Ritchie Bros. Auctioneers Incorporated
TSX : RBA
NYSE : RBA

Ritchie Bros. Auctioneers Incorporated
Accruit, LLC

Accruit, LLC

January 16, 2007 07:01 ET

Ritchie Bros. Auctioneers Selects Accruit as Exclusive Provider of 1031 Like-Kind Exchange Services

LAS VEGAS, NEVADA--(CCNMatthews - Jan. 16, 2007) - Ritchie Bros. Auctioneers (NYSE:RBA)(TSX:RBA), the world's largest industrial auctioneer, today announced at the Associated Equipment Distributors (AED) Annual Meeting and CONDEX in Las Vegas, Nevada, that it has selected Accruit LLC, as its exclusive provider of 1031 Like-Kind Exchange (LKE) services in the United States. Ritchie Bros. has further announced that Peter Blake, Chief Executive Officer of Ritchie Bros Auctioneers, has accepted an appointment to the board of directors of Accruit.

"We are continually seeking new ways to bring value to our customers, and we believe that the tax deferral Accruit makes possible for equipment sellers in the U.S. will be valuable to our American customers," said Mr. Blake. "Accruit has taken the Like-Kind Exchange and made it easy and cost effective for all qualified equipment sellers."

"We are honored and excited to be chosen as the exclusive provider of LKE services by Ritchie Bros. Auctioneers," said Craig McSavaney, Accruit's President and Chief Executive Officer, "and we are thrilled to welcome Peter Blake to our board. We have the utmost respect for Ritchie Bros. and their phenomenal worldwide success, and we look forward to providing the opportunity to take advantage of the cash flow and tax deferral benefits of Accruit's LKE program to their U.S. customers."

Starting immediately, Accruit and Ritchie Bros. will work together to inform Ritchie Bros. customers of the process for and benefits available through an LKE program. These activities will include co-hosted informational seminars at Ritchie Bros. locations, as well as Accruit attendance at all Ritchie Bros. auctions in the U.S. and web-based information specific to Ritchie Bros. customers.

About Accruit

Accruit, LLC, headquartered in Denver, Colorado and founded in 2000, is the only Qualified Intermediary to provide fully managed personal property 1031 Like-Kind Exchange services. Accruit is the preferred service provider to numerous industry associations, including AED, CPA networks, and several equipment manufacturers. Accruit is a member of transportation associations including American Trucking Associations (ATA) and Truckload Carriers Association (TCA). Accruit is also a member of the National Accounting and Finance Committee (NAFC) as well as the Federation of Exchange Accommodators (FEA), the country's only association for Qualified Intermediaries and the LKE industry (www.1031.org). For more information on Accruit, visit www.accruit.com or call 877-793-9215.

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.

Contact Information

  • Ritchie Bros. Auctioneers
    Kim Schulz
    Corporate Communications Manager
    Toll Free: 1-800-663-8457 or (604) 273-7564
    Website: www.rbauction.com
    or
    Accruit, LLC
    Jim Burnett
    Director, Business Development
    Toll Free: 1-877-793-9215 or (720) 963-5005
    Website: www.accruit.com