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International buyers bid in person and over the internet at US$21 million Ritchie Bros. Houston auction
FOR IMMEDIATE RELEASE: November 12, 2007
HOUSTON, TEXAS – More than 2,000 people from across North America and around the world registered to bid in the US$21 million unreserved public auction conducted by Ritchie Bros. Auctioneers (NYSE and TSX: RBA) in Houston, Texas last week. The auction featured more than 2,500 truck and heavy equipment items from almost 330 sellers, attracting interested bidders from 43 countries, including 47 U.S. states and eight Canadian provinces. Almost 690 lots, representing close to US$6 million in sales, were sold to out-of-country buyers bidding either in person or online.
Nearly 680 people registered to bid over the internet, live and in real time, using the Company’s online bidding service, rbauctionBid-Live. Almost 270 lots, representing gross auction proceeds in excess of US$4 million, were sold to online bidders. Ritchie Bros., the world’s largest industrial auctioneer, conducted the unreserved auction at its permanent sale site in Houston, Texas on November 8 and 9, 2007.
“The wide selection of equipment and Houston’s strategic location as a port city help us attract global bidding audiences to our auctions, but the current U.S. exchange rate is definitely bringing in more international bidders,” said Alan McVicker, Ritchie Bros. Regional Manager. “With so many out-of-state and out-of-country bidders participating, equipment owners are able to receive global fair market value for their surplus assets. At last week’s auction we saw strong prices across all equipment categories, including trucks, but crane prices were particularly strong.”
More than 25 cranes were sold in the auction, including two Grove 100-ton rough terrain cranes for US$375,000 each. An internet bidder from Peru purchased a conventional truck crane, an onsite bidder from Germany bought a rough terrain crane, and an internet bidder from the United Arab Emirates purchased a crawler dragline crane.
“Our internet bidding service opens up the global marketplace for our customers, enabling them to bid on the specific equipment they need, regardless of where in the world it is located,” said Mr. McVicker. “It is an easy and convenient service, but it will never replace the experience of attending an auction and bidding in person. Many of our customers will travel a long way to get to our auctions because they like to see and test the equipment before they bid – to ‘kick the tires,’ so to speak.”
There are 40 unreserved industrial and 48 unreserved agricultural auctions on the upcoming Ritchie Bros. auction calendar. 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 trucks, equipment and other assets used in the construction, transportation, mining, forestry, petroleum, materials handling, marine, agricultural and real estate industries. Ritchie Bros. maintains a website 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.
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For further information, please contact:
Kim Schulz, Corporate Communications Manager
Ritchie Bros. Auctioneers
Toll free: 800.663.8457 or cell: 604.788.5379 or Email: kschulz@rbauction.com
Or
Alan McVicker, Regional Manager
Ritchie Bros. Auctioneers
Houston auction site tel: 703.455.5200
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