Ritchie Bros. Auctioneers breaks ground on permanent auction site in Raleigh-Durham

Construction of a new auction facility targeted for mid 2012

RALEIGH-DURHAM, NC, Sept. 14, 2011 /PRNewswire/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, broke ground on its new 107±-acre permanent auction site in Butner, North Carolina (Granville County) just north of Raleigh-Durham yesterday (September 13, 2011). Butner Mayor Tom Lane, Granville County dignitaries and other invited guests joined Ritchie Bros. representatives for the official groundbreaking ceremony. Event photos are now available at www.rbauction.com/media. The Raleigh-Durham auction site will replace Ritchie Bros.' 33±-acre auction site in Statesville. Ritchie Bros. expects to conduct at least four unreserved public equipment auctions each year at the new site, which is scheduled for completion for mid 2012. Ritchie Bros. operates 42 other auction sites worldwide.

"We are excited to have a company with the reputation of Ritchie Bros. as part of our community. Their presence here will add much to our community and potentially draw other businesses to the area as well as support existing businesses already based here," said Butner Mayor Tom Lane in a speech made at the groundbreaking ceremony yesterday. "The potential we see with Ritchie Bros. coming here as a leader in growth will make a major impact for us."

Site preparation by Branch Highways Inc. will begin immediately. Construction plans include developing 45± acres of the site and building a new 33,000± square-foot auction facility and a 16,000± square foot refurbishing building. The auction facility will feature an auction theater with seating capacity for 500± and a Virtual Ramp theater with seating capacity for 300±. In the main auction theater, bidders remain seated in comfort while equipment being sold is driven across a ramp in front of them. In the Virtual Ramp theater, photos of stationary equipment items are projected onto a large screen in front of the bidders.

The new site is located centrally within the state of North Carolina and approximately 24 mi (approx. 39 km) north of the Raleigh-Durham International Airport. It offers exceptional highway visibility from Interstate 85 and access to major transportation routes and services, including restaurants and accommodations. Equipment will be displayed and made available for inspections at the auction site in the weeks leading up to each auction.

Ritchie Bros. closed on the 107±-acre Raleigh-Durham property in April 2011 after searching for a larger property to support its growing operations in North Carolina and Virginia. While the Raleigh-Durham site is being built, Ritchie Bros. will continue to conduct unreserved public auctions at its Statesville facility with the next auction scheduled for September 28, 2011.

Raleigh-Durham auction site quick facts:

• Size: 107± acres total (45± acres to be developed initially)
• Facilities: 33,000± square foot auction building (featuring 500± seat auction theater and a 300± seat Virtual Ramp theater); a 16,000± square foot refurbishing building with wash pads and painting and blasting booths
• Location: 800 Business Park Drive, Butner, North Carolina, 27509 (exit 189 on I-85)
• Expected completion: mid-2012
• Site preparation to be completed by Branch Highways

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.

ATTENTION MEDIA: A photo of Butner Mayor Tom Lane with representatives from Ritchie Bros. is available for media use at http://www.rbauction.com/media under Current Auctions and Events. Members of the public and the media can follow Ritchie Bros. on Twitter @RitchieBros.

SOURCE Ritchie Bros. Auctioneers