Ritchie Bros. Auctioneers Incorporated
TSX : RBA
NYSE : RBA

Ritchie Bros. Auctioneers Incorporated

April 23, 2007 07:00 ET

More Than 4,000 Bidders Attend the Ritchie Bros. Auctioneers Grande Prairie Auction

Record crowds attend Grande Prairie's combined agricultural and industrial auction

GRANDE PRAIRIE, ALBERTA--(CCNMatthews - April 23, 2007) - Ritchie Bros. Auctioneers (TSX:RBA)(NYSE:RBA), the world's largest auctioneer of industrial and agricultural equipment, announces the results of its large Grande Prairie, Alberta auction held April 18 and 19, 2007. A record 4,300 registered bidders from 15 countries attended the unreserved auction. They came from all 10 Canadian provinces and two territories, as well as 31 U.S. states, generating over CA$26 million (US$23 million) in gross auction sales. The previous registered bidder record for the site was 2,300 people.

"We usually hold separate agricultural and industrial auctions in Grande Prairie in the spring," says Ritchie Bros. Regional Manager Brian Podruzny. "We decided that instead of holding separate sales, we would combine them - which both buyers and sellers seemed to appreciate at the auction last week."

More than 2,200 lots were sold over the two-day auction, with the first day concentrating on trucks and industrial equipment. The Company sold agricultural equipment and land on the second day of the sale.

More than 650 of the bidders registered to use Company's real-time bidding service, rbauctionBid-Live. More than CA$4 million (US$3.5 million) worth of trucks and equipment was purchased online at the auction.

Doug Gordon, president of Peace Country Oilfield Contracting Ltd., has bought and sold equipment with Ritchie Bros. for more than 20 years. His company typically sells equipment when they have finished a project. Mr. Gordon was impressed with the crowds at last week's sales:

"It was a bigger auction with Ritchie Bros. combining their industrial and agricultural auction sales," he said. "More people from different industries attended the auction and therefore, there was more cross-industry shopping going on. As a consignor in the sale, my equipment was sold in front of a bigger crowd, which can only be good."

There are currently 45 unreserved industrial auctions and over 65 unreserved agricultural auctions on the upcoming Ritchie Bros. auction calendar. Details on all upcoming Ritchie Bros. auctions 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 and other assets utilized in the construction, transportation, material handling, mining, forestry, petroleum, marine, real estate, and agricultural industries. The Company maintains a website 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.

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