the United States, has teamed up with Carleton, Inc. (Carleton) and SWBC to deliver an efficient manner to quote and distribute life and disability protection on loans to its customers in the United States.

SWBC is an international financial services company headquartered in San Antonio, TX, that provides a variety of financial products in all 50 states. The company’s diverse portfolio of proprietary and non-proprietary credit insurance products are offered through a broad distribution network, aligning perfectly with RBFS’ requirements. Ritchie Bros. Financial Services was already familiar with credit insurance as the company is a significant seller of the product in Canada. While auctions for heavy commercial equipment are conducted worldwide by its affiliated companies, previously RBFS had only protected Canadian loans with credit insurance. 

Unlike traditional auto consumer loans, which are closed at the dealer’s location, RBFS commercial loans are closed at the auction house where the used commercial equipment is purchased.    RBFS needed an easy and streamlined process for providing a payment quoting and closing tool that supported the multitude of finance companies and the sale of credit insurance production products.   This support also required the generation of all the required credit related documents. 

SWBC turned to Carleton, an industry leader in providing internet-based loan closing technology, to deliver an integrated system that would allow buyers at Ritchie Bros. auction in the United States to uniquely obtain financing with credit insurance protection ahead of time or on-site at the auction.

Using CarletonAccess® interfaced with SWBC’s internet based platform, RBFS account managers are now able to accurately calculate the cost of single premium credit life and credit disability insurance, generate the required credit related documents, while also calculating accurate refunds in the event of early termination of the loans.     

Pat Ruszkowski, president of Carleton, stated “SWBC’s expertise in understanding the needs of RBFS and its auction business enabled Carleton to provide a first-class and compliant credit insurance sales system in a very short time-frame.  We leveraged SWBC’s and Carleton’s combined 80+ years of experience to develop a unique, efficient, and cost-effective loan quoting and closing solution to sell credit protection insurance for the benefit of Ritchie Bros. Auctioneers and its customers. “ 

This comprehensive, partnered solution allows buyers at Richie Bros. auctions in the United States to uniquely obtain financing ahead of time on-site, much like a consumer can do today when purchasing an automobile. Working together with an auction house, rather than a traditional automotive dealer was a first for both SWBC and Carleton.

About SWBC

As a diversified financial services company, SWBC provides financial institutions, businesses, and individuals a wide range of insurance, mortgages, wealth management, employee benefits, and more. Headquartered in San Antonio, Texas, SWBC has partners and divisions across all 50 states and manages business around the world. No matter how wide its reach, SWBC always listens to our customers’ needs, analyzes their current situations, and recommends customized solutions. For more information about our innovative approach to personalized service, visit SWBC’s website at

About Carleton Inc.

Carleton is the country's leading provider of financial calculation software, loan origination compliance support, and document delivery software. Based in South Bend, IN, Carleton has more than 40 years of leadership in the rapidly-changing regulatory industry with guaranteed accuracy in all their calculations and disclosures to fulfil compliance requirements today and the future. To learn more about Carleton Lending Solutions, go to or contact Pete Radike, Director of Client & Channel Engagement at (574) 243-6040 Ext. 245 or

About Ritchie Bros.

Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a multitude of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's largest industrial auctioneer offers live auction events with online bidding; IronPlanet, an online marketplace with featured weekly auctions and providing its exclusive IronClad Assurance(R) equipment condition certification; Marketplace-E, an online marketplace offering multiple price and timing options; Mascus, a leading European online equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company also offers sector-specific solutions including GovPlanetTruckPlanetKruse Energy Auctioneers, and Cat(R) auctions, plus equipment financing and leasing through RBFS. For more information about the unprecedented choice provided by Ritchie Bros., visit