Ritchie Bros. opens Orlando and Edmonton auctions to global market

    VANCOUVER, June 2 /CNW/ - Bidders from dozens of countries helped deliver
global market pricing at the unreserved public auctions conducted by Ritchie
Bros. Auctioneers (NYSE and TSX: RBA) - the world's largest auctioneer of
industrial equipment - at its permanent auction sites in Orlando, Florida and
Edmonton, Alberta last week. The May 28 & 29, 2008 Orlando auction generated
more than US$57 million in gross auction proceeds. The May 28, 29 & 30
Edmonton auction generated more than CA$56 million (US$56 million) in gross
auction proceeds and set a new company record for number of consignors
(sellers) at one auction.

    ORLANDO, FLORIDA - Almost 1,800 people registered to bid in the
unreserved public auction conducted by Ritchie Bros. Auctioneers in Orlando,
Florida on May 28 & 29, 2008 - with over 60 percent of the bidders coming from
outside Florida. More than 2,900 items were sold in the transportation and
heavy equipment auction, generating gross auction proceeds in excess of
US$57 million. The auction attracted bidders from 51 countries, including 47
U.S. states and all 10 Canadian provinces. Almost 1,000 people registered to
bid in person at the auction site; the other 800 registered to bid over the
internet, live and in real time, using the Ritchie Bros. internet bidding
service rbauctionBid-Live. More than US$40 million of equipment (70 percent)
was sold to buyers from outside Florida, including US$17 million of equipment
that was sold to buyers from outside the United States.
    "We had a good two days in Orlando," said Gary Seybold, Ritchie Bros.
Regional Manager. "The interest and participation of bidders from all over
North America and the world - both in person and online - helped keep prices
strong. When the local construction market is slow, as it is in Florida right
now, it's important to have access to buyers from other parts of the world,
where demand for equipment remains strong."
    Briggs Construction Equipment sold 45 late model equipment items in the
unreserved auction, including wheel loaders, hydraulic excavators, articulated
dump trucks, skid steer loaders and loader backhoes.
    "The auction went well, as it always does with Ritchie Bros.," said Mike
Alberse, Corporate Asset Manager for Briggs Construction. "There was a lot of
bidding activity from Canada and other countries, especially over the
internet, which helped with the results. We looked at all our options when it
came time to sell, but we chose Ritchie Bros. because they are very capable of
handling a large volume of equipment and bringing in a wide array of buyers
from around the world. When you sell with Ritchie Bros. you get the top dollar

    EDMONTON, ALBERTA - A record number of consignors generated a new site
record for lots sold at the unreserved public auction conducted by Ritchie
Bros. in Edmonton, Alberta on May 28, 29 & 30, 2008. The auction featured
almost 4,700 equipment items from more than 700 consignors - a new
company-wide record - and generated gross auction proceeds in excess of CA$56
million (US$56 million). In addition to equipment for the construction,
transportation, aggregate, agricultural and other industries, a number of
recreational and residential properties in Alberta and Manitoba were also
sold. More than 4,700 people from 20 countries, including all 11 Canadian
provinces and territories and 32 U.S. states, registered to bid at the auction
either in person or over the internet. Equipment was sold to buyers from as
far away as Australia, Germany and the United Arab Emirates.
    "Our local customers are gearing up for the busy summer and fall run,"
said Brian Glenn, Ritchie Bros. Regional Manager. "Many of them are retooling
their equipment fleets and selling any excess inventory, and they recognize
that their best opportunity for achieving good returns on those investments is
to sell at our auctions and reach buyers from all over the world. We had a
good three days at our Edmonton auction, with particularly strong returns on
oilfield transportation equipment."

    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 Gary Seybold, Regional Manager, Ritchie
Bros. Auctioneers, Orlando auction site tel: (863) 420-9919; Or Brian Glenn,
Regional Manager, Ritchie Bros. Auctioneers, Edmonton auction site tel: (780)

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