Ritchie Bros. Auctioneers Incorporated
TSX : RBA
NYSE : RBA

Ritchie Bros. Auctioneers Incorporated

April 09, 2007 07:00 ET

Ritchie Bros. Auctioneers Holds Record-Breaking Auctions

Company Opens New Colorado Facility, Improving Buyer Selection and Experience

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 9, 2007) - Ritchie Bros. Auctioneers (TSX:RBA)(NYSE:RBA), the world's largest auctioneer of industrial equipment, announces the results of two large unreserved auctions held last week. The largest was a two-day auction in North East, Maryland, which saw buyers make purchases of over US$42 million in gross auction sales - beating the previous Company Maryland record of US$30 million. The other large auction held last week was the Company's grand opening auction in their new permanent auction facility in Denver, Colorado. Gross auction sales at that two-day auction were more than US$29 million, beating the previous Company Colorado record of US$22 million.

NORTH EAST, MARYLAND (April 4 & 5, 2007)

The two-day auction in North East, Maryland broke a number of Company records for that region, including the highest gross auction sales, the most registered bidders - both in-person and on the internet - the highest online gross auction sales, and the most auction lots sold.

More than 2,500 registered bidders participated in the two-day unreserved North East, Maryland auction, which generated gross auction sales of over US$42 million. Seven hundred of these bidders registered to use the Company's real-time bidding service, rbauctionBid-Live, which allows people to participate in the auction live and in real-time over the internet. Buyers made online purchases of over US$9 million during the auction. More than 3,100 lots were sold throughout the two-day auction.

"We had interested buyers at our auction from 33 countries and 48 US states," said Steve Kriebel, Ritchie Bros. Regional Manager. "There were large crowds on both days, with a lot of interest in the car carriers that sold on our day two truck auction day. Bidders participated in this auction from around the world in part because our auctions are strictly unreserved. Everything sells on sale day to the highest bidders at a Ritchie Bros. auction, with no minimum or reserve prices. It's the only way to conduct a fair auction, in our opinion."

DENVER, COLORADO (April 5 & 6, 2007)

The Company opened its new permanent auction facility in Mead, Colorado with a record-breaking two-day unreserved auction, held April 5 & 6, 2007.

"Our replacement facility exceeded our expectations," said Steve Merich, Regional Manager for Ritchie Bros. Auctioneers. "We had inclement weather on the second day, but we were able to create an environment that was pleasing to our buying customers with roll-down doors that kept the auction indoors. Over and over, we heard from our customers - both buyers and sellers - what a nice facility we have here and what a great experience it was for them."

More than 3,000 registered bidders participated in the auction, which generated gross auction sales of over US$29 million. Over 800 of these bidders registered to use rbauctionBid-Live to bid online. Both a Denver internet participant record was broken as well as an online gross auction sales record for a Denver auction, with online purchases totaling over US$5 million.

Registered bidders participated in the auction from 24 countries and 46 U.S. states, with almost half of the bidders coming from outside the state of Colorado.

"We saw a lot of first-time bidders at this auction," continued Mr. Merich. "We are in a great location, right off of I-25, and this high profile location makes a big difference for those who are interested in selling their equipment with us."

The new 70-acre Mead permanent auction site is one of 18 auction sites the Company has in the United States, and is a replacement site for the Company's former 37-acre location in Brighton, Colorado. Ritchie Bros. has a total of 35 auction sites in the United States, Canada, Australia, Mexico, Singapore, Europe and the Middle East, including a brand new facility the Company is opening this week in Columbus, Ohio at its two-day unreserved auction being held April 11 & 12, 2007.

Currently on the upcoming Ritchie Bros. auction calendar, there are over 21,300 truck and equipment items featured in 35 unreserved industrial auctions and 95 unreserved agricultural auctions. 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 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.

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