Ritchie Bros. Auctioneers Incorporated

Ritchie Bros. Auctioneers Incorporated

May 07, 2007 10:00 ET

Ritchie Bros. Auctioneers Finishes Record-Breaking Agricultural Auction Month

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 7, 2007) - Ritchie Bros. Auctioneers (TSX:RBA)(NYSE:RBA), the world's largest industrial and agricultural equipment auctioneer, announces record-breaking agricultural gross auction sales for the month of April. Ritchie Bros. held 95 unreserved agricultural auctions in April, generating gross auction sales of more than CA$73 million (US$65 million) for its consignors. The Company sold more than 22,000 lots at the April auctions, offering equipment and agricultural assets to more than 30,000 registered bidders (including both in-person and online registrants), making April its biggest month ever for agricultural auctions.

"The agricultural industry - both local farmers and businesses - have embraced our unreserved auction process. We saw a healthy increase in bidder registrations at our agricultural auctions in April compared to the same time last year," said Kevin Tink, Vice President of Ritchie Bros. Auctioneers agricultural and western divisions. "It's a strong marketplace and we've seen many new and active bidders participating in our spring agricultural auctions. We had a very busy auction schedule - including 25 auctions during one week in April - and the crowds were taking advantage of the great selection of farmland and equipment. It's an exciting time for us, to be able to help an increasing number of buyers and sellers at our unreserved agricultural auctions. Dealers and end-users are making Ritchie Bros. a part of their business solution, whether they need to sell one combine or buy ten agricultural tractors."

In April, the Company held what it believes was Canada's largest-ever unreserved agricultural auction (in Saskatoon, Saskatchewan on April 11, 2007). More than 3,000 registered bidders participated in the auction, with gross auction sales of more than CA$14 million (US$12 million).

"More than 5,000 people attended our Saskatoon auction, and 3,000 of them registered to bid; it was unbelievable," said Mr. Tink. "There was a large volume of extremely high calibre agricultural equipment and with the strong demand, it made for a great auction. We had bidders participating in the auction from all over Canada and the United States, and from as far away as Italy, Germany, Australia, and the United Arab Emirates."

Ritchie Bros. auctions are always unreserved, meaning everything sells to the highest bidder on auction day regardless of price. There are no minimums or reserves. Items can be inspected and tested prior to the auction and everything is sold "as is, where is". It is free to register for a Ritchie Bros. auction; interested bidders just need to come to the auction site and present photo identification in order to register for the sale. Buyers from around the world typically attend a Ritchie Bros. auction (either in-person or online) because of the wide selection of equipment available, as well as the fact that the Company maintains its unreserved auction policy at all times. The fact that buyers attend the auctions from outside the region where the sale is being held enables equipment owners to receive fair market value for their items. They are no longer dependent on the local economy when selling agricultural equipment and farmland at a Ritchie Bros. auction.

Currently on the upcoming Ritchie Bros. auction calendar, there are two unreserved agricultural auctions in May in the United States - in Selby, South Dakota (May 14) and in Billings, Montana (May 17). There are over 25 unreserved agricultural auctions coming up in the month of June in Canada and the United States, as well an annual agricultural auction being held in Meppen, Germany on June 11, 2007. 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 and agricultural 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 assets, including trucks, equipment and other assets utilized in the agricultural, real estate, construction, transportation, mining, forestry, petroleum, materials handling and marine industries. The Company maintains a website at www.rbauction.com.

Ritchie Bros. has permanent agricultural auction facilities located in Buxton, North Dakota; Saskatoon, Saskatchewan and in Grande Prairie, Alberta (the Company also holds industrial auctions at the Grand Prairie location).

Attention Media: Photos from the Saskatchewan auction are available at www.rbauction.com/media.

Contact Information

  • Ritchie Bros. Auctioneers
    Kim Schulz
    Corporate Communications Manager
    Email: kschulz@rbauction.com
    Ritchie Bros. Auctioneers
    Kevin Tink
    Vice President - Western Division
    (780) 538-1100 or 1-800-491-4494
    Website: www.rbauction.com