Ritchie Bros. conducts record-breaking heavy equipment auction in Moncofa, Spain

    MONCOFA, SPAIN, July 7 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX:
RBA), the world's largest industrial auctioneer, conducted the largest Spain
auction in Company history last week, selling (euro)20 million (US$32 million)
of used and unused heavy equipment and trucks over two days (July 3 & 4,
2008). The unreserved public auction at Ritchie Bros.' new Moncofa, Spain
auction site attracted more than 700 bidders from 47 countries, both in person
and over the internet. Out-of-country buyers from as far away as Australia,
Romania and South Africa purchased (euro)12 million (US$19 million) of
equipment in the auction (60 percent).
    "The quality and quantity of equipment in this auction attracted bidders
from all over the world, helping us achieve very strong prices on both
construction and transportation equipment," said Jeroen Rijk, Ritchie Bros.
Divisional Manager. "The economy in Spain has been quite slow for several
years and equipment owners have had difficulty selling their surplus equipment
through private sales. Not only did we help our local consignors sell
thousands of surplus equipment items, we helped them achieve higher returns by
bringing in buyers from other countries, especially the Middle East, Northern
Africa and elsewhere in Europe."
    The unreserved public auction featured almost 1,800 used and unused
equipment items for the construction, transportation, material handling and
other industries. Among the equipment sold: 48 wheel loaders, 30 hydraulic
excavators, 53 loader backhoes, 36 skid steer loaders, 72 dump trucks,
105 forklifts, 83 telescopic forklifts, 68 rough terrain forklifts and 61
truck tractors.
    Ritchie Bros. was established in Canada in 1958 and has been conducting
regular unreserved industrial auctions in Spain since 2000. The July 3 & 4
auction was the Company's first auction at its new site in Moncofa (between
Valencia and Castellon), one of 38 Ritchie Bros. auction sites around the
world. The Moncofa regional auction unit replaces the Company's regional
auction unit in Sagunto, near Valencia.
    "Our new auction site in Moncofa is good for our customers and good for
Ritchie Bros.," said Mr. Rijk. "It's twice the size of our former auction site
in Spain, which will enable us to accept more consignments and offer our
customers a greater selection of equipment and a higher level of service at
our upcoming unreserved public 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 email:
kschulz@rbauction.com Or Jeroen Rijk, Divisional Manager, Ritchie Bros.
Auctioneers, Moncofa auction site tel: +34-962-698-500

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