Ritchie Bros. Auctioneers (America) Inc.

February 26, 2007 07:00 ET

Ritchie Bros. Auctioneers Holds Largest Auction in Company History

ORLANDO, FLORIDA--(CCNMatthews - Feb. 26, 2007) - Ritchie Bros. Auctioneers (TSX:RBA)(NYSE:RBA), the world's largest auctioneer of industrial equipment, held its biggest auction in more than 40 years of business in Orlando, Florida from February 20 to 24, 2007. The unreserved industrial auction, which sold close to 6,500 truck, equipment and real estate items, generated gross auction sales in excess of US$172 million - beating last year's Company-wide record of US$113 million.

"Record crowds attended the auction from around the world," said Gary Seybold, Regional Manager for Florida and the Caribbean. "They came to the sale for the top notch selection of trucks and equipment and the fact that it was a fair auction, like every Ritchie Bros. auction. Everything sold to the highest bidder, regardless of price, with no minimums or reserves. At the end of the day, buyers paid fair market value and consignors were pleased with their results."

More than 5,800 registered bidders from 63 countries, every U.S. state, and Canadian province and territory participated in the Orlando auction.

Over 1,700 of these bidders registered to use the Company's rbauctionBid-Live real-time bidding service, which allows people to participate in the auction live and in real-time over the internet. Internet participants purchased more than US$27 million worth of trucks and equipment at the Orlando auction - the most online gross auction sales ever at a Ritchie Bros. auction.

"This auction was 50 percent larger than last year's Orlando sale thanks in part to the momentum of our auction business," said Peter Blake, Chief Executive Officer of Ritchie Bros. Auctioneers. "We had a record number of people choosing to use the internet to bid at our auction, and even more people came to our auction site in person to participate; bidders tell us they still like to come in person to inspect the equipment and 'kick the tires' themselves."

Mr. Blake continued: "Our team worked non-stop in the weeks leading up to the auction, both at the yard and at our support offices. Our Orlando refurbishing facility washed, detailed and/or painted close to 2,000 items for the auction. It was a tremendous effort across the Company."

With the end of the Orlando auction, the local team is now gearing up for their next unreserved auction taking place in May. Currently on the upcoming Ritchie Bros. auction calendar, there are over 43,000 truck and equipment items featured in 37 unreserved industrial auctions and 115 unreserved agricultural auctions. 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 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.

Attention Media: Aerial and auction photos showing this Orlando yard/auction are available in the archives on the CP Network in Canada and on the AP Network in the USA (for 30 days). More photos are also available at www.rbauction.com/media.

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