Ritchie Bros. Auctioneers Incorporated

Ritchie Bros. Auctioneers Incorporated

November 20, 2006 07:00 ET

Ritchie Bros. Auctioneers Closes Seven-Auction Week With Three Strong Sales in Alberta, Georgia, and Texas

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 20, 2006) - Ritchie Bros. Auctioneers (TSX:RBA)(NYSE:RBA), the world's largest industrial auctioneer, today announced the results of seven unreserved industrial auctions held last week. In total, close to 9,000 people registered to bid on over 9,100 truck and equipment items last week, amounting to more than US$100 million in total gross auction sales.

Last week's unreserved auctions included single-day, industrial auctions in Pittsburgh, Pennsylvania; Phoenix, Arizona; Sidney, Australia; and Minneapolis, Minnesota. The week ended with three large unreserved auctions; a single-day industrial auction in Grand Prairie, Alberta; a two-day industrial auction in Atlanta, Georgia; and a three-day industrial auction in Houston, Texas.

Grande Prairie, Alberta - November 16, 2006

On Thursday, November 16, 2006, Ritchie Bros. held an unreserved industrial auction at the Company's permanent auction site in Grande Prairie, Alberta. Over 1,400 truck and equipment items were sold at the auction to generate gross auction sales in excess of CA$21 million (US$18 million).

"We had a lot of late-model and low hour equipment that sold very strongly," said Brian Podruzny, Ritchie Bros. Regional Manager. "There was a wide selection of equipment, including a complete dispersal from Day Enterprises Ltd., who had been in business for over 20 years. Bidders attended the auction from around the world, both in-person and on the internet."

Over 1,500 bidders from five countries, as well as 27 U.S. states, eight Canadian provinces and two territories registered to take part in the unreserved industrial auction. Bidders registered from Mexico, the United Kingdom, and as far away as Italy and the United Arab Emirates.

A total of 415 bidders registered for the Grande Prairie auction using the Company's real-time internet bidding service, rbauctionBid-Live. Twenty-two per cent of gross auction sales came from internet purchasers - a record for a Ritchie Bros. Grande Prairie auction. Additionally, internet bidders were winner or runner-up bidder on 46% of the items available for online purchase.

Atlanta, Georgia - November 15-16, 2006

Ritchie Bros. held a two-day unreserved industrial auction at its permanent auction site in Atlanta, Georgia on Wednesday, November 15 and Thursday, November 16, 2006. More than 1,900 items were sold over the two-day period, accounting for gross auction sales of over US$28 million.

"We had a good mix of equipment from all the various industries," said Darrin Hogeboom, Ritchie Bros. Auctioneers Area Manager. "There was a real international presence at this sale, and good, late-model and low hour equipment sold very strongly."

Over 1,600 registered bidders from 33 countries, as well as 46 U.S. states, and eight Canadian provinces took part in the two-day Atlanta auction.

A record 628 internet bidders registered to use the Company's real-time internet bidding service, rbauctionBid-Live. This generated record-breaking internet purchases for an Atlanta sale with over US$6.7 million worth of truck and equipment items sold online. Internet participants were winners or runner-up bidders on 35% of the items available for online purchase.

Houston, Texas - November 16-18, 2006

Wrapping up the seven-day auction week was a large, multi-day auction held in Houston, Texas from Thursday, November 16 to Saturday, November 18, 2006. The unreserved industrial auction sold more than 2,700 items, generating gross auction sales of over US$20 million.

"The first two days we saw good strong prices for cranes, compaction equipment, loader backhoes, trucks and trailers," said Alan McVicker, Ritchie Bros. Auctioneers Regional Manager. "Day three took place on Saturday and was the first time we held more of a consumer auction, selling smaller consumer and contractor items via a virtual ramp display, which enabled everyone to be seated and comfortable throughout the day. We had a great response from both buyers and sellers...it was a very successful auction."

Over 2,000 bidders registered for the Houston sale from 31 countries, as well as 47 U.S. states, and eight Canadian provinces.

Over 600 bidders registered for the Houston auction using the Company's real-time internet bidding service, rbauctionBid-Live. Internet buyers purchased over US$4 million worth of trucks and equipment items and were winner or runner-up bidder on 33% of the items available for online purchase.

There are 28 unreserved industrial auctions and 27 unreserved agricultural auctions in 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 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.

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