Ritchie Bros. attracts global buyers to record-breaking industrial equipment auctions in Fort Worth and Dubai

VANCOUVER – Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world’s largest industrial auctioneer, demonstrated its strength in different geographic regions under varying market conditions last week, conducting multi-million dollar unreserved industrial auctions in Fort Worth, Texas, USA and Dubai, United Arab Emirates. The unreserved public auction at the Company’s permanent auction site in Fort Worth on March 5 – 7, 2008 generated US$57 million in gross auction proceeds – a new site record. The unreserved auction at the Company’s auction site in Dubai’s Jebel Ali Free Zone on March 3 – 5 generated US$26 million in gross auction proceeds.

FORT WORTH, TEXAS – Ritchie Bros. Auctioneers conducted the largest Fort Worth auction in company history on March 5 – 7, 2008, selling close to 3,300 trucks and industrial equipment items for total gross auction proceeds in excess of US$57 million, beating the previous site record of US$46 million (set in February 2007). The unreserved public auction attracted more than 3,100 registered bidders from 39 countries, including 47 U.S. states and 10 Canadian provinces – another new Fort Worth site record. Bidders from outside the United States purchased more than US$19 million of equipment (33 percent of the total gross auction proceeds).

“We had a great sale, with strong prices across the board and a number of new Fort Worth site records,” said David Hobbs, Ritchie Bros. Division Manager. “There has been a lot of talk about the economic challenges we are facing here in the U.S., but due to the fact that we reach a global audience of interested buyers, many from economies where demand for equipment is high, we can help our consignors sell their machines for better prices than they might achieve by selling locally.”

The auction also set new internet bidding records for the Ritchie Bros. Fort Worth site, with a record number of e-bidders (more than 1,100) purchasing a record amount of equipment using the Company’s real-time internet bidding service, rbauctionBid-Live – almost US$14 million worth.

DUBAI, UNITED ARAB EMIRATES – More than 600 people from 49 countries registered to bid in the unreserved Ritchie Bros. auction in Dubai, United Arab Emirates on March 3 – 5, 2008 – a record number of bidders for that site. The auction featured more than 1,800 transportation and industrial equipment items from over 230 consignors – another new site record – and generated more than US$26 million in gross auction proceeds. Over US$16 million of equipment – representing 60 percent of the total gross auction proceeds – was sold to out-of-country bidders.

“The auction went exceptionally well, with good returns on virtually every type of machine in the sale,” said Steve Barritt, Ritchie Bros. Area Manager. “We sold equipment for a record number of consignors, and also attracted a record number of bidders to this auction. We had a great selection of used and unused equipment in the auction and the participation of a large international bidding audience, both on site and over the internet, helped us sell our consignors’ equipment for global fair market value. It was a win-win situation for buyers and sellers.”

Among the successful bidders who participated in the Dubai auction: an internet bidder from Portugal who bought a Caterpillar 966G wheel loader for US$190,000; an onsite bidder from Singapore who purchased two wheel loaders and a motor grader; and an internet bidder from Papua New Guinea who purchased two 2006 motor graders.

About Ritchie Bros.

Established in 1958, 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 http://www.rbauction.com/.

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