Ritchie Bros. to conduct Grand Opening auction at new Kansas City auction site

KANSAS CITY, MO – Ritchie Bros. Auctioneers , the world’s largest industrial auctioneer, will celebrate the Grand Opening of its new permanent auction site in Odessa (Kansas City), Missouri with a one-day unreserved industrial auction on March 12, 2008. At approximately 10:00 a.m. on auction day, Odessa Mayor Anthony Bamvakais will cut the Grand Opening ribbon to officially open the new site, with speeches by the Mayor and Ritchie Bros. senior management to follow.

“Our Kansas City operation has grown steadily over the decade that we’ve been conducting regular auctions here at temporary locations,” said Jesse Cantin, Ritchie Bros. Regional Manager. “We’ve built up a strong and loyal base of customers in this region and we’re excited to be establishing a permanent presence in Odessa that will help us better serve the needs of equipment buyers and sellers in the Midwest. The local community has welcomed us warmly and we look forward to many years of successful auctions in this location.”

Over 700 heavy equipment items from more than 110 consignors will be sold at the unreserved public auction, including wheel loaders, hydraulic excavators, motor graders, motor scrapers, articulated dump trucks, crawler tractors, crawler loaders, dump trucks, truck tractors and trailers, forklifts and skid steer loaders. Additional items will be added right up until auction day. As with every Ritchie Bros. auction, the sale will be completely unreserved, with no minimum bids and no reserve prices. Every item will be sold to the highest bidder on auction day, regardless of price. Interested buyers can bid in the auction in four different ways:

– In person at the new Kansas City auction site – In person at the Ritchie Bros. auction site in Denver, Colorado, where a live simulcast of the Kansas City auction will be held on March 12, during Day Two of the Company’s two-day Denver auction – Live and in real time over the internet using the Ritchie Bros. internet bidding service, rbauctionBid-Live – By proxy bid

The unreserved auction starts at 8:00 a.m. on Wednesday, March 12, 2008 at the Ritchie Bros. auction site in Odessa, MO (1800 W Old 40 Highway). The ribbon cutting ceremony will take place at approximately 10:00 a.m. The auction is open to the public; registration is free. Every item will be sold “as is, where is,” with no minimum bids or reserve prices. Interested buyers can visit the auction site prior to auction day to inspect and test the equipment being sold. Additional items will be added up until auction day. Equipment owners can contact the auction site to discuss having their surplus equipment sold in the auction (phone: 816.633.4096). For more information about the auction, including details and photos of equipment being sold, visit the Ritchie Bros. web site at www.rbauction.com.