Ritchie Bros. Auctioneers Incorporated
TSX : RBA
NYSE : RBA

Ritchie Bros. Auctioneers Incorporated

April 03, 2006 07:00 ET

Ritchie Bros. Auctioneers Holds Record 29-Auction Week

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 3, 2006) - Ritchie Bros. Auctioneers (TSX:RBA)(NYSE:RBA), the world's largest industrial auctioneer, today announces results from last week - the busiest auction week in Company history. Ritchie Bros. held a record 29 unreserved industrial and agricultural auctions between March 26 and April 1, 2006, including a three-day auction in Houston, Texas and a two-day auction in Olympia, Washington. The Company also held eight unreserved auctions in one day, on March 28, which is a record number of auctions in one day for Ritchie Bros.

On March 29-31, 2006, the Company held its largest unreserved auction ever held at its Houston, Texas location, generating gross auction sales of more than US$33 million. More than 3,100 registered bidders from 37 countries, 49 U.S. states and nine Canadian provinces registered to bid on over 3,000 truck and equipment items at the auction.

Over 820 people registered to use the Company's rbauctionBid-Live service at the Houston unreserved auction, which allows interested bidders to participate in Ritchie Bros. auctions over the internet, live and in real-time. More than 225 items were purchased online, accounting for over US$6 million worth of trucks and equipment items. The internet participants were buyers or runner-up bidders on 22% of the lots available for online bidding.

"It's exciting to be able to break another Company record with our first three-day auction in Houston," said Alan McVicker, Ritchie Bros. Regional Manager. "Prices were strong and the crowd was the largest we've ever seen here."

Ritchie Bros. also held a large auction in Olympia, Washington on March 29 and 30, 2006, generating gross auction sales of more than US$20 million. More than 2,500 registered bidders from 15 countries, 42 U.S. states, and eight Canadian provinces/territories registered to bid on over 2,250 truck and equipment items at the auction.

Over 540 people registered to use the Company's rbauctionBid-Live service at the Olympia unreserved auction. One hundred and forty-five items were purchased online, accounting for over US$2 million worth of trucks and equipment items. The internet participants were buyers or runner-up bidders on 18% of the lots available for online bidding.

"As a result of our extensive marketing efforts, we had interest from all parts of North America and from places as geographically diverse as the U.K., Saudi Arabia, Mexico, and Guatemala," said Rob Giroux, Ritchie Bros. Regional Manager. "We had some very specialized drilling equipment in this auction which attracted a lot of attention. Prices were strong on auction day across the board, and higher than many people expected."

The Company also set a record last week for internet participation at an Australian auction. The March 30 Brisbane, Australia auction saw 24% of gross auction sales purchased online, the highest level yet recorded by Ritchie Bros. in Australia. Internet bidders participated from countries all around the world, including major buyers from Texas and Japan.

There are currently over 19,500 truck and equipment items featured in more than 30 unreserved industrial and 85 agricultural auctions in the upcoming Ritchie Bros. auction calendar. Details on al 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.

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