Internet bidding proves popular at record-breaking Ritchie Bros. auctions in Atlanta and Los Angeles

FOR IMMEDIATE RELEASE: November 15, 2007

VANCOUVER, B.C. – Ritchie Bros. Auctioneers (NYSE and TSX: RBA) set new site records for total sales and total online sales with a US$31 million unreserved industrial auction at its permanent sale site in Atlanta, Georgia yesterday (November 14, 2007). The auction coincided with day two of the Company’s US$45 million auction at its permanent sale site in Los Angeles, California (on November 13 & 14), which also set a new site record for online sales. Ritchie Bros., the world’s largest industrial auctioneer, is conducting six other unreserved auctions across North America this week. Capping off the week, the Company will sell an 11.9± acre Hollywood Hills property at an unreserved public auction in Beverly Hills on Saturday, November 17.

ATLANTA, GEORGIA – Ritchie Bros. conducted its largest-ever Atlanta auction on November 14, selling over 1,100 items in one day for total gross auction proceeds exceeding US$31 million. More than US$12 million of trucks and other industrial assets were purchased by bidders using the Company’s real-time internet bidding service, rbauctionBid-Live, setting a new Atlanta site record for online sales.

The unreserved public auction attracted more than 1,200 registered bidders from 30 countries, including 46 U.S. states and 11 Canadian provinces and territories. More than 740 items (representing US$27 million in gross auction proceeds) were sold to out-of-state bidders, including more than 140 items (representing US$10 million in sales) that were sold to bidders from outside the United States.

“It was the nicest spread of equipment we’ve ever sold in Atlanta,” said Darrin Hogeboom, Ritchie Bros. Area Manager. “Both local and international bidders appreciated the quality and selection of equipment, and the knowledge that every item would be sold to the highest bidder on auction day.”

The auction featured equipment from almost 120 sellers, including Thompson Tractor Company, Inc., a Caterpillar dealer. The company, one of the major consignors, has bought and sold equipment with Ritchie Bros. for a number of years because they believe it enables them to reach a wide market of interested buyers.

"Ritchie Bros. attracts bidders from around the world, meaning we aren’t limited by local market conditions," said Richard Lindley, Thompson Tractor's Used Equipment Manager. "There were a lot of international bidders here, all taking advantage of their strong currencies. We feel it was the best decision to sell our equipment in the Atlanta auction. We had a good day."

Ritchie Bros. also hosted the world’s top three junior auctioneers at the Atlanta auction. The three young auctioneers – Trev Moravec, Jonathan Kraft and Dustin Rogers – were chosen the world’s best at the International Junior Auctioneer Championship (IJAC) organized by the National Auctioneers Association (NAA), the association that represents the interests of almost 6,000 auctioneers around the world.

“It was an honor to host a career day for the three junior auctioneer champs,” said Rob Whitsit, Ritchie Bros. Senior Vice President and a member of the NAA’s Board of Directors. “It’s great to see younger generations choosing the auction profession as a career.”

LOS ANGELES, CALIFORNIA – A large international bidding audience, both on site and online, helped Southern California owners overcome local market conditions and achieve global fair market value for their equipment at the unreserved Ritchie Bros. auction in Los Angeles on November 13 & 14. More than 2,600 items from almost 480 consignors were sold over two days, generating gross auction proceeds in excess of US$45 million. More than 2,400 people from 35 countries, including 43 U.S. states and all 10 Canadian provinces, registered to bid in the auction either in person or over the internet. More than US$13 million of trucks and equipment were sold to internet bidders, breaking the Company’s site record for online sales.

“We achieved strong prices on a wide range of equipment, despite the softening local housing market and the impact of the California Air Resources Board’s new off-road diesel equipment regulations,” said Richard Aldersley, Ritchie Bros. Regional Manager. “Our global marketing efforts, bolstered by our internet bidding service, helped us bring in bidders from around the world and achieve good returns for our consignors.”

The Los Angeles auction featured a complete retirement dispersal for D & L Stines Construction Company, a Santa Paula, California-based excavation contractor. Dean Stines, owner of D & L Stines, has been buying and selling equipment at Ritchie Bros. auctions since 1993.

“I buy through Ritchie Bros. because they are honest, professional and reputable, with no buy backs – and that’s the same reason I sell through them,” said Mr. Stines. “I am happy with the results of this auction, especially with the economy in California being the way it is. Having buyers from outside the region at the auction definitely helps with the prices. The new CARB regulations are another reason why I’ve chosen to retire. I can’t afford to replace my equipment, so I decided to sell. A lot of people in the Southern California construction industry are very concerned about the impact of these regulations on their business.”

There are 38 unreserved industrial auctions and 47 unreserved agricultural auctions on the current 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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ATTN: MEDIA – PHOTOS. Auction photos are available to use with your articles at www.rbauction.com/media.

For further information, please contact:
Kim Schulz, Corporate Communications Manager, Ritchie Bros. Auctioneers
Mobile: 1-604-788-5379 or email: kschulz@rbauction.com
Or
Richard Aldersley, Regional Manager – California South, Ritchie Bros. Auctioneers
Los Angeles auction site tel: 1-951-940-9441
Or
Darrin Hogeboom, Area Manager – Georgia/Alabama/Mississippi, Ritchie Bros. AuctioneersAtlanta auction site tel: 1-770-304-3355

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