Ritchie Bros. Auctioneers Incorporated

Ritchie Bros. Auctioneers Incorporated

June 04, 2007 07:00 ET

Canadian Records Fall as Buyers Around the World Turn to Large Ritchie Bros. Unreserved Edmonton Auction

Over 700 sellers manage assets through the Ritchie Bros. auction, breaking Company record

EDMONTON, ALBERTA--(Marketwire - June 4, 2007) - Two months after conducting the largest Canadian auction in Ritchie Bros. Auctioneers' history, the Company's Edmonton, Alberta sale site has beaten its own record with a CA$61 million (US$57 million) unreserved truck, industrial and agricultural equipment auction. Ritchie Bros. Auctioneers (TSX:RBA)(NYSE:RBA), the world's largest auctioneer of trucks and industrial equipment, conducted the record-breaking three-day auction at its permanent auction site in Edmonton on May 30-June 1, 2007. It also broke a worldwide Company record for the most consignors in one auction.

The unreserved public auction featured several complete dispersals for forestry, oilfield transportation and construction companies, as well as equipment, trucks and other industrial assets from more than 700 consignors. In total, more than 4,500 lots were sold, with more than 4,600 registered bidders participating from 20 countries, including 31 U.S. states, nine Canadian provinces and two territories.

"We sold trucks and equipment for more than 700 consignors during the three-day auction, which is the highest number of customers we've sold equipment for at one auction in more than 45 years of conducting unreserved industrial auctions around the world," said Brian Glenn, Ritchie Bros. Regional Manager. "Worldwide, people see the benefits of turning to a Ritchie Bros. auction to sell their idle assets. Albertans are incorporating our auctions into their business plans, knowing that we conduct six auctions a year here at our permanent auction site."

A number of Edmonton region records were broken at the auction, including largest gross auction sales, number of items sold, number of consignors, online gross auction sales and number of online buyers.

Over 900 of the registered bidders participated in the auction over the internet, live and in real time, using the Company's online bidding service, rbauctionBid-Live. Internet bidders purchased 368 lots in the auction, representing nearly CA$9 million (US$8 million) worth of trucks and equipment. There were close to 200 online buyers at the auction.

The auction featured a large selection of late-model equipment from Ken Richert Trucking Inc. Ken and Tracy Richert have operated their oilfield transportation company in Drayton Valley since 1997, but the labor shortage in Alberta has made it increasingly difficult for them to find drivers. They decided to sell their trucks but will continue to run their business using owner-operators.

"I've never sold or bought equipment through Ritchie Bros. before, but I've always known about the Company and it has a good reputation. So when it was time for me to sell my trucks, I knew who to call," said Ken Richert. "I was really happy with everything Ritchie Bros. did-they went all the way for us. We got really good prices on the trucks, and when things change and I can start running my trucking business again, I will buy equipment at a Ritchie Bros. auction."

Over 37,000 items will be sold in 35 unreserved industrial auctions and 44 unreserved agricultural auctions coming up on the Ritchie Bros. auction calendar. Details on all upcoming Ritchie Bros. auctions are available on www.rbauction.com.

ATTENTION MEDIA: AERIAL PHOTOS - An aerial photo of the Edmonton auction site is available for you to use with your articles at: www.rbauction.com/media or contact Kim Schulz directly.

About Ritchie Bros.

Ritchie Bros. is the world's largest auctioneer of industrial equipment, operating through over 110 locations in more than 25 countries around the world. The Company sells, through unreserved public auctions, a broad range of used and unused industrial assets, including equipment, trucks and other assets utilized in the construction, transportation, material handling, mining, forestry, petroleum, marine, real estate, and agricultural industries. The Company maintains a web site at www.rbauction.com.

Investors and potential investors should note that this information may not be indicative of the overall financial performance of the Company for this or any period.

Contact Information

  • Ritchie Bros. Auctioneers
    Kim Schulz
    Corporate Communications Manager
    (604) 273-7564 or 1-800-663-8457
    Email: media@rbauction.com
    Ritchie Bros. Auctioneers
    Brian Glenn
    Regional Manager
    (780) 955-2486
    Website: www.rbauction.com