High demand from Mexico and beyond drives strong pricing at Ritchie Bros.' Fort Worth auction

    FORT WORTH, TX, July 14 /CNW/ - On-site and online bidders from Mexico
purchased US$8 million of heavy equipment and trucks from the US$35 million
unreserved public auction conducted by Ritchie Bros. Auctioneers (NYSE and
TSX: RBA) in Fort Worth, Texas last week. Out-of-state bidders purchased
US$22 million of equipment in total (62 percent of the gross auction
proceeds), including US$12 million of equipment (34 percent) that was
purchased by buyers from outside the United States. The participation of
bidders from as far away as India, Nigeria and the U.K. - on-site, online and
by proxy - helped deliver higher than expected returns for consignors, with
particularly strong prices on excavators and cranes. Trucks also sold well,
despite the current high cost of fuel.
    Ritchie Bros. (www.rbauction.com), the world's largest industrial
auctioneer, conducted the unreserved public auction at its permanent auction
site in Fort Worth on July 9, 10 & 11, 2008. The large selection of equipment
being sold - more than 2,400 items in total - attracted more than 2,200
registered bidders from 45 countries, as well as 47 U.S. states. More than
1,300 people registered to bid in person or by proxy; the other 900 registered
to bid over the internet. Online bidders purchased US$8 million of equipment.
Since introducing its real-time internet bidding service, rbauctionBid-Live,
in 2002, Ritchie Bros. has sold more than US$2 billion of equipment over the
    "The strong Mexican economy is driving infrastructure spending and
generating a lot of work," said David Hobbs, Ritchie Bros. Division Manager.
"Contractors in booming regions like Mexico need equipment they can put
straight to work. They travel to our Fort Worth auctions knowing they can find
the different types of equipment they need, from motor graders to wheel
loaders to excavators, all in one place. They can test, inspect and compare
equipment from multiple sellers; they can socialize with other people in their
industry; and they can feel confident bidding on auction day because they know
every item will be sold, with no reserves and no artificial price
    Jordan Paving sold a number of items in the auction, including an asphalt
batch plant that was purchased by an on-site bidder from Mexico and a
generator that was purchased by an internet bidder from Saudi Arabia. The
company has been buying and selling equipment at Ritchie Bros. auctions for
almost 20 years.
    "When you're selling equipment you've got to go where you'll get the best
prices, and that's a Ritchie Bros. auction," said Mart Jordan, president of
Jordan Paving. "They have a good reputation and name recognition around the
world, and that's what brings in the buyers. The more buyers there are, from
more places, the better the prices. We've sold equipment to people from as far
away as Australia and the Middle East at Ritchie Bros. auctions."

    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

    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.

For further information:

For further information: Kim Schulz, Corporate Communications Manager,
Ritchie Bros. Auctioneers, Mobile: (604) 788-5379 or toll free: 1-800-663-8457
or email: kschulz@rbauction.com; Or David Hobbs, Division Manager, Ritchie
Bros. Auctioneers, Fort Worth auction site, tel: (817) 237-6544

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