Ritchie Bros. Auctioneers officially opens new 60-acre auction site in Grande

    Reeve Everett MacDonald and Alderman Alex Gustafson help cut the grand
    opening ribbon on day one of a two-day multi-million dollar auction

GRANDE PRAIRIE, AB, Nov. 25 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, officially opened its brand new permanent auction site in Grande Prairie with a ribbon-cutting ceremony yesterday, day one of a two-day multi-million dollar unreserved public auction. County of Grande Prairie Reeve Everett MacDonald and City of Grande Prairie Alderman Alex Gustafson helped Company officials cut the grand opening ribbon in front of more than 2,700 on-site and online registered bidders. So far in this auction, bidders have registered from 21 countries, including 33 US states, nine Canadian provinces and two territories to bid on more than 2,200 heavy equipment items being sold at the multi-million dollar unreserved auction ending today, November 25, 2009. The new 60+/- acre permanent auction site (located at the intersection of Range Road 51 and Highway 43) is double the size of Ritchie Bros.' former auction location.

Complete with a larger yard and facilities, including the Company's second largest auction building in the world, and an equipment refurbishing facility, the new Ritchie Bros. permanent auction site in Grande Prairie will provide buyers with a more comfortable and accessible facility to make their purchases. Sellers will now have more space to showcase their equipment to a global audience of buyers. The new Grande Prairie auction site is one of 39 Ritchie Bros. auction sites around the world.

"On behalf of Mayor Dwight Logan and City Council, I extend congratulations to Ritchie Bros.," said Alderman Alex Gustafson. "Ritchie Bros. has been a fixture on the Grande Prairie and area landscape for seven years and it is great to see it moving into larger, permanent facilities."

Kevin Tink, Ritchie Bros. Senior Vice President, said, "We are very pleased to be able to offer our Peace Country customers an enhanced level of service unequalled in the auction industry today - indoor auction theatres, paint and refurbishment facilities, combined with a commitment to continue improving our processes and delivering value to our customers."

Approximately 60 acres (24 hectares) of the new site are currently developed, with 260+/- acres (105 hectares) remaining undeveloped to facilitate future expansion. Some of the features of the new Ritchie Bros. Grande Prairie permanent auction site include:

    -   A 39,923-square foot building complete with an 800-seat auction
        theatre - the second largest auction building currently operated by
        Ritchie Bros. in the world.
    -   A 30,625-square foot refurbishing facility with a 90-foot long paint
        booth designed for refurbishing construction, logging, mining and
        other equipment.
    -   A 900-vehicle lot for customer parking.

"I'd like to congratulate the entire Ritchie Bros. team on their beautiful new facility," said Reeve Everett MacDonald. "Ritchie Bros. plays an important role in the County and we look forward to the auctions they will continue to hold at their new permanent facility."

The Company is looking to lease part of its former property - 5+/- acre property that was used for equipment storage on 100 Street. Those interested in leasing that property should contact Mike Ford in the Ritchie Bros. Property Department prior to December 8, 2009 (at +1.604.331.5500).

ATTN MEDIA (Photos): Grand Opening ribbon cutting and auction photos are available for you to download at www.rbauction.com/media.

About Ritchie Bros.

Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the world's largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. The Company has over 110 locations in more than 25 countries, including 39 auction sites worldwide. Ritchie Bros. 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, agricultural, material handling, mining, forestry, petroleum and marine industries. The Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com.

SOURCE Ritchie Bros. Auctioneers

For further information: For further information: Kevin Tink, Senior Vice President, Ritchie Bros. Auctioneers, Grande Prairie auction site, tel: (780) 538-1100 Or Kim Schulz, Manager, Corporate Communications, Ritchie Bros. Auctioneers, Cell: (604) 788-5379 or 1-800-663-8457 or email: kschulz@rbauction.com

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