US$48+ million in heavy equipment and trucks sold at Ritchie Bros. unreserved public auction in Houston, Texas

HOUSTON, TX, Aug. 29, 2014 /PRNewswire/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, sold more than US$48 million of heavy equipment and trucks during an unreserved public auction at the Company's permanent auction site in Houston, Texas on August 27 & 28, 2014. More than 3,900 registered bidders competed for 3,900+ heavy equipment items and trucks, including 150+ hydraulic excavators, 130+ truck tractors, 50+ bulldozers, a large selection of oilfield completion, tooling and transportation equipment, cranes and more. Every item was sold to the highest bidder, regardless of price—without minimum bids or reserve prices. Bids were made in the auction on-site, online in real time at www.rbauction.com and by proxy.

"Everything went really smoothly and prices were strong across the board," said Alan McVicker, Regional Sales Manager, Ritchie Bros. Auctioneers. "We had huge crowds on-site with bidders from more than 60 countries participating throughout the two days."

More than 3,900 people from 60 countries, including all 50 US states, registered to bid in person or online in the auction. Bidders from outside Texas purchased close to US$25 million or 52 percent of total gross auction proceeds. More than 2,350 of the bidders taking part in the auction registered to bid online and purchased more than US$20 million of equipment online.

One of the sellers of equipment at the auction was Kirkland Crane & Rigging Inc., based in Huntsville, Texas. Due to the sudden passing of the owner, his wife, daughter and two sons chose Ritchie Bros. to dispose of his fleet of more than 330 items. They sold all-terrain cranes, hydraulic truck cranes, rough terrain cranes and a large selection of crane accessories.

"This was my father's life and his business for over 36 years and it was his passion," said daughter Shanna Lammers, who was manager at Kirkland Crane. "We were a family company and so this has been hard on all of us. But Ritchie Bros. has shown sensitivity and they took care of everything, from start to finish. It would have been a monstrous undertaking to sell everything ourselves so this option really worked best. Our cranes went to buyers from as far away as Panama, Mexico and New Delhi and they sold well, with strong pricing. It was pretty exciting to watch the auction even though it was emotional too. So after this two-day auction, now we can relax a bit before I venture off to do something related to my own passion. This auction is allowing me the opportunity to build my own company, so in the next few months we'll be transforming the crane yard into a plant nursery and I'll be coming up with a business name that will pay homage to my Dad."

AUCTION QUICK FACTS: HOUSTON, TEXAS - AUGUST 27 & 28, 2014

• Total Gross Auction Proceeds - US$48+ million
• Amount sold to online bidders - US$20+ million
• Registered bidders (in-person and online total) - 3,900+
• Registered online bidders - 2,350+
• Total Lots sold - 3,900+
• Number of sellers - 400+

Consignments for the next unreserved public auction in Houston (November 12 - 13, 2014) are now being accepted. To sell your equipment and trucks with Ritchie Bros., please contact the Houston site at +1.713.455.5200. The Ritchie Bros. auction calendar currently features more than 80 unreserved public auctions around the world. Visit www.rbauction.com for a complete list of upcoming auctions.

About Ritchie Bros.
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is the world's largest seller of used equipment for the construction, transportation, agriculture, material handling, energy, mining, forestry, marine and other industries. Ritchie Bros. ^TM solutions make it easy for the world's builders to buy and sell equipment with confidence, including live unreserved public auctions with on-site and online bidding (rbauction.com), the EquipmentOne^TM secure online marketplace (EquipmentOne.com), a professional corporate asset management program, and a range of value-added services, including equipment financing for customers through Ritchie Bros. Financial Services (rbauctionfinance.com). Ritchie Bros. has operations in more than 25 countries, including 44 auction sites worldwide. Learn more at RitchieBros.com.

Forward looking statements
This press release may contain forward-looking information. Such forward looking information involves material assumptions, risks and uncertainties, certain of which are beyond the control of Ritchie Bros. Such assumptions, risks and uncertainties include, without limitation, factors influencing the supply of and demand for used equipment, fluctuations in market conditions and values of used equipment, seasonal and periodic variations in operating results, actions of competitors, the success of the Company's new initiatives, economic and other conditions in local, regional and global markets, and other risks and uncertainties as detailed from time to time in the Company's securities filings. Ritchie Bros.' actual achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur. Any forward-looking information is made as at the date of this press release and Ritchie Bros. does not undertake any obligation to update publicly or to revise any of the included forward-looking information, except as may be required by applicable securities laws.

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SOURCE Ritchie Bros. Auctioneers