Ritchie Bros. Auctioneers (America) Inc.

December 07, 2006 07:00 ET

Ritchie Bros. Auctioneers Holds Largest Western US Auction in Company History

PERRIS, CALIFORNIA--(CCNMatthews - Dec. 7, 2006) - Ritchie Bros. Auctioneers (TSX:RBA)(NYSE:RBA), the world's largest auctioneer of industrial equipment, today announced the results of its two-day unreserved industrial auction held at the Company's permanent auction site in Los Angeles (Perris), California. Over 3,200 truck and equipment items were sold at the December 4 and 5, 2006 sale to generate total gross auction sales in excess of US$48 million - a record for the Company in the western United States.

"It was a very large auction with a tremendous selection of truck and equipment items for buyers, who came from around the world to participate," said Richard Aldersley, Area Manager for Ritchie Bros. "There truly is a global marketplace at Ritchie Bros. auctions and the results of this auction show that the market remains strong - there was a big demand for late-model equipment."

Close to 2,700 bidders registered at the record-breaking auction. Bidders registered from 27 countries, as well as 43 US states, and eight Canadian provinces to bid on the largest number of items to be sold in a Ritchie Bros. auction held in the western United States.

And the record-breaking didn't end there. The Company sold more than 90 motor scrapers on the first day of the auction - the largest line-up of motor scrapers ever sold in one Ritchie Bros. auction world-wide. Then, the internet participation also broke a number of records for the Los Angeles (Perris), CA auction location.

Close to 800 internet bidders, using the Company's real-time bidding service rbauctionBid-Live, purchased over US$8 million worth of trucks and equipment items at the California sale. Internet participants were buyers or runner-up bidders on 23% of the lots available for online bidding.

The Company now looks forward to the rest of December and its 12 upcoming unreserved industrial auctions being held around the world, including a large Sacramento auction next week on December 12 and 13, 2006.

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 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:

Photos of the Los Angeles (Perris) auction - including aerials from the site - are available for your use on the Company's website: www.rbauction.com/media.

Contact Information

  • Ritchie Bros. Auctioneers
    Kim Schulz
    Corporate Communications Manager
    Ritchie Bros. Auctioneers
    Richard Aldersley
    Area Manager
    Los Angeles (Perris) Sale Site (951) 940-9441
    Email: media@rbauction.com
    Website: www.rbauction.com