Company considers relocation to a larger property to facilitate growth in operations

OLYMPIA, WASHINGTON, March 8 /PRNewswire-FirstCall/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, held a large, two-day multi-million dollar unreserved public auction on March 4 and 5, 2010, selling close to 2,200 items to more than 3,100 bidders that registered from more than 28 countries, including 44 US states and nine Canadian provinces and one territory. The Company has announced that it is seeking to move from its current location due to growth in its operations in the state of Washington.

"It was a great auction and our yard was packed with equipment and trucks," said Rob Giroux, Regional Manager, Ritchie Bros. Auctioneers. "We've been holding unreserved auctions in the state of Washington for 38 years now and just surpassed US$1 billion in lifetime sales in the state. To service both our buyers and sellers better, we do need to move to a larger facility and we hope that relocation will occur somewhere within the state."

The Company confirms that it has been looking for property throughout both Washington and Oregon, and has currently set its sights on a parcel of land in Lewis County, Washington.

"We regularly have to turn away equipment from our auctions because we do not have the space at our current location," says Giroux. "We have not purchased any property yet, but we hope to do so in the near future."

Ritchie Bros. conducted its very first auction in the state of Washington in Seattle in 1972, and it's first-ever unreserved auction in Olympia in 1979. Ritchie Bros. conducts, on average, four auctions a year at its Olympia auction site. An average Olympia auction attracts 2,200 bidders to compete on 1,850 lots from more than 300 consignors. The March 4 - 5 auction also marked the 78th unreserved auction to be held by Ritchie Bros. at the Olympia site.

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 40 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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