Company to break ground and begin construction this month
NAPAVINE, WA, May 2 /CNW/ - After nearly 40 years of conducting
unreserved public auctions in the state of Washington, Ritchie Bros.
Auctioneers (NYSE: RBA) (TSX: RBA), the world's largest industrial
auctioneer, officially closed on the purchase of a new 200±-acre
auction site in Washington State—in Napavine, Lewis County. The new
Napavine property, located approximately 22 miles south of Olympia and
70 miles north of Portland, OR, will replace the Company's current
Washington permanent auction site in Olympia, which yields only
37±-acres of equipment display area. Construction of a new auction
facility, complete with a full-service refurbishment facility and a
larger equipment yard, will commence this month with an expected
completion date targeted for the summer of 2012.
"Closing on our new Napavine property in Lewis County is good news for
Ritchie Bros. and good news for our customers," said Rob Giroux,
Divisional Manager, Ritchie Bros. Auctioneers. "Over the coming year we
look forward to the construction of a new auction facility and larger
equipment yard that will provide our customers in the region with a
more accessible, comfortable and convenient space to buy and sell their
Ritchie Bros. held its first unreserved public auction in the state of
Washington in 1972, and its first unreserved auction at its current
Olympia auction site in November 1991. Since then, the Company has
conducted a total of 84 auctions in the Olympia area or roughly four
auctions per year. Since 2000, Olympia auctions have attracted more
than 100,000 bidder registrations from 79 countries and featured more
than 84,000 lots. In 2010, to accommodate increased customer demand,
Ritchie Bros. conducted five auctions at the Olympia site.
"We are very excited about Ritchie Bros. officially becoming a member of
the local business community here in Lewis County," said Dick Larman,
Executive Director, Lewis County Economic Development Council. "The
Company's auction events will generate direct and indirect jobs and
have a ripple effect for Lewis County restaurants and hotels during
auction time, as well as generate significant state and local tax
Approximately 100± acres of land at the new Napavine site will be
improved to house auction facilities and equipment display area, with
80±-acres being developed as open green space with large berms,
landscape, buffers and storm water ponds. Ritchie Bros. plans to build
a 33,000-square-foot± auction building—with seating capacity for 750
people. The auction facility will also feature a second auction theater
with a Virtual Ramp and seating capacity for 300 people. In the Virtual
Ramp theater, photos of equipment are projected onto a large screen in
front of a seated bidding crowd for them to bid on.
The new Napavine permanent auction site will also include 10 Timed
Auction Lot (TAL) kiosks for customers to bid on smaller consumer
items, attachments and assets. The service is currently available at
the Company's Olympia auction site and allows customers to place bids a
few days before and during the live auction, either online at
rbauction.com, using on-site internet kiosks, mobile devices, or by
proxy. Free wireless internet for customers will be available to
support TAL and online bidding at the site.
Additional site facilities scheduled for construction include a new
full-service 16,000-square-foot± refurbishment facility, complete with
an equipment wash area and painting and blasting booths, and a
2,800-square-foot± check-in building. Other amenities include an
on-site catering facility offering food services and a 10± acre
customer parking lot.
"The development team from Ritchie Bros. has been one of the most
professional groups I have ever worked with in my 28-year career," adds
Mr. Larman. "They have gone beyond what has been needed in an
extraordinary way. I look forward to continuing our strong relationship
with them through this next phase of the project."
Ritchie Bros. will continue conducting unreserved auctions at its
Olympia auction site until the new auction site in Napavine is
complete. The next auction to be held in Olympia is scheduled for June
16, 2011.The Company has started to explore different options for
disposition and/or redevelopment of the current Olympia property.
Lewis County dignitaries, friends and associates will join Ritchie Bros.
management for an official ground breaking ceremony at the Napavine
site on Thursday, May 12.
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. Ritchie
Bros. offers services that enable the world's builders to easily and
confidently exchange equipment. The Company conducts hundreds of
unreserved public auctions each year, selling a broad range of used and
unused equipment, trucks and other assets utilized in the construction,
transportation, agricultural, material handling, mining, forestry,
petroleum and marine industries. Ritchie Bros. has over 110 locations
in more than 25 countries, including 43 auction sites worldwide. The
Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com
ATTENTION MEDIA: Photos and other media resources are available for use at http://www.rbauction.com/media.
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SOURCE Ritchie Bros. Auctioneers
For further information:
Jose Vargas, Corporate Communications Specialist, Ritchie Bros. Auctioneers
Phone: +1.778.331.5439 or email firstname.lastname@example.org
Rob Giroux, Divisional Manager, Ritchie Bros. Auctioneers
Phone: +1. 360 956-1500 or email email@example.com