Ritchie Bros. Auctioneers Incorporated

Ritchie Bros. Auctioneers Incorporated

March 22, 2005 07:01 ET

Ritchie Bros. Auctioneers Completes Record US$22 Million Denver Auction


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RITCHIE BROS. AUCTIONEERS INCORPORATED

TSX, NYSE SYMBOL: RBA

MARCH 22, 2005 - 07:01 ET

Ritchie Bros. Auctioneers Completes Record US$22
Million Denver Auction

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 22, 2005) - Ritchie
Bros. Auctioneers Incorporated (TSX:RBA)(NYSE:RBA)

Over 2,400 bidders from 14 countries and 46 US states registered to
participate in the Ritchie Bros. Denver, Colorado auction last week,
making it historically the highest-grossing Company sale in the state.

Bidders vied for 1,737 pieces of industrial equipment and trucks on
March 17th and 18th, generating a total of over US$22 million in auction
sales.

Scott Forke, Vice-President, Central Region, said the fact that such a
successful sale took place during CONEXPO-CON/AGG - North America's
largest industrial equipment trade show - indicates a high level of
interest in unreserved auctions and the used industrial equipment market
in general.

"Despite holding our auction during the same week as CONEXPO-CON/AGG, we
wound up having a record crowd and sale," he said. "Over 70 percent of
the trucks and equipment were purchased by buyers from outside Colorado,
so clearly, these are the best market conditions we've seen in a long
time."

Mr. Forke noted that a major contributor to the auction's success was
the participation of 600 online bidders, who registered and bid remotely
using the Ritchie Bros. online bidding service, rbauctionBid-Live, which
allows users to participate in the Company's unreserved auctions from
anywhere in the world. Online buyers accounted for US$4.8 million of
sales, or 22 percent.

The Denver auction was part of a busy week for the Company, which held a
total of eight sales spanning three countries between March 14th and
March 19th. In total, the sales drew almost 10,000 registered bidders
and led to US$65 million in total sales.

The Ritchie Bros. auction calendar currently has 32 upcoming auctions
scheduled in five countries. Full equipment listings and auction details
can be found at the Company's web site, 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.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Ritchie Bros. Auctioneers Incorporated
    Chris Hawley
    Media Relations
    North America Toll Free: 1-800-663-8457
    chawley@rbauction.com
    or
    Ritchie Bros. Auctioneers Incorporated
    Bob Armstrong
    VP Finance & CFO
    (604) 273-7564
    ir@rbauction.com
    www.rbauction.com