Internet Bidders Set Records at CA$58 Million Ritchie Bros. Auction in Edmonton

. December 17, 2007

Ritchie Bros. Auctioneers (NYSE:RBA) (TSX:RBA) sold over 3,000 lots during a two-day unreserved public auction in Edmonton, Alberta, last week, generating gross auction proceeds of CA$58 million (US$57 million) – and setting new site records for online bidding and buying. The auction attracted over 3,800 registered bidders from 20 countries, including 34 U.S. states and 12 Canadian provinces and territories -including a record 1,000 people who registered to bid online, live and in real time, using the Ritchie Bros. internet bidding service rbauctionBid-Live. Almost CA$13 million (US$12 million) of equipment and other assets were sold to online bidders – another new Edmonton site record. Ritchie Bros., the world’s largest industrial auctioneer, conducted the auction at its permanent auction site in Nisku (Edmonton), Alberta on December 13 & 14, 2007.
“This was our largest December auction in Edmonton, and the number of active bidders on site and online helped us deliver strong returns for our consignors – despite the lull in the local market,” said Brian Glenn, Ritchie Bros. Regional Manager. “Our internet bidding service benefits interested buyers who can’t make it to our site on auction day, but it also benefits sellers, increasing the audience of potential buyers for their assets.”

The auction featured a large selection of late-model earthmoving and oilfield transportation equipment, as well as more than 60 recreational, industrial and commercial properties in Alberta and Saskatchewan. Pioneer Truck Lines Ltd. and Pro Pipe Oilfield Services were among the almost 400 consignors at the auction. Pioneer, an Edmonton-based oilfield transportation service company, is winding down its rig moving division. The company sold two heavy industrial properties in Coronation, Alberta and almost 60 equipment items in the auction.

“Selling at an unreserved auction is a great way to sell everything in one or two days,” said Pioneer’s Dale Dubinsky. “Ritchie Bros. did a really good job from start to finish. Their appraisals were right on the money, they took care of all the details of the sale, and their auctioneers worked hard to sell the equipment. I was impressed with the whole process. I’m happy with the results.”

Close to 100 items were sold as part of a complete dispersal for Pro Pipe Oilfield Services of Erskine, Alberta.

“Ritchie Bros. runs a good operation: they are very professional and fair,” said Pro Pipe owner Sherwin Flanders. “I have been to other companies’ auctions where the owners were bidding up their equipment, and I don’t like that. Selling unreserved doesn’t concern me in the least. Ritchie Bros. took care of all the details and everything was sold by the end of the auction – so I could relax. The prices we got were also a bit higher than we expected.”

Ritchie Bros. is proud to be a Driller Sponsor of the 2008 Alberta Winter Games, taking place February 14-17, 2008 in Leduc, Alberta. Ritchie Bros. has been conducting auctions in Leduc County for more than 30 years.

About Ritchie Bros.

Ritchie Bros. is the world’s largest auctioneer of industrial equipment, operating through over 110 locations in more than 25 countries around the world. The Company 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, material handling, mining, forestry, petroleum, marine, real estate, and agricultural industries. The Company maintains a web site at www.rbauction.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.

Category: Auction News

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