Ritchie Bros. Auctioneers Incorporated

Ritchie Bros. Auctioneers Incorporated

November 07, 2005 07:00 ET

Ritchie Bros. Breaks Record with Alberta Auction

GRANDE PRAIRIE, ALBERTA--(CCNMatthews - Nov. 7, 2005) - Ritchie Bros. Auctioneers (TSX:RBA)(NYSE:RBA) surpassed a major milestone last week at its two-day unreserved auction in Grande Prairie, AB. The November 2nd and 3rd sale generated over CAD$47 million in gross auction sales, making it the Company's highest-grossing Canadian sale to date.

More than 2,300 customers from 12 countries, 32 US states, and 13 Canadian provinces and territories registered to bid in the auction at the Company's permanent auction site in Grande Prairie. They actively competed for 3,085 construction, pipeline, transportation, and agricultural equipment items as well as industrial and agricultural real estate.

The sale also set a record for the highest online purchases at a Ritchie Bros. auction in Canada. Over 450 people registered to bid remotely using the Ritchie Bros. online bidding service, rbauctionBid-Live, purchasing over CAD$5 million worth of trucks and equipment.

"We had a lot of good quality late-model equipment in the sale from two complete dispersals and other fleet realignments," said Brian Podruzny, Ritchie Bros.' Regional Manager. "Our global marketing efforts attracted buyers from around North American and as far away as Australia."

"We've seen the demand for used equipment remain strong throughout our network of international auction sites," added Mr. Podruzny. "This participation of buyers from around the world has helped us achieve global market value for our selling customers."

The Grande Prairie sale results surpassed the previous Company record of over CAD$44 million set earlier this year at its Edmonton auction site.

Ritchie Bros. currently has over 18,000 construction, transportation, and agricultural equipment items that will be sold at 36 upcoming unreserved industrial equipment auctions in eight countries, as well as 18 smaller agricultural auctions in Alberta, Saskatchewan and Ohio. A schedule of upcoming auctions and equipment details can be found at the Company's web site, 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.

Contact Information

  • Ritchie Bros. Auctioneers Incorporated
    Ellen Engelsbel
    Media Relations
    (604) 273-2135 / North America Toll Free: 1-800-663-8457
    Ritchie Bros. Auctioneers Incorporated
    Bob Armstrong
    VP Finance & CFO
    (604) 273-7564