Out-of-state bidders set global market prices at Ritchie Bros. auction in Las Vegas

Out-of-state bidders from as far away as Russia, Saudi Arabia and Canada purchased US$23 million of equipment from the US$24 million unreserved public auction conducted by Ritchie Bros. Auctioneers (NYSE and TSX: RBA – News News) in Las Vegas, Nevada last week. More than 1,100 heavy equipment items and trucks were sold in the November 7, 2008 auction, which attracted more than 1,500 on-site and online bidders from 20 countries, including 42 U.S. states.

Of the total number of bidders, more than 700 participated online using the Ritchie Bros. real-time internet bidding service rbauctionBid-Live. Online bidders purchased over US$8 million of equipment (representing 35 percent of the total gross auction proceeds). Ritchie Bros. (www.rbauction.com), the world’s largest industrial auctioneer, is already accepting consignments for its next unreserved public auction in Las Vegas (on February 6, 2009).

“The auction went very well; our consignors were pleased with the results and our buyers were happy to find the equipment they need at global fair market prices,” said Jim Rotlisberger, Ritchie Bros. Regional Manager. “It was a very busy convention week in Las Vegas just before the auction. A lot of out-of-town visitors took the time to come to our auction site to test, inspect and compare the equipment in our yard. Many returned home and registered to bid online at our auction. The participation of on-site and online bidders from all over North America and around the world helped our local consignors achieve strong returns on their surplus assets. Truck tractors and crushing equipment generated particularly good returns.”

About Ritchie Bros.

Established in 1958, Ritchie Bros. Auctioneers is the world’s largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. The Company has over 110 locations in more than 25 countries including 38 auction sites worldwide. Ritchie Bros. 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, agricultural, material handling, mining, forestry, petroleum and marine industries. The Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com.