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Ritchie Bros. Reno auction to feature large selection of late-model equipment

Posted on: Friday, 27 March 2009, 08:00 CDT

RENO, NV, March 27 /PRNewswire-FirstCall/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, will be holding a large multi-million dollar unreserved public auction in Reno, Nevada on April 3, 2009 starting at 8:00 a.m. The auction will feature industrial and transportation equipment including a line-up of late-model crawler tractors, wheel loaders, water trucks, motor graders, hydraulic excavators, compactors and various types of trucks and trailers.

Close to 700 lots will be sold to the highest bidders on auction day regardless of price, with no minimum bids or reserve prices. Of the 700 lots being sold during the unreserved auction, more than 200 are late-model, low-hour, industrial equipment items from leading manufacturers such as Caterpillar, Hitachi, Komatsu, John Deere and Terex.

"It has been quite awhile since we have seen such a diverse range of high-quality, late-model equipment in mint condition," said Mike Johnston, Divisional Manager, Ritchie Bros Auctioneers. "This auction will give heavy equipment buyers from all over a tremendous opportunity to bid on equipment manufactured in the last five years and some of it in first-rate condition with warranty, but at a much lower cost. We encourage bidders to come to the auction site in advance of auction day to check out the excellent shape this late-model and other equipment being sold is in."

Nevada-based contractor Peavine Construction and Caterpillar dealer Cashman Equipment Company are just two of 50 consignors selling equipment in the Reno auction. Peavine Construction has been consigning and selling equipment at Ritchie Bros. auctions for over 20 years. The company will be selling over 100 pieces of equipment including a late-model 2006 Hitachi ZX350LC hydraulic excavator, a 2005 Caterpillar 825H compactor and two 2005 Caterpillar 966G Series II wheel loaders.

"Since every Ritchie Bros. auction is unreserved, we have always been guaranteed good value for equipment, whether we are selling or buying," says Mike Faretto, President of Peavine Construction. "As a result, we have built an honest business relationship with Ritchie Bros. that has developed into a proven track record of success and keeps us coming back."

Auction details: ---------------- - Location: Exit 28 (Patrick Exit) off I-80, Sparks, NV, Site Phone: +1.775.342.6031 - Time and date: 8:00 a.m. auction start on Friday, April 3, 2009 - Open to public; registration to bid is free - Internet bidders must register online before auction day at www.rbauction.com; at least 2-3 business days is recommended for first-time internet bidders - Interested buyers can register to bid in person at the auction site. Visit the auction site to register to bid in person; photo I.D. is required. Customers can inspect equipment during regular business hours leading up to the auction. - More specific details and photos of equipment being sold at the auction are available at the Ritchie Bros. web site at www.rbauction.com

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 38 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.

SOURCE Ritchie Bros. Auctioneers

Source: PR Newswire

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