Ritchie Bros. single buyer record broken at AUS$36 million unreserved Brisbane auction

    AUS$16 million of equipment sold to one buyer; multi-million
    dollar auctions also held in Atlanta, Chicago and Melbourne

    VANCOUVER, Sept. 21 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA)
conducted eight multi-million dollar unreserved industrial auctions around the
world this week, including one taking place today in Minneapolis, Minnesota.
Highlights from the week include a record-breaking AUS$36 million (US$31
million) unreserved auction at the Company's permanent auction site in
Brisbane, Australia on September 18, 2007. Also of note: one purchaser at the
public auction bought AUS$16 million (US$13 million) worth of equipment,
setting a new single buyer record for the Company's auctions worldwide.
Ritchie Bros. also conducted two large two-day unreserved public auctions at
its permanent auction sites in Atlanta, Georgia (on September 18 & 19) and
Chicago, Illinois (on September 19 & 20), generating gross auction proceeds of
US$20 million and US$25 million respectively. The Company also conducted
auctions during the week in Toronto, Ontario; Grande Prairie, Alberta;
Melbourne, Australia; and Sagunto, Spain.

    BRISBANE, AUSTRALIA - Close to 1,100 lots from more than 100 consignors
were sold at the unreserved Ritchie Bros. auction in Yatala (Brisbane) on
September 18, 2007, resulting in gross auction proceeds of AUS$36 million
(US$31 million) - a new company record for the Australia location. The
Company's largest Australian auction prior to this week was an AUS$24 million
(US$20 million) auction in 1998. This week's unreserved auction featured
hundreds of mining equipment items from Downer EDI Mining (formerly Roche
Mining) and other owners, attracting more than 960 registered bidders from 17
countries, including every Australian state and territory.
    "We conducted record-breaking Australian auctions in both Brisbane and
Melbourne this week," said Simon Ross, Ritchie Bros. Regional Manager. "The
scale and success of these auctions prove that our unreserved auction methods
have been embraced by industrial equipment users in Australia. We have been
conducting auctions in the country for more than 15 years and have been
holding auctions worldwide for close to 50 years. Buyers value the large
selection of equipment available at our auctions and the knowledge that every
item will be sold to the highest bidder on sale say, with no reserves or
minimums, and consignors benefit from the large number of interested buyers
that our unreserved auctions attract."
    Western Australia-headquartered Ausdrill Ltd. is a diversified mining and
services company with operations in Australia, the United Kingdom and Africa.
The company has never bought or sold equipment at a Ritchie Bros. auction in
the past, but purchased AUS$16 million (US$13 million) worth of equipment at
the Brisbane sale, including 20 rock trucks - the largest auction purchase by
a single buyer in Ritchie Bros. worldwide history. The equipment will enable
Ausdrill to begin mining operations in Australia.
    "I've been to plenty of auctions, but never one that was so large,
well-organized and professional," said Ron Sayers, Ausdrill Managing Director.
"It was a one-stop shop for equipment and it was very transparent. There were
no reserves, you knew everything was going to be sold, and when you put your
hand up, it was a fair bid. I'll be buying at Ritchie Bros. auctions in the
future, but more than that, I'll be asking them to sell my equipment too."
    Among the 1,100 items sold in the auction: 42 crawler tractors, including
a 2007 Cat D11R that sold for AUS$1.5 million; 24 rock trucks; 23 wheel
loaders; 23 hydraulic excavators; eight motor graders; and five motor

    ATLANTA, GEORGIA - Out-of-state buyers purchased close to US$18 million
worth of equipment at the US$20 million unreserved auction conducted by
Ritchie Bros. in Atlanta, Georgia on September 18 & 19, 2007. More than 1,500
lots from close to 170 consignors were sold at the two-day public auction,
which attracted 1,200 registered bidders from 33 countries, including 45 U.S.
states and eight Canadian provinces. More than 550 of those registered bidders
participated in the auction over the internet, live and in real time, using
the Company's online bidding service, rbauctionBid-Live. Over US$7 million
worth of trucks and other industrial assets were purchased by internet
    "Once again, we demonstrated our ability to create a global marketplace
for our customers, with 87 per cent of gross auction proceeds coming from
out-of-state buyers," said Darrin Hogeboom, Ritchie Bros. Area Manager. "We
saw a lot of internet bidding activity, especially from our international
customers, which helped our consignors achieve global market value for their
surplus assets. We sold more than US$4 million worth of equipment to
international buyers, including a 2005 Komatsu crawler tractor to an internet
bidder from Australia, an articulated dump truck to a buyer from Mexico, and
two wheel loaders to a buyer from Ireland."
    Kennesaw, Georgia-based contractors Butch Thompson Enterprises sold a
range of equipment in the auction, including a hydraulic excavator that was
sold to an onsite buyer from the United Kingdom, a motor grader that was sold
to an internet bidder from Lebanon, and a loader backhoe that was sold to an
onsite buyer from Mexico.
    "I was very satisfied with the prices we achieved on our equipment in the
auction," said Butch Thompson, president of Butch Thompson Enterprises. "It's
pretty amazing that my equipment was sold to bidders from all over the world.
The internet bidding made a difference. I think it helps you get better prices
for your equipment when you are able to reach a large worldwide audience like

    CHICAGO, ILLINOIS - Ritchie Bros. conducted an unreserved public auction
at its permanent sale site in Chicago, Illinois on September 19 & 20, 2007
that generated gross auction proceeds of more than US$25 million. Over 2,700
trucks and other equipment items from more than 340 consignors were sold
during the two-day auction. More than 2,040 registered bidders from 30
countries, including 48 U.S. states and all 10 Canadian provinces participated
in the auction either on site or online. More than 700 people registered to
bid using the Company's online bidding service, rbauctionBid-Live, and close
to US$6 million worth of trucks and equipment was purchased online.
    "We had a large selection of late model equipment in the auction that
attracted customers from around the world," said Rich Evans, Ritchie Bros.
Regional Manager. "The housing and construction market in Illinois is fairly
soft right now and many local equipment owners are choosing to sell their idle
equipment. We were able to bring a global audience of bidders to Chicago that
helped those owners achieve global market value for their equipment. One of
the highlights was the sale of several late model vocational truck tractors
that went for their retail value."
    More than 25,500 items will be sold in 47 industrial and 22 agricultural
upcoming Ritchie Bros. unreserved auctions. Details on all upcoming Ritchie
Bros. 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, North America Toll Free: 1-800-663-8457 or email
kschulz@rbauction.com; Or Simon Ross, Regional Manager - Australia, Ritchie
Bros. Auctioneers, Brisbane Sale Site, Tel: +61-7-3382-4444

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890