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Ritchie Bros. Auctioneers to sell own Houston location to highest bidder in unreserved public auction

Posted on: Tuesday, 5 May 2009, 14:17 CDT

HOUSTON, May 5 /PRNewswire-FirstCall/ - Ritchie Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial auctioneer, is selling its 40+/- -acre property in Houston, Texas this June by unreserved public auction. The Company is selling its former auction site where it has conducted auctions since 1992. In March of this year, Ritchie Bros. moved to its larger Houston permanent auction site near Humble, TX and held its US$ 66 million grand opening auction. The Company will be holding its second auction at its new Houston facility on June 10-12th, and will sell its former property, along with trucks and construction equipment from more than 100 other consignors. All items at the auction will be sold unreserved, without minimum bids or reserve prices. Everything, including the property, will sell to the highest bidders regardless of price.

"We know from more than 50 years of auction experience that the best way to sell equipment and real estate is by unreserved auction, and there's no better way to demonstrate that than by selling our own property this way," said Alan McVicker, Regional Manager for Ritchie Bros. Auctioneers. "At a Ritchie Bros. auction, sellers know they'll get true global fair market value for their items and buyers know they'll pair a fair price. Ritchie Bros. doesn't set the price of the items, and the owners cannot bid on or buy back items; at a Ritchie Bros. unreserved auction it's the competitive bidding process that determines the final selling prices."

The 40+/- acre industrial property is located off the I-10 East Highway in Houston (at 14214 East Freeway). The site consists of four parcels and includes two buildings totalling approximately 62,000 square feet.

The three-day unreserved auction already features a selection of crawler and rough terrain cranes, over 45 concrete pump trucks, crawler tractors, motor graders, hydraulic excavators, air compressors, tandem rollers, loader backhoes, trucks and trailers - in addition to the property being sold. Items will be added to the sale daily right up to auction day.

HOW TO BID: There are three ways to bid for the real estate and equipment items at the June Houston auction: 1. Attend the Houston auction in person at 15500 Eastex Freeway, Humble, Texas 77396. 2. Bid online - in real time over the internet - using the Company's online bidding service available at www.rbauction.com/onlinebidding. It is strongly recommended that bidders register at least 2-3 business days in advance of the auction if they are planning to bid online for the first time. 3. Place a proxy bid. Ritchie Bros. will bid during the auction on your behalf, up to the maximum bid you have given. FORMER RITCHIE BROS. LOCATION: - For more information about the Houston industrial property, including photos, additional documents, information about the area and information about how to register and participate at the unreserved auction, visit http://www.rbauction.com/property/2009000_houston_tx/property.jsp or contact Ellen Engelsbel at +1.604.273.2135 or eengelsbel@rbauction.com. Please note: A 1% real estate administration fee will be added to the final winning bid price and included on the Agreement of Purchase and Sale.

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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