Customers Take Advantage of Multiple Bidding Options at Unreserved Ritchie Bros. Auctions in Dubai, Olympia and Moerdijk

Business Wire, Dec 3, 2007

Eleven-Auction Week Generates US$175 Million in Proceeds and Ties Company Record for Number of Industrial Auctions in One Week

VANCOUVER, British Columbia -- Ritchie Bros. Auctioneers (NYSE:RBA) (TSX:RBA), the world's largest auctioneer of industrial equipment, conducted 11 unreserved auctions in eight countries last week, tying its company record for the most unreserved industrial auctions conducted in one week. Highlights included a US$28 million auction in Dubai, United Arab Emirates (on November 26 & 27, 2007); a US$25 million auction in Olympia, Washington (on November 28 & 29); and a (euro)42 million (US$62 million) auction in Moerdijk, the Netherlands (on November 28, 29 & 30). Interested buyers had the choice of bidding at all 11 auctions either in person, by proxy or live and in real time over the internet using the Ritchie Bros. online bidding service, rbauctionBid-Live. In addition, Ritchie Bros. held live simulcasts of auctions being conducted in other countries at its Dubai and Moerdijk sites, giving its customers the option of bidding live and in person on an even greater selection of equipment.

MOERDIJK, THE NETHERLANDS - Ritchie Bros. attracted more than 1,200 registered bidders from 63 countries to the unreserved public auction at its permanent auction site in Moerdijk, the Netherlands, on November 28, 29 & 30, 2007. Close to 3,700 used and unused equipment items for the construction, transportation, agricultural and other industries were sold in the auction, generating gross auction proceeds of (euro)42 million (US$62 million). More than 2,600 lots, representing 85 per cent of the total gross auction proceeds, were sold to out-of-country bidders.

Interested buyers had four different bidding options: in person at the Moerdijk auction site; by proxy bid; live and in real time over the internet using the Ritchie Bros. online bidding service, rbauctionBid-Live; or in person at a live auction simulcast at the Company's Dubai auction site. In addition, on Day Two of the auction, onsite bidders in Moerdijk were able to bid live and in person on over 250 items being sold in the Company's Milton Keynes (U.K.) auction. Almost 40 per cent of the equipment in the Milton Keynes auction was sold to onsite bidders in Moerdijk.

"This was one of our biggest European auctions ever, and we were pleased to give our customers around the world so many different ways of participating," said Ralf Harders, Ritchie Bros. Regional Manager. "We had people from more than 60 countries bidding on site and online, helping our consignors achieve global fair market value for their surplus equipment. For example, an onsite bidder from Romania purchased a number of wheel loaders, an internet bidder from Australia purchased a motor grader, and an onsite bidder from the U.K. purchased a 2007 articulated dump truck."

OLYMPIA, WASHINGTON - Ritchie Bros. conducted its second-largest Olympia auction in Company history on November 28 & 29, 2007, selling more than 2,200 trucks and industrial equipment items for total gross auction proceeds of US$25 million. Ritchie Bros. has conducted 69 unreserved industrial auctions in Olympia since its first Olympia auction in 1979. More than 2,800 people from 22 countries, including 41 U.S. states and 10 Canadian provinces and territories, registered to bid in the auction either on site, by proxy or online. Almost 800 registered to bid online using rbauctionBid-Live, and more than US$5 million of equipment was sold to internet bidders.

"The auction was a great success, with particularly good returns on heavy spec dump trucks and cranes," said Rob Giroux, Ritchie Bros. Regional Manager. "We had many Canadians bidding in Olympia - with the strong Canadian dollar, more Canadians are including our U.S. auctions in their equipment search. If they can't make it to the auction in person, they can bid over the internet. And when you have hundreds of people from all over the world bidding competitively in an open and transparent auction, both online and on site, sellers can be sure they are getting the best return on their equipment assets."

Washington-based J.R. Hayes & Sons Inc., a second-generation family-owned site development contractor, sold a large selection of late-model dump trucks and trailers in the unreserved Olympia auction.

"We were very pleased with the results of the sale - maybe a little surprised, given the state of the economy right now," said Tony Perrotti, J.R. Hayes' equipment purchasing manager. "J.R. Hayes has a reputation for maintaining its equipment well, and Ritchie Bros. marketed it well: we had enquiries from all over North America. We've sold three large packages of equipment at Ritchie Bros. auctions and have been very happy with the results every time. Selling unreserved doesn't worry me at all."

DUBAI, UNITED ARAB EMIRATES - More than 550 people from 47 countries registered to bid on site, online and in a live auction simulcast in the Netherlands when Ritchie Bros. conducted a large unreserved auction in Dubai on November 26 & 27, 2007. More than 2,100 equipment items for the construction, transportation and other industries were sold in the auction, generating US$28 million in gross auction proceeds. Interested buyers could bid either in person at the Dubai auction site; by proxy; over the internet using rbauctionBid-Live; or at a live auction simulcast at the Company's permanent auction site in Moerdijk, the Netherlands.