Ritchie Bros. Auctioneers Incorporated

Ritchie Bros. Auctioneers Incorporated

May 30, 2006 07:00 ET

Ritchie Bros. Auctioneers Holds Largest Two-Day Auction in Company History

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 30, 2006) - Ritchie Bros. Auctioneers (TSX:RBA)(NYSE:RBA), the world's largest industrial auctioneer, today announced the results of its two-day unreserved auction held at its permanent auction site in Phoenix, Arizona. The unreserved public auction, which sold over 2,000 items, generated gross auction sales in excess of US$43 million, which is the largest two-day auction in Company history and is also the largest auction the Company has held in the western USA.

"Our 50-acre yard here in Phoenix was packed with a great selection of trucks and equipment for our record-breaking auction," said Dan White, Ritchie Bros. Regional Manager. "We had a large crowd with bidders registering from all over the United States, Canada, and Mexico, and from places like Australia, Guatemala, Peru and Saudi Arabia. Over 74% of the sale went to buyers located outside the state of Arizona."

Over 2,000 registered bidders from 19 countries, 46 states and 10 Canadian provinces participated in the May 25 and 26, 2006 auction.

Highlights of the auction included a 1978 Beech/Raytheon Baron 58P Airplane, which sold for $175,000 to a buyer from New Mexico. Two-year-old Caterpillar 966G Series II Wheel loaders were sold for $250,000 -- close to a new purchase price. Unused 2007 Kenworth truck tractors sold for $86,000.

Seven hundred and fifteen registered internet bidders, using the Company's rbauctionBid-Live real-time bidding service, purchased over US$9 million worth of trucks and equipment items at the two-day sale. Internet participants were buyers or runner-up bidders on 25% of the lots available for online bidding. This was the most internet bidders to ever register for a Phoenix auction as well.

The Phoenix auction was part of a busy auction week for the Company, which also included a two-day Orlando, Florida auction that generated gross auction sales of over US$39 million. The Company also held one-day auctions in Fergus Falls, MN and in Kelowna, B.C., Canada - the original "birthplace" of Ritchie Bros. Auctioneers. A significant auction for the Company took place on May 23, 2006, when Ritchie Bros. held its first unreserved auction in France. The auction in St Aubin Sur Gaillon (northwest of Paris) attracted local bidders from France, as well as bidders from 31 other countries.

There are over 26,500 truck and equipment items featured in 37 unreserved industrial auctions and 27 unreserved agricultural auctions in the upcoming Ritchie Bros. auction calendar. Details on all upcoming Ritchie Bros. auctions, including equipment that will be sold, are available on www.rbauction.com.

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 equipment including equipment 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.

Attention Media: For photos from this auction to use in your publications, please go to www.rbauction.com/media/.

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