$60 million Ritchie Bros. auction in Edmonton, AB attracts bidders from 37 countries

More than 4,700 equipment items from 720+ consignors sold in two-day unreserved public auction

EDMONTON, Oct. 28, 2011 /PRNewswire/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, attracted more than 5,200 on-site and online bidders from 37 countries to a two-day CA$60 million (US$60 million) unreserved public auction in Edmonton, Alberta on October 26 - 27, 2011. More than 2,100 people (42%) bid online in real time at www.rbauction.com, purchasing almost CA$16 million (US$16 million) of equipment (26%). Among the equipment sold: a 2007 Caterpillar D7R XR series II crawler tractor that sold for CA$380,000 (US$383,000) to an on-site buyer from Grande Prairie, AB and a 2009 Western Star 4900SA tri-drive vacuum truck that sold for CA$300,000 (US$302,000) to an on-site buyer from Medicine Hat, AB.

"Our October Edmonton auction featured equipment from more than 720 consignors and had something to offer for nearly every industry: from yellow iron, to oilfield and transportation equipment, recreational vehicles and even real estate," said Jim Rotlisberger, Regional Manager, Ritchie Bros. Auctioneers. "We especially had a nice line-up of crawler tractors and hydraulic excavators, as well as a great selection of vintage automobiles. The diverse selection of equipment drew thousands of bidders from dozens of countries around the world, which resulted in strong pricing on both days of the auction."

Approximately CA$20 million (US$20 million) or 33 percent of equipment in the auction was purchased by buyers from outside Alberta, from as far away as Peru, Egypt and India.

The auction featured a complete dispersal for Shardan Construction Enterprises Ltd., an oilfield contractor based in Lloydminster, AB. The company sold more than 45 pieces of equipment in the auction, including 13 Caterpillar crawler tractors (eight D7R XR series, two D6R XW series, two D8Rs and one D8T), as well as motor graders, hydraulic excavators, trailers and heavy equipment attachments.

"I chose to sell all my equipment with Ritchie Bros. because their advertising is second to none, they have great equipment knowledge and they allow people to bid on-site and online," said Dan Kopyshenski, owner and president of Shardan Construction [photo of Mr. Kopyshenski available at www.rbauction.com/photos]. "I have bought equipment from Ritchie Bros. online in the past and I know it's easy, but I also know there are still lots of people who will only bid on-site and when you are selling you don't want to miss out on those extra bids by selling only online."

The Edmonton auction also featured a number of vintage automobiles, including a 1955 Ford Thunderbird that was purchased by an online buyer from Alberta for CA$45,000 (US$45,000), as well as a 1929 Chevrolet, 1967 Ford Mustang, 1973 Cadillac Coupe Deville, 1975 Cadillac Eldorado and 1976 Lincoln Continental.

There are currently close to 100 upcoming unreserved public auctions on the Ritchie Bros. auction calendar at www.rbauction.com. Ritchie Bros.' next unreserved public auction in Edmonton is scheduled for December 7 & 8. Interested buyers and sellers can contact the Edmonton auction site at +1.780.955.2486.

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. Ritchie Bros. offers services that enable the world's builders to easily and confidently exchange equipment. The Company conducts hundreds of unreserved public auctions each year, selling a broad range of used and unused equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. Ritchie Bros. has over 110 locations in more than 25 countries, including 43 auction sites worldwide. The Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.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.

ATTENTION MEDIA: A photo of equipment consignor Dan Kopyshenski, owner and president of Shardan Construction Enterprises Ltd., is available for use at http://www.rbauction.com/photos. Members of the public and the media can follow Ritchie Bros. on Twitter @RitchieBros.

SOURCE Ritchie Bros. Auctioneers