Ritchie Bros. Auctioneers Incorporated
TSX : RBA
NYSE : RBA

Ritchie Bros. Auctioneers Incorporated

November 14, 2005 07:00 ET

Ritchie Bros. Auctioneers Plans Expansion of Agricultural Operations into the United States

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2005) - Ritchie Bros. Auctioneers (TSX:RBA)(NYSE:RBA) today announced its intention to establish its presence in the agricultural equipment and land markets in the United States. Ritchie Bros. has signed a letter of intent with Dennis Biliske Auctioneers, a North Dakota-based auctioneer of agricultural equipment and real estate, regarding the potential acquisition of the business, including a 25-acre agricultural auction facility, in early 2006.

It is anticipated that Dennis Biliske, Auctioneer and President of Dennis Biliske Auctioneers, will lead Ritchie Bros.' agricultural auction operations in North Dakota and surrounding states. According to Mr. Biliske: "We are excited about the opportunity to join an organization such as Ritchie Bros. It will be a tremendous benefit for our customers, who will welcome the fact that we sell everything on a purely unreserved basis, where all items sell to the highest bidder regardless of price."

"The depth of resources and unmatched reputation of Ritchie Bros. will ensure that the farming community in this region has access to a broad range of flexible options to maximize the proceeds on the sale of their assets," Mr. Biliske added. "Ritchie Bros. is well known for its ability to match local supply with global demand; by joining forces with Ritchie Bros. we are ensuring that our customers will have access to the global market."

Kevin Tink, Ritchie Bros. Agricultural Division Manager, who will oversee the Company's U.S. agricultural division, commented: "Dennis' commitment to building strong relationships with his customers is a good match for our organization. We are looking forward to working with his team to introduce Ritchie Bros. unreserved auctions to the agricultural auction market in the U.S."

Peter Blake, CEO of Ritchie Bros., added: "Expanding our agricultural operations into the U.S. is an important part of our growth strategy. The addition of the Biliske group will provide an important spring board for us to increase our agricultural equipment and real estate sales in the large and very fragmented U.S. market."

Terms of the transaction will not be disclosed; management considers it to be not material relative to the Company's consolidated operations.

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.

Forward-looking Statements

The discussion in this press release relating to future operations contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) that involve risks and uncertainties, including, in particular, statements regarding anticipated results for future periods, expansion of the Company's agricultural business into the U.S. and the Company's growth strategies. These risks and uncertainties include: the many factors that impact on the supply of and demand for used equipment; fluctuations in the market values of used equipment; periodic and seasonal variations in operating results; actions of competitors; and other risks and uncertainties as detailed from time to time in the Company's SEC filings. Actual results may differ materially. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

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