Ritchie Bros. Auctioneers Incorporated

Ritchie Bros. Auctioneers Incorporated

June 07, 2007 03:09 ET

Ritchie Bros. Sees Dramatic Increase in Internet Participation at Large Unreserved Dubai Auction

Company sets new Dubai site records for total internet sales, number of internet bidders and number of internet buyers

DUBAI, UNITED ARAB EMIRATES--(Marketwire - June 7, 2007) - Ritchie Bros. Auctioneers Incorporated (TSX:RBA)(NYSE:RBA) -

A large selection of cranes and late-model construction equipment attracted more than 600 registered bidders from 53 countries to a multi-million dollar unreserved auction in Dubai, the United Arab Emirates, this week. The auction was conducted by Ritchie Bros. Auctioneers, the world's largest auctioneer of trucks and industrial equipment, at the Company's auction site in Dubai on June 4-5, 2007. More than 1,700 items from almost 170 consignors were sold over two days, generating in excess of US$24 million in gross auction sales-the Company's largest Dubai auction since 2003.

Over 800 items, representing more than 60 per cent of the gross auction sales, went to buyers from outside the United Arab Emirates. More than US$2 million worth of equipment was sold using the Company's online bidding service, rbauctionBid-Live-almost 60 per cent higher than the previous site record for internet sales. In total, over 100 people registered to bid using the service.

"We typically have strong international participation at our Middle East auctions, but we experienced a large increase in online activity at this sale, setting new records for internet sales, internet bidders, and internet buyers for our Dubai site," said Stephen Branch, Ritchie Bros. Divisional Manager. "We sold almost 40 cranes and an outstanding range of late-model and unused equipment at the auction, drawing interested buyers from Asia, Europe, North America, Africa-all over the world. Our internet bidding service, rbauctionBid-Live, enabled many of them to bid on equipment they otherwise wouldn't have access to, and because we were able to attract so many international buyers, our consignors were able to sell their equipment for global market value."

Equipment sold during the two-day unreserved auction included four unused 2006 Komatsu hydraulic excavators, two unused 2006 Komatsu wheel loaders, two unused 2007 XCMG motor graders, over 20 late model articulated dump trucks, two unused 2007 Zoomlion tower cranes, six late-model all terrain cranes, and close to 20 rough terrain cranes. Among the purchases made using rbauctionBid-Live: two unused wheel loaders to the U.K., an unused hydraulic excavator also to the U.K., a rough terrain crane to India, and an all terrain crane to Kuwait.

Although many customers appreciate the ease and convenience of Ritchie Bros.' online bidding service, thousands of others still prefer to bid in person - and will even travel long distances to attend an auction. Mr. Sandeep Garg, president of plant and equipment for Punj Lloyd Limited, one of India's largest engineering construction companies, traveled all the way from India to Dubai to bid at this week's auction. He purchased a number of items for Punj Lloyd in the sale, including ten cranes.

"I attend three or four Ritchie Bros. auctions each year, and I prefer to bid in person," said Mr. Garg. "My experience with Ritchie Bros. has been excellent. The best thing about their auctions is that they are transparent. I believe they are fair auctioneers: they don't allow insiders to bid, and they are honest about the condition of the equipment they sell. I am responsible for purchasing all of the equipment for Punj Lloyd's operations around the world, and if Ritchie Bros. has the specific equipment we need, I would certainly buy through them rather than from a dealer or another auction company."

Ritchie Bros. recently opened a sales office in India, and is looking to begin conducting unreserved auctions in India later this year or early next year.

"I told Ritchie Bros. several years ago they should have a presence in India, and I am quite excited that they are now here," said Mr. Garg. "India's construction industry is growing at a fast rate, and there is a great need for good quality used equipment."

Over 29,000 items will be sold in 34 unreserved industrial auctions and 41 unreserved agricultural auctions coming up on the Ritchie Bros. auction calendar. 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 assets, including equipment, trucks and other assets 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
    Kim Schulz
    Corporate Communications Manager
    (604) 273-7564
    Email: kschulz@rbauction.com
    or
    Ritchie Bros. Auctioneers
    Stephen Branch
    Divisional Manager
    Dubai sale site tel: +971-4-883-8398
    Website: www.rbauction.com