Ritchie Bros. Auctioneers officially announces plans to hold its first China auction in Spring 2013.

The world's largest industrial auctioneer is now approved as a Wholly Owned Foreign Enterprise by the government of China – the first auction company to ever achieve this status – and is preparing to hold its first unreserved public auction at the Beijing Tianzhu Free Trade Zone: bringing the world to China

SHANGHAI, CHINA (November 28, 2012) – Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest auctioneer of heavy equipment and trucks, announced today during a press conference at bauma China 2012 that it will be holding its first unreserved public auction in China during Spring 2013. Although relatively new to the Chinese heavy equipment market, unreserved industrial auctions have been a quick and easy method for equipment buyers and sellers to conduct business on a global scale. And for more than 50 years now, the Canada-based Company has been helping the world's builders to easily and confidently exchange equipment at its auction sites all over the world. Today, Ritchie Bros. announced that it will bring the certainty of unreserved auctions to Chinese equipment buyers and sellers now that the Company's Wholly Owned Foreign Enterprise application has been approved by the Chinese government – making it the first foreign auction company to receive this approval.

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Ritchie Bros.' road to first auction in China in 2013

ANNOUNCEMENT DATE: November 28, 2012

ANNOUNCEMENT LOCATION: bauma China — the International Trade Fair for construction machinery, building material machines, construction vehicles and equipment (Shanghai New International Expo Center — booth W5.552)

Ritchie Bros.' road to its first auction in China: Timeline

  • 1958: Ritchie Bros. Auctioneers is established in British Columbia, Canada
  • 1970: Ritchie Bros. holds its first auction outside Canada and enters the U.S. market with an auction in Beaverton, Oregon
  • 1987: Ritchie Bros. enters the European market with auctions in Liverpool, UK and Rotterdam, NDL
  • 1990: Ritchie Bros. enters the Australian market with an auction in Perth
  • 1994: Ritchie Bros. enters the Asian market with its first auction in the Philippines (in Subic Bay) and in Singapore during the Asia-Pacific Petroleum Conference
  • 1995: Ritchie Bros. holds its first auction in Mexico
  • 2003: Ritchie Bros. holds an auction in South Africa
  • 2004: Ritchie Bros. China Chief Representative Chris Edwards establishes office in Beijing
  • 2005-2011: Works with Chinese companies to export surplus equipment to international auction sites
  • 2012: Government approves Ritchie Bros.' Wholly Owned Foreign Enterprise (WOFE) application and officially opens its doors for business during bauma China
  • Spring 2013 Ritchie Bros. to conduct its first unreserved public auction on formally leased land in the Tianzhu Free Trade Zone, Shunyi, Beijing

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Photos

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Aerial of Ritchie Bros.' permanent auction site in Houston, TX
Aerial of Ritchie Bros.' permanent auction site in Houston, TX

Ritchie Bros. Auctioneers customer places a bid
Ritchie Bros. Auctioneers customer places a bid

Ritchie Bros. Auctioneers inspects a line-up of rock trucks in Singapore
Ritchie Bros. Auctioneers inspects a line-up of rock trucks in Singapore

The Ritchie Bros. ramp-and-stage method in Orlando, FL
The Ritchie Bros. ramp-and-stage method in Orlando, FL