Ritchie Bros. conducts its largest Las Vegas auction ever on March 24 - 25

Mar 28, 2011, 07:00 ET from Ritchie Bros. Auctioneers

Company sets multiple site records at US$58 million two-day unreserved public auction

LAS VEGAS, March 28 /PRNewswire/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, conducted a record-breaking US$58 million two-day unreserved public auction in Las Vegas, NV last week (March 24 - 25, 2011). The auction was the largest the site has ever conducted in terms of gross auction proceeds—the previous record of US$48 million was set in March 2008. The Las Vegas auction also set new site records for number of lots sold (2,500+) and number of online bidders (2,200+).

"This was the most equipment we've ever sold in a Las Vegas auction and the large selection generated a lot of attention locally and internationally," said Jim Rotlisberger, Regional Manager, Ritchie Bros. Auctioneers. "We witnessed active bidding on all equipment types from bidders around the world throughout the auction, which resulted in strong returns for our consignors."

Close to 5,000 bidders from 50 countries, including all 50 U.S. states and 10 Canadian provinces and two territories, registered to participate in the auction either on-site or online. More than 94 percent, or US$54.9 million, of the equipment was sold to buyers outside the state of Nevada; more than 32 percent, or US$19 million, of the equipment was purchased by out-of-country buyers from as far away as Colombia, Saudi Arabia, Lebanon, Australia and the United Arab Emirates.

The Las Vegas auction featured equipment from 400 consignors, including Wells Cargo, a Las Vegas-based heavy construction and paving contractor, who consigned a 2009 Caterpillar D10T crawler tractor, which sold for US$1.25 million to a buyer from Dubai, UAE.

"We are very pleased with our results from the auction," says Ronnie Ambriz, Equipment Manager, Wells Cargo. "This is the second time we've consigned with Ritchie Bros. and we plan to maintain an ongoing relationship. When we sell with Ritchie Bros. we're confident we will receive great returns because of the number of on-site and online bidders Ritchie Bros. attracts from around the world and from all industries."

For a complete list of upcoming Ritchie Bros. auctions around the world, visit www.rbauction.com.

AUCTION QUICK FACTS - LAS VEGAS, NEVADA- MARCH 24 & 25, 2011

Gross Auction Proceeds US$58 million
Amount sold to online bidders US$13 million
Unique bidders (total) 4,598
Unique online bidders 2,223
Lots sold 2,500+

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.

ATTENTION MEDIA:
A high-resolution photo of the 2009 Caterpillar D10T crawler tractor is available for download here:
http://www.rbauction.com/web/rba/media/photos-and-videos/current-auctions
A high-resolution aerial photo of the Las Vegas auction site is available for download here:
http://www.rbauction.com/web/rba/media/photos-and-videos/aerial-photos

SOURCE Ritchie Bros. Auctioneers