Ritchie Bros. conducts CA$41 million unreserved Edmonton auction and announces sponsorship of 2008 Alberta Winter Games

    EDMONTON, Oct. 29 /CNW/ - Thousands of people from across Canada and
around the world registered to bid in the CA$41 million (US$42 million)
unreserved public auction conducted by Ritchie Bros. Auctioneers (NYSE and
TSX: RBA) in Edmonton, Alberta last week. Almost 3,600 lots from more than 500
consignors were sold in the auction, which featured five complete business
dispersals, several real estate parcels, and a large selection of
construction, transportation and agricultural equipment.
    The auction attracted over 4,000 registered bidders from 17 countries,
including 31 U.S. states and all 13 Canadian provinces and territories. More
than 800 of those bidders registered to bid over the internet, live and in
real time, using the Company's online bidding service, rbauctionBid-Live.
Ritchie Bros., the world's largest auctioneer of industrial equipment,
conducted the unreserved auction at its permanent auction site in Nisku
(Edmonton) on October 24 & 25, 2007.
    "We had another good sale, with strong participation from all over North
America," said Brian Glenn, Ritchie Bros. Regional Manager. "The slowdown in
the Alberta oilfield is leading many local companies to sell some of their
surplus equipment. By attracting bidders from around the world, we are able to
help them achieve global market value for their assets, despite the regional
market conditions."
    The auction featured several complete dispersals, including a retirement
dispersal for Roy Yohemas Enterprises, a Mayerthorpe, Alberta-based pipeline
    "Ritchie Bros.' reputation speaks for itself," said company president Roy
Yohemas. "I have bought and sold equipment at their auctions for years and I'm
happy with the results of the dispersal. The oil and gas industry in Alberta
is having a bad time right now, so the worldwide attention at the auction
definitely helped with the prices we got for our equipment."
    Ritchie Bros. is also pleased to announce that it will be a Digger
Sponsor of the 2008 Alberta Winter Games, taking place February 14-17, 2008 in
Leduc, Alberta. Ritchie Bros. has been conducting auctions in Leduc County for
more than 30 years.
    "Our community is excited to be hosting the Alberta Winter Games and
Ritchie Bros. is proud to be a sponsor," said Mr. Glenn. "This is a great
opportunity to give something back to the community where we live and work,
and to support the young athletes who will be competing here in 2008. Their
drive and commitment is inspiring."
    More than 21,000 items will be sold in 47 industrial and 33 agricultural
unreserved auctions coming up on the Ritchie Bros. auction calendar. Details
on all upcoming auctions are available on www.rbauction.com.

    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 www.rbauction.com.

    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; Tel: (604) 304-3830 or 1-800-663-8457 or email
kschulz@rbauction.com; Or Brian Glenn, Regional Manager - Prairie Division,
Ritchie Bros. Auctioneers, Edmonton sale site, tel: (780) 955-2486

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