Ritchie Bros. US$45 million Fort Worth auction featured almost 1,200 frac

Equipment owners reach international bidders and turn idle machines into cash

FORT WORTH, TX, Dec. 7 /CNW/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA) sold a record 4,000 items during the unreserved public auction at its Fort Worth auction site last week (December 2 & 3, 2009), including almost 1,200 frac tanks for the oil and gas industry. The auction generated US$45 million in gross auction proceeds and attracted more than 2,700 unique on-site and online bidders from 42 countries, including 49 U.S. states. Bidders from as far away as Korea, the U.K. and Nigeria purchased equipment in the auction.

"Our final 2009 auction in Fort Worth was a tremendous success: we sold a record number of items for this site, attracted thousands of bidders from around the world, and generated excellent returns for our consignors," said Kieran Holm, Ritchie Bros. Area Manager. "The frac tanks, which are designed for the domestic market, created a lot of interest and brought in bidders from across the U.S. Bidding remained active for all 1,200 frac tanks and pricing stayed strong. In fact, pricing was stronger than we've seen all year in most equipment categories."

Kenny Lewis, owner of Georgetown, Texas-based KC Equipment and a long-time Ritchie Bros. customer, sold a selection of late model equipment in the auction.

"I'm really happy with the results of the auction; the prices we achieved surpassed my expectations," said Mr. Lewis. "This equipment was sitting idle and we were still making payments to the bank, so it made sense to sell. I chose Ritchie Bros. for two reasons: I have a lot of confidence in them and trust what they tell me, and I know they'll get me the best results. Their global reach is key. Most selling channels are limited to the local region, but Ritchie Bros. brings in those international buyers, which is really important in this economy."

    Fort Worth auction quick facts
    Total gross auction proceeds        US$45 million
    Amount sold to online bidders       US$10 million (23 percent)
    Unique bidders (online and on-site) 2,720+
    Unique bidders (online alone)       1,280+ (47 per cent)
    Lots sold                           3,970+ (a new Fort Worth site record)

Ritchie Bros. has 64 unreserved auctions on its upcoming auction calendar at www.rbauction.com, including the Grand Opening of its new permanent auction site in Polotitlan, Mexico (December 8, 2009) and the next auction at its permanent auction site in Fort Worth (February 25 & 26, 2010).

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. The Company has over 110 locations in more than 25 countries, including 39 auction sites worldwide. Ritchie Bros. 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, agricultural, material handling, mining, forestry, petroleum and marine industries. The Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.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.

SOURCE Ritchie Bros. Auctioneers

For further information: For further information: Kim Schulz, Manager, Corporate Communications, Ritchie Bros. Auctioneers, Mobile: (604) 788-5379 or email: kschulz@rbauction.com; Or Kieran Holm, Area Manager, Ritchie Bros. Auctioneers, Fort Worth auction site phone: (817) 237-6544

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