Ritchie Bros. Auctioneers Incorporated
TSX : RBA
NYSE : RBA

Ritchie Bros. Auctioneers Incorporated

April 02, 2007 07:00 ET

Ritchie Bros. Continues to See Worldwide Participation in its Unreserved Auctions

Busy auction week attracts bidders from near and far

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 2, 2007) - Ritchie Bros. Auctioneers (TSX:RBA)(NYSE:RBA), the world's largest auctioneer of industrial equipment, announces the results of three large unreserved auctions held last week. The largest was a two-day auction in Edmonton, Alberta that generated over CA$58 million (US$50 million) in gross auction sales - beating Company records for the largest Canadian auction ever held by Ritchie Bros. in more than 40 years of business. The other two large auctions were held in Atlanta, Georgia and Houston, Texas, generating over US$29 million and US$33 million in gross auction sales (respectively) - also breaking a number of Company records in those regions.

Ritchie Bros. continues to attract buyers from around the world to its auctions, including those who are bidding live and on-line, using the Company's online bidding service rbauctionBid-Live. While many take part online at each auction (over 61,000 customers are registered to use the service), most prefer to attend Ritchie Bros. auctions in person, even if they need to travel a long distance to get there.

ATLANTA, GA - March 27 & 28, 2007

More than 1,500 registered bidders participated in the two-day unreserved Atlanta, Georgia auction, which generated gross auction sales of over US$29 million. Over 600 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. Both an Atlanta internet participant record was broken as well as an online purchasing record, with more than US$8 million worth of trucks and equipment purchased online at the Atlanta auction.

"We had interested buyers at our auction from 32 countries and 47 US states, with 80% of gross auction sales to participants from outside of Georgia," said Darrin Hogeboom, Area Manager for Ritchie Bros. Auctioneers. "One of the reasons bidders participate in our auctions from around the world is that we only hold unreserved auctions. Bidders appreciate the fact there are no games played and everything sells to the highest bidder on auction day. We don't decide the price, the competitive bidding process does. With no minimums and no reserves, everyone has a fair chance on auction day to be a purchaser. And most sellers like to put their items in our auctions because they know that we hold an honest auction, market their equipment to the world and promptly collect proceeds for them at the end of the auction. Sellers end up getting a global fair market value for their items, which beats trying to sell it locally themselves."

EDMONTON, AB - March 28 & 29, 2007

A CA$58 million (US$50 million) record-breaking auction was held in Edmonton, Alberta on March 28 & 29, 2007, with the most registered bidders, buyers (both onsite and online), and lots, and the largest gross auction sales (both onsite and online) at a Canadian auction in the Company's more than 40 years of business.

"We had more than 5,700 registered bidders participating in our auction from 15 countries, including 31 US states and every Canadian province and two territories," said Brian Glenn, Regional Manager for Ritchie Bros. Auctioneers. "It was the most people I've ever seen at an auction in Edmonton, and the yard here has never been that full. There was a broad range of equipment in the sale, with a good selection of crawler tractors, motor graders, and excavators, as well as a large amount of oilfield, transportation and agricultural equipment. More than 1,400 people were successful purchasers of over 3,600 lots. Thirty-two per cent of gross auction sales went to buyers from outside of Alberta."

Over 900 of the participants registered to use the Company's real-time bidding service, rbauctionBid-Live. Both an Edmonton internet participant record was broken as well as an online purchasing record, with more than CA$8 million (US$7 million) worth of trucks and equipment purchased online at the Edmonton auction.

HOUSTON, TX - March 29, 30 & 31, 2007

More than 2,900 registered bidders attended the three-day unreserved Houston, Texas auction, which generated gross auction sales of over US$33 million - a record for the Company's Houston auction site. Over 800 of the bidders registered to use the Company's real-time bidding service, rbauctionBid-Live. A Houston online purchasing record was also broken, with more than US$7 million worth of trucks and equipment purchased online at the Houston auction.

"We had participants from 38 countries, 46 US states, and eight Canadian provinces participating in our auction," said Alan McVicker, Regional Manager for Ritchie Bros. "Ritchie Bros. always tries to locate its permanent auction sites in convenient locations for its customers, and Houston is no exception. Because we are located near the port, our auction site is a very convenient place for buyers from around the world to purchase equipment and get it transported anywhere in the world. Forty-six per cent of gross auction sales were from outside Texas."

Currently on the upcoming Ritchie Bros. auction calendar, there are over 24,000 truck and equipment items featured in 36 unreserved industrial auctions and 117 unreserved agricultural auctions. Details on all upcoming Ritchie Bros. auctions, including the Company's grand opening auctions at their new Denver, CO and Columbus, OH permanent auction sites, 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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