Ritchie Bros. Auctioneers conducts CA$52 million unreserved public auction in Edmonton last week

Jun 20, 2011, 07:00 ET from Ritchie Bros. Auctioneers

Company's first three Edmonton auctions of 2011 generate a total of CA$174 million (US$181 million) in proceeds

EDMONTON, June 20, 2011 /PRNewswire/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, conducted a CA$52 million (US$53 million) two-day unreserved public equipment auction at the Company's permanent site in Edmonton last week (June 15 & 16).The auction attracted a strong contingency of local and international participation with more than 4,700 on-site and online bidders from 35 countries competing for the more than 4,600 equipment items and trucks sold.

Over CA$33 million (US$34 million) or 65 percent of equipment sold in the auction was purchased by buyers from Alberta. Over 2,000 people participating in the auction registered to bid online, purchasing more than CA$18 million (US$18 million) or 35 percent of the equipment sold. Some of the equipment featured in the auction was purchased by buyers from as far away as the United Arab Emirates, Australia, Chile, Mexico, Saudi Arabia, Thailand and Turkey.

Last week's Edmonton auction is also the third auction to be conducted at the site in 14 weeks and follows the Company's second largest Canadian auction ever in terms of gross auction proceeds held at the site in April. That Edmonton auction set new Canadian records for most equipment sold online, online bidder participation and number of buyers. Gross auction proceeds generated from the last three Edmonton sales combined have totalled approximately CA$174 million (US$181 million).

"Building on the momentum of our April sale, we had many consignors wanting to participate in this latest auction. People are beginning to recognize the appreciation in equipment pricing again and this is giving them the confidence to liquidate their assets," said Jake Lawson, Regional Manager, Ritchie Bros. Auctioneers.

"Customers also value the strong pricing at our recent auctions and want to convert some of their equipment into cash to buy new or different equipment. In addition, we've had a late spring here and with jobs needing to get done and a shortage of quality gear available on the market, people are willing to pay good prices on the equipment they need, as reflected by the strong results we've seen at the last three auctions we've had in Edmonton."

The June 15 -16 Edmonton auction included a complete dispersal of 50 items for Edmonton-based Robertson Construction's Crushing Division owned by Bruce Robertson. Among the items included in the complete dispersal were two late model Caterpillar 988H wheel loaders, conveyors, screen plants, cone and jaw crushers, feeders and late model pick up trucks.

"As a long-time customer, Ritchie Bros. auctions have always been the best sales channel for me to disperse of equipment I'm no longer using," said Mr. Robertson. "They have the expertise and ability to advertise and market equipment to the world and attract the right buyers to their auctions, whether in person or online. It seemed there were more people than usual bidding online at last week's Edmonton auction; one of my wheel loaders was actually purchased by an online buyer from Tennessee. Overall, I earned a good dollar on the equipment I sold. "

Ritchie Bros. also conducted several other unreserved auctions last week in Los Angeles (Perris), CA; Minneapolis (Medford), MN; and a US$31 million unreserved public auction in Olympia, WA.

There are currently over 65 upcoming public unreserved auctions on the Ritchie Bros. auction calendar available at www.rbauction.com. Owners interested in selling their equipment at the next Edmonton auction, scheduled for September 2011, can contact the 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.

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SOURCE Ritchie Bros. Auctioneers