Having conducted auctions at temporary locations in Utah since 1985, the
    Company signs seven-year lease in Salt Lake City

SALT LAKE CITY, UTAH, Nov. 23 /PRNewswire-FirstCall/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest auctioneer of industrial equipment, has signed a seven-year lease in Salt Lake City, Utah and will be starting site work on a new auction site right away. Ritchie Bros. has conducted unreserved equipment auctions at temporary locations in Utah since 1985.

"We are excited to find a new home in Utah at a location that is convenient for both local and traveling customers," said Mike Johnston, Divisional Manager, Ritchie Bros. Auctioneers. "We have decided to establish a presence in Utah because it has proven to have a diverse business climate serving a variety of industries, including construction, transportation, agriculture, mining and oil and gas."

The new site, located at the Salt Pointe Commerce Center in Lake Point, Utah (approximately 20 miles west of Salt Lake City), has 37+/- acres of developable land. It is located 17 miles west of the Salt Lake City International Airport, with 1,000 feet of visibility along I-80.

"We feel very fortunate that Ritchie Bros. has decided to open an auction site in Utah," says Nicole Cline, Economic Development Director for Tooele County. "They are a strong, stable company and a great corporate citizen - we are proud to have them in our community. We also believe this new site will enhance the visibility of Ritchie Bros. in our state, which will aid in its success."

Ritchie Bros. typically holds three to five public auctions at each of its auction sites around the world. The last multi-million dollar auction in Utah, held November 13, 2009, attracted more than 1,000 registered bidders from 21 countries. Purchasers participated from as far away as Egypt, Spain, Korea, and from all over North America.

About Ritchie Bros.

Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) 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 39 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.

SOURCE Ritchie Bros. Auctioneers

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