More than CA$39 million of equipment sold at Ritchie Bros. Grande Prairie, AB auction

Large selection of oilfield, construction and transportation equipment
attracts more than 3,500 bidders from 36 countries to two-day
unreserved public auction in Grande Prairie, AB (October 3 – 4, 2012)

GRANDE PRAIRIE, AB, Oct. 5, 2012 /PRNewswire/ – Ritchie Bros. Auctioneers (NYSE
and TSX: RBA), the world’s largest industrial auctioneer, sold more
than CA$39 million (US$40 million) of equipment items and trucks at an
unreserved public auction in Grande Prairie, AB on October 3 – 4, 2012.
More than 2,000 equipment items and trucks were sold in the
auction–with each and every item being sold to the highest bidder,
regardless of price–without minimum bids or reserve prices. Bids in the
auction were made in person at the auction site, online at www.rbauction.com or by proxy.

“Prices were strong on both days of the auction; in particular oil and
gas equipment sold very well this week in Grande Prairie,” said Blair
Gogowich, Regional Sales Manager, Ritchie Bros. Auctioneers. “We had
huge crowds on site and lots of bidding action on the internet, which
resulted in great returns for our sellers. In total, more than 3,500
bidders registered to participate in the auction either on-site or
online from 36 countries around the world. We look forward to doing
this all over again during our next Grande Prairie auction in late
November.”

Bidders from outside Alberta purchased close to CA$11 million or 27
percent of total gross auction proceeds. More than 1,650 of the bidders
taking part in the auction registered to bid online and purchased more
than CA$10 million (25 percent) of equipment available online.

Equipment highlights in the two-day Grande Prairie auction included 35
crawler tractors, 31 hydraulic excavators, 19 motor graders and 24
truck tractors, as well as bed trucks, boom trucks, winch trucks and
more–every single piece was sold to a new owner by the end of the
auction. Equipment was sold for close to 300 consignors, including
late-model equipment for CDC and a complete dispersal for Tundra
Oilfield Rentals Ltd.

“There was a lot of interest in my equipment from online bidders thanks
to the great exposure that Ritchie Bros. provides,” said Les Dei, owner
of CDC, a Hines Creek, AB-based oilfield contractor. “Right now the
wait times for new equipment can be too long for many contractors so
they would rather spend their money on used equipment that has been at
work and proven to work in tough conditions. Personally, I think
Ritchie Bros. is the top auctioneer of heavy-duty equipment and will
get me the best bang for my buck, which they proved in this auction.”

“I have bought equipment with Ritchie Bros. a lot in the past, but this
was the first time I have ever sold with them and I’m very happy with
the results,” said Kevin Scoular, owner of Tundra Oilfield Rentals Ltd.
“Everyone I worked with at Ritchie Bros. did an excellent job–they all
worked so hard for me and the sale of equipment. I think Ritchie Bros.
is the obvious choice when it comes to selling equipment–their auction
sites are so professional and well-run and their advertising is second
to none–it’s a very clean, well-run operation.”

AUCTION QUICK FACTS: GRANDE PRAIRIE, AB – OCTOBER 3 & 4, 2012

        --  Gross Auction Proceeds - CA$39+ million (US$40+ million)
        --  Amount sold to online bidders - CA$10+ million (25 percent)
        --  Unique bidders (total) - 3,500+
        --  Unique online bidders - 1,650+ (48 percent)
        --  Lots sold - 2,000+

Consignments for the next Grande Prairie auction on November 28 – 29,
2012 are now being accepted–to sell your equipment and/or trucks,
please contact: +1.780.538.1100. The Ritchie Bros. auction calendar
currently features more than 80 unreserved public auctions around the
world. Visit www.rbauction.com for a complete list of upcoming auctions.

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 44 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 at http://www.rbauction.com/media. Members of the public and the media can follow Ritchie Bros. on
Twitter @RitchieBros.

SOURCE Ritchie Bros. Auctioneers