Ritchie Bros. sets multiple records at Ocaña, Spain unreserved auction

Ocaña site sets new records for gross auction proceeds, registered bidders and lots sold

OCAÑA, Spain, March 21 /PRNewswire/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, conducted a record-breaking €33.7 million (US$47 million) two-day unreserved public equipment auction at its permanent auction site in Ocaña (Madrid), Spain last week (March 17 - 18, 2011). The auction set a new Company record for largest Spain auction to date—the previous record of €33.2 million (US$43 million) was set in March 2009 at the Company's Moncofa site. The auction also set new site records for registered bidders and number of lots sold—more than 1,500 people competed on site and online at www.rbauction.com for the 2,300+ equipment items and trucks featured in the record-breaking auction.

"Last week's Ocaña auction was our biggest auction in Spain to date, breaking previous records for number of lots sold, registered bidders and gross auction proceeds," said Guylain Turgeon, Senior Vice President & Managing Director EMEA, Ritchie Bros. Auctioneers. "The large international crowd that attended the Ocaña auction actively bid in person and online, which resulted in strong prices across all equipment categories. The certainty of exposing surplus equipment to a worldwide audience of bidders and then selling everything on auction day without minimum bids or reserve prices has demonstrated its value in a still uncertain Spanish market."

Bidders from 55 countries competed for the more than 2,300 construction, mining and transportation equipment items sold in the auction. More than 80%, or €27 million (US$38 million), of the equipment sold in the Ocaña auction was purchased by out-of-country buyers from as far away as Australia, Belgium, Morocco, the Netherlands, the U.S. and Canada. More than 400 bidders participating in the auction registered to bid online, purchasing €3.8 million (US$5.4 million), or 12% percent of the equipment.

This record-breaking Ocaña auction featured a large selection of mining, crushing and aggregate equipment, including 43 Caterpillar 777F rock trucks—several of which were late model.

"Selling this large selection of late-model rock trucks was extremely exciting," said Mr. Turgeon. "On-site and online bidders were eagerly competing for the trucks they needed, with successful bidders coming from Australia, Germany, Switzerland, Finland, Venezuela and the United States."

OCAÑA AUCTION QUICKFACTS - (March 17 - 18, 2011)

There are 129 upcoming unreserved auctions on the Ritchie Bros. auction calendar. For a complete list of auctions around the world, including dates and additional details, visit the Company's web site at 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. 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: Photos and other media resources are available for use at http://www.rbauction.com/media.
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SOURCE Ritchie Bros. Auctioneers