Demand for heavy equipment remains strong at latest Ritchie Bros. Texas auction

Bidders from around the world competed for more than 3,600 industrial equipment items at last week's two-day public auction in Fort Worth

FORT WORTH, TX, May 10 /PRNewswire-FirstCall/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, sold more than 3,600 heavy equipment items and trucks at a two-day public unreserved auction held in Fort Worth, Texas on May 6 & 7, 2010. The Fort Worth auction, which generated more than US$47 million in gross auction proceeds, was part of a four-auction week, including a multi-million dollar auction held at the Company's auction site Dubai, UAE.

More than 2,800 people from 41 countries, including 50 U.S. states and ten Canadian provinces registered to bid in person or online in real time at the auction. Bidders from outside Texas purchased more than US$28 million (59 percent of total proceeds). More than 1,300 of the bidders taking part in the auction registered to bid online and purchased more than US$14 million, or 23 percent, of the equipment.

"We continue to see bidders participating at our auctions on-site who have come from overseas," said David Hobbs, Vice President, Ritchie Bros. Auctioneers. "Last week's auction was no exception with bidders participating from as far away as the United Arab Emirates, Australia and Bolivia to take equipment home with them. Excavation and transportation equipment received particular attention from our national and international bidders who participated on-site and online."

Steve Muckleroy, President of Austin, Texas-based RGM Constructors, LP sold more than 30 heavy equipment items in the Fort Worth auction, including a selection of late-model hydraulic excavators, as part of a fleet realignment for his company.

"I've sold with Ritchie Bros. in the past, but never such a large-scale package," said Mr. Muckleroy. "I have never lacked confidence in the Company's local representatives and the results we received last week show why no seller should be guarded towards selling with Ritchie Bros. From start to finish you are treated professionally and with transparency by honest, hard-working and detail-oriented employees."

The next Ritchie Bros. public unreserved auction in Fort Worth is scheduled for July 15 & 16. Interested buyers and sellers can contact the auction site at +1.817.237.6544.

    AUCTION QUICK FACTS - FORT WORTH, TX - MAY 6 & 7, 2010

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    Gross Auction Proceeds           US$47+ million
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    Amount sold to online bidders    US$14+ million (29 percent)
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    Unique bidders (total)           2,854
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    Unique online bidders            1,327 (45 percent)
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    Lots sold                        3,300+
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There are 85 upcoming public unreserved auctions on the Ritchie Bros. auction calendar, available at the Company's new 21-language web site: www.rbauction.com.

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 41 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.

ATTENTION MEDIA: Auction action photos and other media resources are available for use at http://www.rbauction.com/media.

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SOURCE Ritchie Bros. Auctioneers