International buyers bid in person and over the internet at US$21 million Ritchie Bros. Houston auction

    HOUSTON, TX, Nov. 12 /CNW/ - More than 2,000 people from across North
America and around the world registered to bid in the US$21 million unreserved
public auction conducted by Ritchie Bros. Auctioneers (NYSE and TSX: RBA) in
Houston, Texas last week. The auction featured more than 2,500 truck and heavy
equipment items from almost 330 sellers, attracting interested bidders from 43
countries, including 47 U.S. states and eight Canadian provinces. Almost
690 lots, representing close to US$6 million in sales, were sold to
out-of-country buyers bidding either in person or online.
    Nearly 680 people registered to bid over the internet, live and in real
time, using the Company's online bidding service, rbauctionBid-Live. Almost
270 lots, representing gross auction proceeds in excess of US$4 million, were
sold to online bidders. Ritchie Bros., the world's largest industrial
auctioneer, conducted the unreserved auction at its permanent sale site in
Houston, Texas on November 8 and 9, 2007.
    "The wide selection of equipment and Houston's strategic location as a
port city help us attract global bidding audiences to our auctions, but the
current U.S. exchange rate is definitely bringing in more international
bidders," said Alan McVicker, Ritchie Bros. Regional Manager. "With so many
out-of-state and out-of-country bidders participating, equipment owners are
able to receive global fair market value for their surplus assets. At last
week's auction we saw strong prices across all equipment categories, including
trucks, but crane prices were particularly strong."
    More than 25 cranes were sold in the auction, including two Grove 100-ton
rough terrain cranes for US$375,000 each. An internet bidder from Peru
purchased a conventional truck crane, an onsite bidder from Germany bought a
rough terrain crane, and an internet bidder from the United Arab Emirates
purchased a crawler dragline crane.
    "Our internet bidding service opens up the global marketplace for our
customers, enabling them to bid on the specific equipment they need,
regardless of where in the world it is located," said Mr. McVicker. "It is an
easy and convenient service, but it will never replace the experience of
attending an auction and bidding in person. Many of our customers will travel
a long way to get to our auctions because they like to see and test the
equipment before they bid - to 'kick the tires,' so to speak."
    There are 40 unreserved industrial and 48 unreserved agricultural
auctions on the upcoming Ritchie Bros. auction calendar. Details on all
upcoming Ritchie Bros. auctions are available on

    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

    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, Toll free: 1-800-663-8457 or cell: (604) 788-5379
or Email; Or Alan McVicker, Regional Manager, Ritchie
Bros. Auctioneers, Houston auction site tel: (703) 455-5200

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