Ritchie Bros. Auctioneers Incorporated

Ritchie Bros. Auctioneers Incorporated

March 24, 2006 07:00 ET

Ritchie Bros. Auctioneers Holds Large Los Angeles Auction

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 24, 2006) - Ritchie Bros. Auctioneers (TSX:RBA)(NYSE:RBA), the world's largest industrial auctioneer, today announced that it conducted a large, two-day unreserved auction March 22-23, 2006, in Los Angeles, California, generating gross auction sales of more than US$24 million.

More than 2,450 registered bidders from 20 countries, 43 U.S. states and 10 Canadian provinces registered to bid on over 2,200 truck and equipment items at the two-day auction.

More than 635 internet bidders, using the Company's real-time bidding service, rbauctionBid-Live, purchased over US$3 million worth of trucks and equipment items. The internet participants were buyers or runner-up bidders on 29% of the lots available for online bidding.

"We had two busy days of auction sales," said Richard Aldersley, Ritchie Bros. Area Manager for southern California. "The crowd was large and came from all over the world. Although we noticed prices were solid across the board, truck prices were particularly strong."

The auction included over 60 loader backhoes, 60 utility tractors, 35 crawler tractors, 30 excavators and over 70 truck tractors - including three unused 2006 Kenworth T800B truck tractors.

There are currently over 29,350 truck and equipment items featured in more than 40 unreserved industrial and 109 agricultural auctions in the upcoming Ritchie Bros. auction calendar. Details on all upcoming Ritchie Bros. auctions, including equipment that will be sold, 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.

Contact Information